If you own an American Express charge or credit card, you can get cash from an ATM or a bank teller should you need it. But because the cash comes from your line of credit, it comes with hefty fees and interest. This makes it an expensive option, which you should use only in emergencies.
Note that your card’s limits could be different. Look for your card’s cash advance limit on your billing statement.
In addition to taking out an advance at the ATM, Amex counts some purchases as cash advances. These include:
For cash advances using your American Express credit card, you’ll pay:
The average cash advance APR is 26.74% but it could vary between cards. Here’s how much a $500 ATM cash advance would cost:
| ATM withdrawal | |
|---|---|
| Amount | $500 |
| Cash advance fee | $25 |
| ATM fee | $3 |
| 30-day cash advance APR | $11 on average, but it depends on your creditworthiness |
| Total | $539 |
If cash advances seem expensive to you, there are cheaper alternatives you can consider during financial emergencies. For example, you can get a:
American Express cash advances are among the most expensive ones. Because of that, it’s best to avoid cash advances or use them sparingly if there’s no other alternative.
Know your options for using a card for cash advances, and compare credit cards with low cash advance fees until you find the right fit for your wallet.
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