How much is the Bank of America Unlimited Cash Rewards credit card cash advance fee?

The Bank of America cash advance fee is either 3% or 5% of the amount withdrawn, with a $10 minimum.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 get a Bank of America cash advance by using your Bank of America credit card and corresponding PIN at a participating ATM. You can then withdraw the cash, up to the card’s available cash advance limit. If you do not have a PIN, contact Bank of America customer service at … read full answer(800) 432-1000 or call the number on the back of your card to request one.

How to get a Bank of America cash advance at an ATM:

1. Call Bank of America customer service at (800) 432-1000 and request a PIN, if you don’t already have one.
2. Insert the credit card into an ATM and enter the PIN.
3. Select the cash advance option on the ATM screen.
4. Enter the amount you’d like to withdraw.
5. Withdraw the cash and remove the credit card from the ATM.

There may be other ways to get a cash advance from your Bank of America credit card, too. For example, you can request a cash advance in person at a local Bank of America branch. You could also write out a Bank of America cash advance check and use it as a traditional bank check.

Before you take out a Bank of America cash advance, it’s important to note that it is a very expensive transaction. For starters, a cash advance fee and a separate cash advance APR apply as soon as you withdraw the cash. There may also be ATM-owner fees, depending on where you make the cash advance.

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.