FAQs about using your credit card - Capital One (2024)

FAQs

Why can't I withdraw money from my Capital One credit card? ›

You also must have sufficient total credit line available to take a cash advance. For example, if you have used all of your available credit for purchases, you cannot take a cash advance, even if you have not used all of your cash advance line.

Note that "inactivity" means that there has been no purchase, transaction or balance on the account. To avoid having Capital One close your credit card for inactivity, just make at least one purchase per year. The best thing to do for your credit score is to make one small purchase every month and pay it off in full.

What happens if I don't use my credit card? If you don't use your credit card for a significant period of time, your credit card issuer may close your account due to inactivity or reduce your credit limit, both of which could affect your credit scores.

Capital One may place a restriction on your credit card for reasons that include an unactivated new card, fraudulent activity, credit limit or late payments. A card could be flagged for fraudulent activity if you make an unusual transaction, even if it's a legitimate charge.

Capital One credit cards offer cash advances at ATMs and bank branches. Fees are typically either $5 per transaction or 5% of the transaction amount, whichever is greater. Cash advances do not include a grace period, which means the advance begins accruing interest immediately.

Capital One reportedly limits cardholders to one new Capital One credit card every six months. You can also have only two Capital One personal credit cards open at any given time, though co-branded Capital One cards and Capital One business credit cards don't fall under this restriction.

Credit card issuers may lower your credit limit due to inactivity before closing. Credit card issuers don't need to give you a notice about your closure due to inactivity — they can do this at any time. If your issuer closes your card due to inactivity, your credit score could decrease for a few reasons.

Understanding the 5/24 rule:

The most important rule to consider in collecting points is the “5/24 rule.” The rule is simple: If you get 5 personal credit cards in any 24-month period, you're automatically prohibited from getting a 6th Chase or Capital One card.

While Capital One is no longer issuing new Walmart cards, cardholders can still use their existing cards for now. But with changes to this product now expected, it may be a good time to consider alternative cards that earn rewards on Walmart purchases.

How often should I use my credit card to keep it active? ›

How often should I use my card to keep it active? While it depends on the issuer, you should use your card at least once every few months to keep it active. Even a small purchase is enough to show your card company that you're still interested in the card.

You can easily access your virtual card through the Capital One Mobile app. Or, if you're shopping on your desktop, either the Eno browser extension or Google Pay on Chrome can make it easy to create or use a virtual card at checkout without needing your physical card on hand.

If you're behind on your payments, your card may be restricted, and transactions can be declined. If this happens, get in touch with us to figure out how we can help, such as setting up a payment plan. You can also enroll in Autopay to help avoid missed payments.

Your Capital One credit card was probably declined because of a lack of available credit, a defective card, a broken card reader, or fraud concerns. Other possible reasons are an expired card number or a new card that has yet to be activated.

If your card is new or you've recently received a replacement card, you may need to take it slow with charges, at least at first. Rapid spending on a newly issued card can look like irresponsible credit management or fraud and lead to a restriction on your account.

Credit One Bank limits the amount of funds you can get as a cash advance. Cash advances must not exceed 25% of your assigned credit limit and are limited to two transactions or $200 per day. To find out why you were unable to withdraw money, please call customer service at 1-877-825-3242.

Check your credit card's terms or contact the company to find out what happened. If you're having trouble getting cash from a credit card, it's possible that the transaction put you above your credit card's limit for cash withdraws, which is known as a cash advance.

Have you reached your card's credit limit? The transaction may be declined if you go over your credit limit. Your credit limit takes into account your pending transactions, so make sure to keep an eye on your total balance and pending transactions when making purchases.

If you have a history of late payments or have exceeded your credit limit in the past, Capital One may decline your cash advance request. ATM issues. The ATM you are using to withdraw the cash may be experiencing technical difficulties, or it may have insufficient funds. Suspicious activity.