How to Get a Cash Advance on Your American Express Card(AMEX)
Introduction:
If you’re an American Express cardholder, you may be wondering how to get a cash advance. A cash advance is a loan that you can take out against your credit card balance. It can be a convenient way to get cash in a pinch, but it’s important to understand the fees involved before you do it.
How to Get a Cash Advance:
There are a few different ways to get a cash advance on your American Express card. You can do it at an ATM, over the phone, or online.
- At an ATM: To get a cash advance at an ATM, simply insert your card and enter your PIN. Select “Cash Advance” from the menu and enter the amount you want to withdraw.
- Over the phone: To get a cash advance over the phone, call American Express customer service and ask for a cash advance. You will need to provide your card number and your PIN.
- Online: To get a cash advance online, log in to your American Express account and select “Cash Advance” from the menu. Enter the amount you want to withdraw and follow the instructions.
Fees for Cash Advances:
There are two main fees associated with cash advances: a transaction fee and an interest rate. The transaction fee is a flat fee that is charged each time you get a cash advance. The interest rate is a percentage of the amount you borrow that is charged daily. Maturity Date Also Affect Cash Advance
The transaction fee for cash advances from American Express is 3.5% of the amount you withdraw. The interest rate for cash advances is 25.99% APR.
How to Pay Back a Cash Advance:
You can pay back a cash advance in the same way you pay back other charges on your American Express card. You can make a payment online, over the phone, or by mail.
Pros and Cons of Getting a Cash Advance:
There are both pros and cons to getting a cash advance on your American Express card.
Pros:
- A convenient way to get cash in a pinch
- Can be used to pay for unexpected expenses
- Can be used to build your credit history
Cons:
- High fees
- High-interest rates
- Can be easy to overspend
How to Avoid Getting Charged High Fees for a Cash Advance:
If you need to get a cash advance, there are a few things you can do to avoid getting charged high fees.
- Only get a cash advance when you really need it
- Pay back the cash advance as soon as possible
- Consider using a credit card with a lower interest rate for cash advances
What to Do If You Need a Cash Advance on Your American Express Card:
If you need a cash advance on your American Express card, there are a few things you should do.
- Make sure you understand the fees involved
- Pay back the cash advance as soon as possible
- Consider using a credit card with a lower interest rate for cash advances
How to Get a Cash Advance on Your American Express Card Without a PIN:
If you don’t have a PIN for your American Express card, you can still get a cash advance. However, you will need to provide your Social Security number when you do so.
A Comparison of American Express Cards for Cash Advances
- Annual fee: The annual fee is the amount you pay each year to keep the card open.
- Cash Advance APR: The cash advance APR is the interest rate you pay on cash advances.
- Cash advance fee: The cash advance fee is a flat fee that is charged each time you get a cash advance.
- Rewards: The card offers rewards, such as points or miles, that can be redeemed for travel, merchandise, or cash back.
- Best for: The card is best for people who need to get cash advances occasionally and who want to earn rewards.
| Card | Annual fee | Cash advance APR | Cash advance fee | Rewards | Best for |
|---|---|---|---|---|---|
| American Express® Gold Card | $250 | 25.99% | $5 or 3% of the transaction amount, whichever is greater | Earns 4x Membership Rewards® points at restaurants, supermarkets, and on flights booked directly with airlines or on select car rentals. | People who want to earn rewards on everyday purchases and who need to get cash advances occasionally. |
| American Express® Platinum Card | $695 | 25.99% | $5 or 3% of the transaction amount, whichever is greater | Earns 5x Membership Rewards® points on flights booked directly with airlines or on select car rentals and 1x points on all other eligible purchases. | People who want to earn rewards on travel and who need to get cash advances occasionally. |
| American Express® Everyday Cash Card | $0 | 25.99% | $5 or 3% of the transaction amount, whichever is greater | Earns 2% cash back on gas stations and supermarkets and 1% cash back on all other eligible purchases. | People who want to earn cash back on everyday purchases and who need to get cash advances occasionally. |
| American Express® Blue Cash Everyday Card | $0 | 25.99% | $5 or 3% of the transaction amount, whichever is greater | Earns 3% cash back at supermarkets and 2% cash back at gas stations and on department stores. | People who want to earn cash back on everyday purchases and who need to get cash advances occasionally. |
Best overall: The American Express® Gold Card is the best overall card for cash advances with American Express. It offers a low cash advance APR, a reasonable cash advance fee, and a variety of rewards.
