Have an emergency situation where you need quick money but don’t have much in your savings account, then the American Express cash advance option is just the right thing for you.
If you are an Amex cardholder, you will be delighted to know that you can easily withdraw cash from an American Express credit card in times like these.
In recent times, Credit cards have made various changes in the lifestyle of a cardholder. They have added a lot of new features and services and cash advance is one of the features they have introduced.
The cash advance from a credit card is a very easy process that gives members the option to get instant cash from any ATM. Unlike, personal or business loans this feature does not need any additional documentation or separate approval.
Recently American Express also introduced the cash advance feature on all their cards as an additional benefit. Previously the option was only available on cards like American Express preferred card or the everyday card.
However, this option is available on prime cards like American Express Platinum, Gold, and Green cards as well.
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What is Credit Card Cash Advance?
A cash advance on a credit card is the term that is used for a cash withdrawal facility. It’s basically withdrawing cash using your Amex Credit card.
The process allows you to use a credit card like any Debit card where you can swipe the card at the terminal and can enter the cash advance pin to get the instant cash amount.
The prime function of a credit card is to allow you to make a charge with any merchant, the cash withdrawal facility is an additional benefit that has been added by American Express.
Using the facility you can withdraw cash up to your approved cash advance limit and you can later pay that amount with a little to no transaction fee and interest charges.
The feature may not be enabled on all your credit card and the approved limits for cash withdrawal may also be restricted as it needs the activation.
Hence, you must contact American Express to ensure the service has been activated and you have the cash advance limit available.
Pros and cons of American Express Cash Advance
|Instant access to cash anywhere in the world.
|Cash transaction fee
|A hassle-free process similar to a Debit card.
|No Grace period on interest charges.
|No documentation requirement like a loan.
|High Cash advance interest rate.
|No Reward point
How do we get an American Express cash advance?
If you ever decide to opt for a Cash advance on an American Express card, the below steps will be helpful to you.
- Call American Express customer service at 1-800-528-4800 or initiate a chat from an online account to get connected to a live rep who will read a quick disclosure. Once you agree, you are enrolled in the feature.
- You can access the online account and can obtain your cash advance pin from there. They will also send you your permanent pin at the mailing address in 5-7 business days.
- The American Express Cash Advance program gives you the access to withdraw cash unto your cash advance limit.
- The cash advance limit may be different from your credit limit so please ensure you check it with customer support well in advance.
- The cash advance fee is 5% of the transaction or $10 whichever is greater.
Cash Advance Limit on American Express Credit cards:
- American Express Blue Cash Preferred Card upto $1200
- American Express Green Card upto $3,000
- American Express Gold Card upto $6,000
- Platinum card from American Express upto $8,000
How to Get AMEX Cash Advance Pin from Online account
- Login to Americanexpress.com/us
- Click on Card management from the Account services tab.
- Click on the View ATM pin.
- Enter you 4 digit CID and click continue.
- Click on Show pin to view your permanent pin.
You can get the cash advance details on your welcome kit and you also can contact American Express Customer support to know your limit.
Yes, you can withdraw cash from all the ATMs which support American Express Card. You can go to American Express ATM finder to find all the ATM supporting your card in nearby locations.
There is no difference between cash advance and the merchant transaction interest calculation. The interest is charged on the overall balance on a daily basis as interest is charged on a daily average balance. However, you will not be getting a grace period on cash advance like merchant charges as interest will be charged from the date cash advance functionality is used on the card.
The credit card does not give you the option to pay any specific charge as the payment gets posted as per HIgh to low-interest rate on the card. So, you can contact the customer support who will do the calculation and that will help you pay up to that much amount which will lower the interest charge on the card.
Is It Safe To Withdraw Cash From American Express Credit Card
American Express always has your back and they ensure you have the access to cash in any dire situation when you are running out of options.
However, we need to ensure we are not availing this feature for our everyday use as this feature involves the transaction fee and high interest rate.
So, taking advantage of this functionality is nothing less than taking a loan for a short duration which may have an impact on credit score as well.
So, if you need the cash in an emergency, make sure you have checked all the alternatives and options before you process with a cash advance.
A cash advance should be considered when that is the only available option due to additional fees that make them extremely costly and may create a potential debt and burden on you.
It is very easy to withdraw cash from an American Express credit card and we hope our article covered all the bases and answered all your questions about the Amex cash advance option.