How to Get a Bank of America Cash Advance – In Four Easy Steps
The Bank Of America enables its customers to operate the cash advance service. The cash advance service implies borrowing money either by check, direct bank deposit, ATM withdrawal, or from your credit line.
This means borrowing money against your credit card when you use the cash advance service or option. Unfortunately, like every other bank, taking the cash advance option comes with high interest and fees.
Cash advances are known to have very high interests and fees since your credit card company is borrowing you the money, and high annual percentage rates are not left out.
The bank of America provides another option to its customers to get cash advances through direct bank deposits or the ATM, and these options are cheaper and convenient. This article will show you how to get a cash advance against your credit card.
How to Get a Bank of America Cash Advance
If you are a Bank Of America customer, there are four different ways you can get the cash advance, and these are through direct deposit, ATM withdrawal, bank teller, and check cash advance option.
Apart from the ATM withdrawal method, every method is very straightforward, so let’s talk about accessing the Bank Of America Cash Advance option using the ATM withdrawal method.
Bank Of America Cash Advance Using The ATM Withdrawal Method
You will need to request a pin before accessing the bank of America cash advance ATM method, and YOU can obtain this pin either by calling back the number on your credit card or through online banking services.
You should visit the nearest bank of America ATM around you, input your pin, and select an amount you will like to withdraw. You guessed right; it isn’t as difficult as you thought.
Bank Of America Cash Advance Fees
The Bank Of America cash advance service comes with two interest rates and fees. The type of transaction you perform will determine the interest and fees percentage.
But it will interest you to know that direct deposits and check cash advance options will cost less compared to the remaining two methods. However, the rates also tend to vary from one credit card to another.
How To Reduce Cash Advance Fees
Having or planning a repayment plan is one of the easiest ways to reduce your cash advances fees.
The moment you perform a cash advance, your interests start to accrue, meaning this service is different from other services, like when the interest starts to accrue on the repayment date when a credit card purchase is made.
You will be able to save up a lot of money on interests in the long run when you repay what you have borrowed sooner.
Understanding transaction fees is another way you can reduce cash advances fees, and this means withdrawing as much money as you need and not making small multiple withdrawals. We also want you to know that there is a limit on how much cash advance you can get from your credit card.
This is commonly called the cash advance credit line, and there is a wide range of options that decides your credit line.
When performing a cash advance service, you will have to contact customer support to find out the highest amount you can get from your credit card. However, the credit cash advance system is convenient despite all the hefty fees and interests that it comes with.
Ensure that you have a clear knowledge of the requirements and rules before you go ahead to borrow money against your credit card.
With the help of this article, you will definitely be in the right position to make better and informed decisions.