Where can i withdraw money from my american express card

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.

You must first have an American Express card to get an American Express cash advance. Once you have the card, here’s what to do:

1. Call 800-227-4669 and request a PIN if your card doesn’t have one.
2. Go to a participating ATM and insert your card.
3. Enter your PIN and select “Cash Advance” on the menu screen.
4. Enter the amount you want to withdraw.

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:

• ATM transactions
• Gambling
• Gift cards

• Money orders
• Traveler’s checks
• Wire transfers

American Express has one of the highest cash advance fees and cash advance APRs on this type of transaction.

For cash advances using your American Express credit card, you’ll pay:

• A 5% fee of the amount, but not less than $10.

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:
​

If cash advances seem expensive to you, there are cheaper alternatives you can consider during financial emergencies. For example, you can get a:

• 0% purchase intro APR period credit card.
  This type of card comes with a promotional interest-free period on other eligible purchases made with your card. Most cards offer between 12 and 15 months of 0% intro APR period, but some cards may offer up to 20 months. This can help you make the purchase and pay it off in the next months without paying interest.
• Balance transfer credit card.
  Balance transfer credit cards offer a promotional 0% intro APR period of up to 21 months on the debt you move from other cards. If paying your current debt is expensive because of high interest rates, consider a 0% APR balance transfer card.

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.

Kliment Dukovski is a cryptocurrency and investments writer who has written over 700 articles to help readers find and compare the best financial options. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange and stock market trading.

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Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when posted.

A credit card cash advance could come in handy if you need money fast and can’t pay with your credit card. But be careful – it could be costly.

If you need to pay rent, a lawn care service or even your neighborhood babysitter, you most likely won’t be able to use your credit card. But what can you do if you don’t have enough cash to cover these expenses?

What is a credit card cash advance?

If you need cash immediately, you can consider taking out a cash advance on your credit card. Unlike using a debit card to withdraw money you already have in a bank account or making a purchase with your credit card, a cash advance is a short-term loan that you take against your credit card.

An American Express cash advance is easy to access — you’ll simply need to find an ATM after enrolling.

• What to consider before taking out a credit card cash advance
• How to get an American Express® cash advance
• What are the costs associated with an American Express cash advance?
• Pros and cons of credit card cash advances
• Alternatives to getting a credit card cash advance

What to consider before taking out a credit card cash advance

Before you take your plastic to the ATM, consider that a credit card cash advance is expensive and should generally be used as a last resort. Plus, with many cards, there is no grace period for cash advances. This means interest starts accruing as soon as you take the advance.

Also, be very careful when paying only the minimums when you have a cash advance. The CARD Act requires issuers apply only payments beyond the minimum payment to the highest interest portion of your balance. Depending on your balance, this means it can take a long time to pay off a cash advance if you’re only paying the minimum amount due each month.

Avoid these credit card cash advance fees

If you decide that this is the best option for your needs, use the following steps to get your American Express cash advance:

1. Call American Express customer service at (800) 227-4669 or visit your account online to create a credit card PIN number. You can then use that PIN at ATMs.
2. The American Express Cash Advance program allows you to withdraw cash at participating ATMs up to the available cash advance limit on the card account. The fee for a cash advance can be $5 or 3% of the transaction, whichever is greater. But some cards may set the dollar limit at $10 instead.

What are the costs associated with an American Express cash advance?

Cash advances from American Express can cost either $5 or 3% of the amount you take out, whichever is greater. (Some cards may set the limit at $10 instead of $5, as well.) This does not include any ATM surcharges or network fees.

Pros and cons of credit card cash advances

Pros

You get access to cash fast

Lee Huff, travel blogger and credit card expert, says cash advances can be useful if you’ve exhausted all other options to get cash fast.

“It’s a really easy way to access cash when you’re in a hurry or can’t get approved for a new loan,” Huff says.

Once you’ve signed up with American Express, all you need to do is head to the nearest participating ATM to get cash.

Cons

High fees

Taking out a cash advance on your credit card is pretty straightforward, but it may not be the cheapest solution. Aside from the cash advance fee, there’s no grace period compared with making a regular purchase on your card, meaning you won’t have an interest-free buffer period to pay off the cash advance.

The interest rate for a cash advance can often be higher than the interest rate for purchases, too.

Learn more about credit card grace periods

An advance could hurt your credit scores

Taking out a cash advance from your credit doesn’t affect your credit scores directly, but it could still influence them.

For one, it’ll increase your outstanding balance, meaning it’ll raise your credit utilization ratio, which you can calculate by dividing your total credit card balances by your total credit card limits. For example, if your balance is $400 on a card that has a $1,000 limit, your credit utilization ratio is 40%. If you end up taking out a cash advance of $300 on top of that, then your credit utilization is 70%.

Most experts recommend keeping your overall credit card utilization below 30%. Lower credit utilization rates suggest to creditors that you can use credit responsibly without relying too heavily on it, so a low credit utilization rate may be correlated with higher credit scores.

Secondly, cash advances tend to have a high interest rate, which could affect your ability to pay it back quickly. If you don’t pay the balance back in a timely matter, that could affect your credit scores.

Bottom line: If you take out a cash advance, you’ll want to repay it as soon as possible.

Alternatives to getting a credit card cash advance

If you need quick cash but don’t want to pay the fees associated with a cash advance, consider these other options:

• Borrowing money from friends and family. This option may be a bit awkward, but having people to turn to can help save some serious cash on high interest rates.
• Taking out a personal loan from a bank, credit union or online lender. If you have good credit, getting a personal loan may be cheaper than taking out a cash advance.  It can take as little as a week to see money from these loans deposited in your account.
• Asking about a paycheck advance. If you have excellent rapport with your employer, you might be able to ask for an advance on your next paycheck. You can then arrange to pay it back when you get your next paycheck or spread repayments out over several paychecks. Keep in mind that even if they’re willing to give you an advance, some larger companies may charge a fee.

Bottom line

American Express makes it convenient to sign up for programs to access cash at participating ATMs. However, keep in mind that you’ll typically be charged a cash advance fee plus a high variable APR on your credit card account as soon as you withdraw money.

A credit card cash advance could be useful in the right situation, but keep in mind you’re taking on an expensive short-term loan.

If you need a loan quickly, consider all possible options before going the cash advance route. In any case, make sure you understand the fees involved as well as payment terms to help you make an educated decision.

About the author: Sarah Li Cain is a money storyteller who believes that everyone can have a happy ending to their money story. Her work has appeared in Business Insider, the Chicago Tribune, Experian.com, Huffington Post and Magnify M… Read more.

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