Bank Of America Travel Rewards Card Cash Advance Fee
A credit card can be a great tool to have in your wallet. It can help you build credit, protect against fraud, and earn rewards. However, not all credit cards are created equal, and some have fees that can add up quickly. If you have a Bank of America Travel Rewards card and are considering taking a cash advance, it's essential to understand the cash advance fee and how it works.
What is a Bank of America Travel Rewards Card?
The Bank of America Travel Rewards card is a credit card that allows you to earn rewards for every purchase you make. You can earn 1.5 points for every dollar you spend on the card and redeem those points for travel-related purchases such as flights, hotels, and rental cars. The card also offers a 0% introductory APR for the first 12 billing cycles, making it a great option for anyone looking to save money on interest.
What is a Cash Advance?
A cash advance is when you withdraw cash from your credit card. This can be done at an ATM or at a bank. However, taking a cash advance can be expensive. In addition to the cash advance fee, you'll also have to pay interest on the amount withdrawn from the moment you take the cash out. This interest rate is usually higher than the purchase APR, making it a more expensive option than making a purchase with your credit card.
What is the Cash Advance Fee for Bank of America Travel Rewards Card?
If you take a cash advance with your Bank of America Travel Rewards card, you'll be charged a fee of either $10 or 5% of the amount of the cash advance, whichever is greater. This means that if you take a cash advance of $100, you'll be charged a fee of $10. If you take a cash advance of $1,000, you'll be charged a fee of $50.
How to Avoid the Cash Advance Fee
While the cash advance fee is a standard fee charged by credit card companies, there are ways to avoid it. The easiest way to avoid the cash advance fee is to not take a cash advance. If you need cash, consider withdrawing it from your bank account instead of using your credit card. You can also consider using a different credit card that doesn't charge a cash advance fee.
Conclusion
If you have a Bank of America Travel Rewards card and are considering taking a cash advance, it's essential to understand the cash advance fee and how it works. Taking a cash advance can be expensive, and you'll be charged a fee of either $10 or 5% of the amount of the cash advance, whichever is greater. To avoid the cash advance fee, consider withdrawing cash from your bank account instead of using your credit card, or using a different credit card that doesn't charge a cash advance fee.
