Credit card statement says i have cash line available?

I have a credit card statement from bank of america. The statement says the i have $5000.00 credit line available and $3000.00 cash available. Can i go to the bof and get monet out of the cash available?? how would that work??? Do i use it as it atm?? I dont have no money in my checking account and i need to take money out? i need help on what does that mean about my credit and cash available. thanks.|||I would only do it if I was in a real emergency. You could do it at an ATM. You put in your pin number for your card and you get cash out of the ATM.|||Your $5000 credit limit is the total amount you can borrow. The $3000 cash limit is the maximum they will let you borrow as cash, and is included in the credit limit.





Using a credit card when you're broke or unemployed is a recipe for disaster. If you are short on money now, you will be even shorter next month because your payment will go up. Buy food or gas if you absolutely need it right now (and be prepared to pay that back with the next bill), but don't take out cash. A cash advance is very expensive money thanks to the fees, interest, and evil rules about how your payments are applied.|||You normally have to go to an ATM, but make sure your pin number is set up first with the credit card before you do that by calling the 1-800 number on the back of the card or by going to a bank of america itself. Also, be careful because normally when you take cash out from the credit card there is always a fee or two.|||It means they'll let you borrow $5,000 to buy stuff, and out of that $5,000, they'll also let you take $3,000 out of an ATM machine.





But, you'll have to pay a fee, usually 3%, off the top, and then pay outrageous interest, as much as 30% APR, on the money you borrowed, and interest on the fee as well.|||You would be mad to do so. If you read the fine print it probably says the APR on that cash is about 29.99% interest. It is a trap.