If you’re wondering, “Can I Take Cash Out of My Milestone Credit Card?”, you’re not alone. Many cardholders seek quick access to cash but may not fully understand the cash advance process, fees, and interest rates involved. Before making a withdrawal, it’s a good idea to check your available credit and cash advance limit by logging into your MyMilestoneCard login portal.
This guide breaks down everything you need to know—from how credit card cash withdrawals work to the high APR and credit score impact of using this feature. Whether you’re considering a Milestone Credit Card cash advance or exploring alternatives, we’ll help you make an informed decision while avoiding costly pitfalls.
Can You Take Cash Out of a Milestone Credit Card?
If you’re thinking about using your Milestone Credit Card to get quick access to cash, you might be asking, “Can I take cash out of my Milestone Credit Card?” The good news is that it’s possible—but it comes with a few conditions and costs.
This section breaks down how to use your card for a cash advance, how to request a PIN, and what limits and charges to expect before you decide to withdraw cash.
Yes, the Milestone Credit Card Allows Cash Advances
To access a Milestone Credit Card cash advance, you’ll need to request a PIN (Personal Identification Number) from the card issuer. This is necessary to use your credit card at an ATM for cash withdrawals.
How to Request a PIN:
You can request your PIN by calling Milestone customer service at 866-453-2636. Here’s how the process typically works:
- Call the customer service number and follow the prompts to request a PIN.
- Wait for your PIN to arrive by mail (usually within 7–10 business days).
- Once you receive the PIN, you can use your Milestone Credit Card at most ATMs that accept MasterCard.
Note: Without a PIN, you cannot use the card for ATM cash advances.
How to Withdraw Cash from an ATM
Once you have your PIN, you can follow these steps to withdraw cash:
- Insert your Milestone Credit Card into the ATM.
- Enter the PIN you received.
- Select “Cash Advance” or “Credit Card Withdrawal” on the screen.
- Enter the amount you want to withdraw.
- Collect your cash and receipt.
Be cautious: The amount you can take out depends on your available credit—and it’s usually lower than your total credit limit.
Know the Limitations Before You Withdraw
The Milestone Credit Card is designed for people with poor credit or no credit history, so the credit limit is often low.
| Credit Detail | Amount |
|---|---|
| Starting Credit Limit | Up to $700 |
| First-Year Annual Fee | $175 |
| Available Credit After Fee | Around $525 |
| Maximum Cash Advance (Typical) | ~$100–$200 (varies) |
This low credit limit means you may only be able to withdraw cash in small amounts.
Watch Out for Interest and Fees
One major drawback of using your Milestone Credit Card cash advance feature is that there is no grace period. Unlike purchases, cash advances start collecting interest immediately.
Important Details About Cash Advance Costs:
- Immediate Interest Accrual: Interest starts on the day you take out the cash.
- High APR: The card charges a 35.9% APR on cash advances.
- No Grace Period: You’ll pay interest daily until the balance is paid off in full.
That means even a small cash advance can become expensive quickly if not repaid right away.
While it’s possible to withdraw cash from your Milestone Credit Card, it’s important to consider the downsides. The process is simple—just request a PIN, use it at an ATM, and get your cash. But the low credit limit, high APR, and immediate interest accrual make this an expensive option.
If you’re thinking about using your Milestone Credit Card cash advance, make sure it’s truly necessary—and always aim to repay the amount as quickly as possible to avoid high fees and debt buildup.
What is a Cash Advance?
If you’re wondering, “Can I Take Cash Out of My Milestone Credit Card?”, it’s important to first understand what a cash advance actually is. This section will explain the basics of credit card cash withdrawals, how they differ from normal purchases, and what fees and consequences come with using this feature.
Understanding a Cash Advance
A cash advance is when you use your credit card to borrow money directly, rather than to pay for goods or services. Think of it like getting a short-term loan from your credit card company.
Here’s how it differs from a regular credit card purchase:
- With a purchase, you buy something and get a grace period before interest starts.
- With a cash advance, interest starts immediately—there’s no grace period.
- Purchases often come with rewards or points; cash advances do not.
A cash advance gives you instant access to cash, but it’s one of the most expensive features on a credit card.
How Cash Advances Work on Credit Cards
To get a credit card cash withdrawal, you need to use an ATM or visit a bank that accepts your card. This often requires setting up a PIN for cash advance through your card issuer.
