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If you need some cash, your American Express card has the option to withdraw it from an ATM. It’s convenient, but very expensive. Withdrawing cash from your credit card can bury you in fees and interest charges that make paying off your card more difficult. You will pay for ATM fees, cash withdrawal fees and pay a high interest rate that starts accruing immediately. In other words, your money won’t go that far if you get a cash advance from an American Express credit card. If you have other options, it’s best to exhaust them first.
However, sometimes a cash advance may be the only option you have. If so, and you’re an American Express cardholder, here’s how you can get a cash advance with American Express.
What is a cash advance?
A cash advance is a type of transaction that allows you to withdraw cash from your credit card, usually up to your credit limit. You can compare this to withdrawing money from your debit card, but when you withdraw cash, you are borrowing it, which incurs interest and fees.
Cash withdrawal conditions are not suitable for cardholders. They include their own APR and interest starts accruing immediately.
If you need money urgently, consider other ways to get it. For example, a personal loan can provide much better terms, or you can ask your family or friends for help.
What to look for before getting a cash advance
Paying out in cash should be seen as a last resort due to conditions that make them extremely costly and create the potential for dangerous debts.
The interest rate you pay on cash advances is different from your regular annual purchase and is usually much higher. The cash withdrawal fee is also incredibly high.
American Express Cash Fee
When you withdraw a cash advance from your Amex credit card, you must pay $10 or 5% of the amount, whichever is greater. That’s how expensive.
Let’s say you need cash for dinner at a place that doesn’t accept your Amex. When you withdraw $30 cash from a nearby ATM, there will be a $10 cash withdrawal fee. This means that American Express will charge you $40 for just $30 in cash.
Please note that this does not include ATM fees or interest that accrues before you pay your credit card bill. You can easily add another $3 to $5 in ATM fees, bringing the total to $45 from your credit card for $30 cash. That’s before you add in the high interest rate that’s calculated from day one.
Higher interest rate
Amex cards currently have an annual cash interest rate of 25.24%, but this varies depending on the base rate.
Another important thing to keep in mind is that there is no grace period when you receive a cash advance, which means that interest accrues and starts accruing immediately. This is the main reason to avoid using the cash advance option. If you don’t pay it off right away, it can turn into a debt snowball that is detrimental to your financial health.
How to get a cash advance with American Express
American Express Cash Pickup allows you to request cash pickup with a credit card. Unlike other credit card issuers, Amex does not offer as many ways to withdraw cash – you can only withdraw cash from participating ATMs.
You will need a PIN for this. Some cardholders can view and change their PIN in their online account under “Card Management”. If you do not see this option in your online account, you can request a PIN by calling Amex at 1-800-227-4669.
American Express Cash Out Limit
American Express cards do not have a set credit limit like other credit cards, but this does not mean that you can get any amount of cash at a cash advance. In fact, the cash withdrawal limit is usually slightly below your credit limit.
For example, here are the cash withdrawal limits for some popular Amex credit cards:
bottom line
Cash advance can be a useful option when you need cash urgently and credit cards are not accepted. If you have an Amex credit card, you can get a cash advance from a participating ATM using your PIN. But think twice before doing this – a cash advance can quickly turn into extremely expensive debt if you don’t pay it off quickly.
*All American Express Green Card information has been independently collected by CreditCards.com and has not been verified by the issuer.
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