How can I get a Bank of America Unlimited Cash Rewards credit card cash advance?

The Bank of America cash advance fee is either 3% or 5% of the amount withdrawn, with a $10 minimum. Whether you get charged a 3% or 5% BofA cash advance fee depends on how you get your cash. If it’s from an ATM, for example, you pay 5%. But if you get it as a direct deposit to your bank account in 1-3 business days, you pay 3%.… read full answer

In addition to the Bank of America cash advance fee, you’ll owe interest at a variable rate of 15.99% to 28.99%, depending on how you get a cash advance, your creditworthiness and income. This interest compounds daily. So, each day you’ll owe interest on both the original balance and any interest charged on your cash advance in previous days.

Between the high interest rate and big fee, a BofA cash advance clearly is not good for your wallet.

Bank of America Cash Advance Fee by Transaction Type:

• Withdrawing money from an ATM: 5% cash advance fee
• Getting cash from a bank teller: 5% cash advance fee
• Same-day direct deposit to your bank account: 5% cash advance fee
• Buying cash equivalents like money orders or casino chips: 5% cash advance fee
• 1-3 business day direct deposit to your bank account: 3% cash advance fee
• Cash advance check that uses your card’s credit line: 3% cash advance fee

Bank of America cash advance fees are similar to what other credit card companies charge. Chase, Citi, American Express, and Wells Fargo have 5% cash advance fees, for example. Capital One has 3% or 4% cash advance fees and U.S. Bank charges 3% or5% of the amount of each advance. No matter who issues your card, cash advances will always be expensive.

You can redeem your Bank of America cash rewards in three ways: statement credit, direct deposit to a BofA/Merrill Lynch account, or personal check. Cardholders must have a minimum of $25 in cash back earned in order to redeem, regardless of redemption method.

Using your Bank of America cash rewards for a statement credit is one of the simplest options. Once you have at least $25 in cash rewards, you can directly apply your rewards as a statement credit and the amount will be subtracted from your current balance.… read full answer

To redeem your cash rewards for a direct deposit, you must have a Bank of America checking or savings account, or a Cash Management Account at Merrill Lynch.If you choose to redeem your rewards using the personal check option, you should expect to wait at least 14 days for the check to arrive by mail.