Here’s the step-by-step process:
- Request a PIN from your credit card issuer if you haven’t already.
- Visit an ATM or bank branch that accepts your card network (e.g., Mastercard).
- Insert your card, enter the PIN, and choose the cash advance option.
- Withdraw the desired amount—limited by your available cash advance limit.
Note: The cash advance limit is usually lower than your overall credit limit.
Common Fees and Interest Rates for Cash Advances
Using a credit card for cash advances can be costly. Most issuers charge both cash advance fees and higher-than-usual interest rates.
| Cost Type | Typical Range |
|---|---|
| Cash Advance Fees | $10 or 3–5% of the amount withdrawn (whichever is more) |
| Interest Rates (APR) | 25% to 36%, depending on the card |
| Interest Begins | Immediately—no grace period |
Unlike regular purchases, you can’t avoid interest on a cash advance, even if you pay it off quickly.
How Cash Advances Affect Credit Scores
Besides high costs, cash advances can impact your credit profile. Here’s how:
- Credit Utilization: A cash advance adds to your balance and increases your credit utilization ratio. High utilization can hurt your credit scores.
- Credit Scores: Frequent use of cash advances may signal risky behavior to lenders, potentially lowering your credit scores.
Keeping your credit utilization low (ideally under 30%) is key to maintaining healthy credit scores.
A cash advance lets you borrow money from your credit card, but it’s different from making a purchase. It involves immediate interest, high fees, and can affect your credit utilization and credit scores.
Costs and Risks of Taking Cash Out
Taking a cash advance from your Milestone Credit Card might seem like a quick solution during a financial pinch, but it comes with serious costs and risks.
Before you ask, “Can I Take Cash Out of My Milestone Credit Card?”, it’s crucial to understand how expensive this option can be and how it might affect your financial health in the long run.
High Cash Advance Fees and Interest Rates
Cash advances aren’t free—and they’re not cheap either.
Typical Fee Structure:
The cash advance fees on the Milestone Credit Card follow a standard industry formula:
| Cash Advance Amount | Fee Applied |
|---|---|
| $100 | $10 (5% of $100) |
| $300 | $15 (5% of $300) |
| $500 | $25 (5% of $500) |
The issuer typically charges $10 or 5% of the transaction amount, whichever is greater.
On top of that, you’ll face high interest rates—35.9% APR, which begins accruing immediately. Unlike regular purchases, there’s no grace period for cash advances, so interest starts from day one.
Impact on Credit Utilization Ratio
Using a large portion of your available credit can hurt your credit profile, especially with a card like Milestone.
Here are the impact on credit utilization ratios:
- The initial credit limit might be as low as $700.
- After deducting the $175 annual fee, your available credit could drop to $525 or less.
- A cash advance of $250 would use up nearly 48% of your available limit.
This high usage significantly affects your credit utilization ratio, which is a major factor in your credit score.
Tip: Experts recommend keeping your utilization below 30% for better credit health.
Risks to Your Credit and Finances
While a cash advance may offer quick access to funds, the long-term impact can be damaging.
Here are the main risks:
- Hefty fees and high interest rates can trap you in debt.
- High utilization can cause credit score damage, especially if balances aren’t paid quickly.
- Repeated reliance on emergency cash from credit cards may lead to financial instability.
Remember, every dollar you borrow via cash advance comes at a steep price.
Only Use Cash Advances in True Emergencies
Given the high costs, using your Milestone Credit Card for a cash advance should only be a last resort. If you’re in a tough spot, consider other options like borrowing from a friend, using an emergency fund, or seeking out lower-cost alternatives before taking cash out.
While it’s technically possible to get emergency cash from your Milestone Credit Card, the cash advance fees, high interest rates, and risks of credit score damage make it a costly choice. Always weigh the pros and cons before using this feature.
Conclusion
So, “Can I Take Cash Out of My Milestone Credit Card?” Yes, you can—but it comes with high fees, immediate interest, and potential credit score impacts. While a cash advance provides quick access to funds, the 35.9% APR, cash advance fees, and low credit limits make it an expensive option.
Before withdrawing cash, consider alternatives like personal loans or emergency savings to avoid debt traps.
Ultimately, Milestone Credit Card cash advances should only be used for true emergencies. By understanding the costs and risks, you can make smarter financial decisions and protect your credit health.
