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If you need cash but don’t feel like heading to the bank, you can now use your Discover card to get cash from a local store. So, if you’re already out and want to save time or a participating store is closer to your home, your Discover card can basically act as an ATM card.
There are currently 63 retailers that participate in this program. Many are grocery stores or other well-known chains. These include Wal-Mart, ACME, Genuardi’s, Kroger, Dollar General and plenty of others.
Frankly, I was expecting this program to require you to jump through hoops. However, it’s actually very simple. Just use your Discover card at checkout and ask for some cash back, also known as a “Cash over” amount.
The really great thing about this is that there are no direct fees to use this feature. Think of it as making a purchase on your card. As long as you pay the balance off on time, you won’t pay a dime for it making it a superior alternative to a cash advance.
Note: There is a $120 daily limit on this feature, so you may want to head to the bank if you urgently need $250 cash to buy hockey tickets from your friend. Also, most stores have their own cash over limits, so you may end up with a lower limit than $120.
How is This Different From a Bank Withdrawal?
By taking money out of your bank account, you’ll be reducing your available balance. This is because you are taking money from your own account, not borrowing it.
With your Discover card, any cash that you take will have to be paid back. This may seem like common sense, but keep this in mind so that you don’t go overboard.
If you are already paying with your credit card, it may seem ridiculous to take cash out as well. However, not all stores accept credit cards, meaning that the next store on your agenda may require cash.
For example, suppose that you plan to head to a mom and pop pizza shop after your trip to Wal-Mart. You could take out cash at Wal-Mart instead of heading to the bank, saving you from having to make an additional stop.
Also, cash is still more practical than credit in certain cases, such as with casino gambling. Basically, depending on your financial needs, this feature could be very useful or completely unnecessary.
While getting cash from your Discover card can be a great way to save time and hassle, remember that doing so is the same as making a purchase with the card.