Best for travel: The American Express® Platinum Card is the best card for travel if you need to get cash advances occasionally. It offers a low cash advance APR, a reasonable cash advance fee, and a variety of travel rewards.
Best for cash back: The American Express® Everyday Cash Card and the American Express® Blue Cash Everyday Card are the best cards for cash back if you need to get cash advances occasionally. They offer a low cash advance APR, a reasonable cash advance fee, and a variety of cash-back rewards.
It is important to note that cash advances are a high-interest form of credit. You should only use them if you absolutely need to and you can pay them back as soon as possible.
The Best Ways to Use a Cash Advance on an American Express Card:
What is a Cash Advance?
A cash advance is a loan that you can take out against your credit card balance. It is a convenient way to get cash in a pinch, but it’s important to understand the fees involved before you do it.
How Does a Cash Advance Work?
When you get a cash advance, you are essentially borrowing money from your credit card company. The amount of the cash advance will be added to your credit card balance, and you will be charged interest on the amount you borrow.
How Much Does a Cash Advance Cost?
There are two main fees associated with cash advances: a transaction fee and an interest rate. The transaction fee is a flat fee that is charged each time you get a cash advance. The interest rate is a percentage of the amount you borrow that is charged daily.
The transaction fee for cash advances from American Express is 3.5% of the amount you withdraw. The interest rate for cash advances is 25.99% APR.
How to Pay Back a Cash Advance
You can pay back a cash advance in the same way you pay back other charges on your American Express card. You can make a payment online, over the phone, or by mail.
When Should You Get a Cash Advance?
There are a few instances when you might need to get a cash advance. These include:
- You need cash in a pinch and don’t have access to another form of credit.
- You need to build your credit history.
- You need to transfer debt from another credit card.
When Should You Avoid Getting a Cash Advance?
There are also a few instances when you should avoid getting a cash advance. These include:
- You can’t afford to pay back the cash advance in full within a few months.
- You have other forms of credit that you can use instead.
- You’re trying to save money on interest.
How to Avoid Getting Charged High Fees for a Cash Advance
If you need to get a cash advance, there are a few things you can do to avoid getting charged high fees.
- Only get a cash advance when you really need it.
- Pay back the cash advance as soon as possible.
- Consider using a credit card with a lower interest rate for cash advances.
What to Do If You Need a Cash Advance on Your American Express Card
If you need a cash advance on your American Express card, there are a few things you should do.
- Make sure you understand the fees involved.
- Pay back the cash advance as soon as possible.
- Consider using a credit card with a lower interest rate for cash advances.
How to Get a Cash Advance on Your American Express Card Without a PIN
If you don’t have a PIN for your American Express card, you can still get a cash advance. However, you will need to provide your Social Security number when you do so.
The Best Ways to Use a Cash Advance on an American Express Card
There are a few ways to use a cash advance on an American Express card.
- To pay for unexpected expenses.
- To build your credit history.
- To transfer debt from another credit card.
Conclusion
Getting a cash advance on your American Express card can be a convenient way to get cash in a pinch. However, it’s important to understand the fees involved before you do it. If you can avoid getting a cash advance, that’s the best option. But if you do need to get one, make sure you do it wisely.
Here are some additional tips for using cash advances wisely:
- Only use cash advances for emergencies.
- Pay back the cash advance as soon as possible.
- Consider using a credit card with a lower interest rate for cash advances.
- Don’t use cash advances to build your credit history. There are better ways to do that.
If you follow these tips, you can use cash advances without getting into financial trouble.