How to get a Bank of America cash advance 2021 | finder.com
finder.com

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

How to get a Bank of America cash advance

Get cash with a card but expect high fees and interest.

Kliment Dukovski
Kliment Dukovski
Updated
Fact checked

Bank of America lets its cardholders get cash in several ways, including cash withdrawal from an ATM and over-the-counter at one of its bank branches. However, this type of transaction comes with hefty fees and interest. Unlike other banks, Bank of America has a slightly cheaper option if you make a direct deposit or check cash advance.

How to get a Bank of America cash advance

With your Bank of America credit card, you can get three types of cash advances:

  • ATM cash withdrawal
  • At the bank teller
  • Check cash advances
  • Direct deposit to your checking account

How to get a Bank of America cash advance from an ATM

Getting an ATM cash withdrawal with your Bank of America credit card is easy. All you have to do is:

  1. Call the number on the back of your card, or use your Bank of America mobile app.
  2. Go to a participating ATM and use your card.
  3. Enter the amount you want to withdraw.

Compare Bank of America credit cards

Name Product Filter values Cash advance rate Cash advance fee Recommended minimum credit score
BankAmericard® Credit Card
BankAmericard® Credit Card
15.99% to 25.99% variable
$10 or 5% of the cash advance amount, whichever is greater
670
Enjoy a 0% intro balance transfer APR for the first 18 billing cycles, then variable.
View details
Bank of America® Cash Rewards Credit Card
Bank of America® Cash Rewards Credit Card
16.99% to 26.99% variable
$10 or 5% of the cash advance amount, whichever is greater
720
Earn $200 after spending $1,000 in the first 90 days form account opening.
View details
Susan G. Komen® Cash Rewards Visa®
Susan G. Komen® Cash Rewards Visa®
16.99% to 26.99% variable
$10 or 5% of the cash advance amount, whichever is greater
670
Earn 2% cash back at grocery stores and wholesale clubs and 3% on gas for the first $2,500 in combined purchases each quarter. After that and on everything else earn 1% cash back.
View details
loading

Compare up to 4 providers

What purchases does Bank of America consider cash advance?

Cash withdrawals aren’t the only transactions Bank of America considers as cash advances. Other transactions that fall in this category are:

  • Bail bonds
  • Bets
  • Casino gaming chips
  • Foreign currency
  • Lottery tickets purchased outside the United States
  • Money orders
  • Overdraft protection
  • Person-to-person money transfers
  • Same-day online transfers
  • Traveler’s checks

Bank of America cash advance fee

There are two fees and two interest rates for Bank of America cash advances, depending on the transaction.

ATM, Over-the-counter, same-day online, overdraft protection and cash equivalents cost:

  • A 5% fee of the amount with a $10 minimum.
  • The average cash advance APR is 26.49% but it could vary between cards.

Direct deposit and check cash advances cost:

  • A 3% fee of the amount with a $10 minimum.
  • The average cash advance APR is 26.49% but it could vary between cards.
Example: A $500 ATM cash withdrawal comes with a $25 cash advance fee as soon as you make the transaction. Some ATMs may charge an additional $3 fee.If you decide to pay off the balance after 30 days, you would accrue around $11 interest. Your $500 cash withdrawal now costs $539.

If you make a direct deposit, your $500 can cost as low as $522.

Bottom line

Bank of America cash advance is an expensive option to get cash. Unless you have no other cash option, this could be useful. But make sure to use it sparingly to avoid paying fees and interest.

There are some credit cards that can be used for cash advances but don’t have all the fees. If that’s what you need, compare credit cards with $0 cash advance fees and low cash advance APR until you find the right fit for your wallet.

Frequently asked questions

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site