You can get a Blue Cash Preferred cash advance at participating ATM locations worldwide that accept American Express cards. You will need the Blue Cash Preferred and the PIN (Personal Identification Number) you received when you opened the account. You can view or change your PIN under the “Card Management” section of your online account. If do not have access to your PIN, call customer service at (800) 227-4669 to request a new one.
Here is what you need to know about Blue Cash Preferred cash advances:
How to get one: Use your card to withdraw cash from one of the participating ATMs worldwide. You will have to use your designated PIN. You can see your PIN or change it in the Card Management section of your online account. If you do not see your PIN or haven’t received one, you can request one at (800) 227-4669.
Cash advance APR: 25.99% (V). Keep in mind that unlike regular purchases, your cash advances accrue interest immediately, with no grace period.
Cash advance fee: Each cash advance is subject to a fee of 5% (min $10).
Cash advance limit: American Express assigns you a cash advance limit that is part of your overall credit limit. These can be viewed on your billing statements.
Cash equivalents: Cash advances also include travelers or gift checks, money order, digital currency, casino gaming chips, race track wagers and similar online and offline betting transactions.
As you can see, cash advances are expensive transactions. So unless you need emergency cash, you should avoid them.
You can get an American Express cash advance at participating ATMs, up to the card's available cash advance limit. To start, call American Express customer service at (800) 227-4669 to request a cash advance PIN. Once you have your PIN, simply insert the card into a participating ATM, type in your PIN, and select “Cash Advance.” Then enter the amount of cash you want to withdraw.… read full answer
There may be other ways to get a cash advance from your American Express card, as well. For instance, you could write out an American Express cash advance check and use it like a regular bank check.
It’s important to take fees and interest into account before you get an Amex cash advance. The American Express cash advance fee will likely be 5% (min $10) of the transaction, whichever is greater. In addition to that, interest on the cash advance will begin accruing immediately, and it’s usually at least a 25% APR. There may also be ATM-owner fees, depending on where you withdraw money from. So it's best to avoid cash advances.
Try looking into alternatives, such as borrowing money from friends and family or a personal loan. If you have good credit, getting a personal loan may be cheaper than taking out a cash advance.
The Blue Cash Preferred credit limit is based on American Express’s assessment of each application, so the card’s credit limit will be different for each applicant. American Express does not include any specific Blue Cash Preferred credit limit information in the card’s terms.
For the most part, Blue Cash Preferred credit limits depend on each applicant’s overall creditworthiness. Those with the highest income and best credit scores will generally be offered the highest starting credit limits.… read full answer
That said, the Blue Cash Preferred card credit limit that you start with isn’t necessarily your credit line forever. You can ask to get a credit limit increase by calling the American Express customer service number on the back of your card, but it’s best not to do that more than once a year. American Express will also evaluate your account periodically to determine whether you are eligible for a credit limit increase. Paying on time and keeping your credit utilization low are key for getting unsolicited credit line increases with American Express.
The cash advance limit is the maximum amount of cash that can be withdrawn against a credit card's balance. With most credit cards this will be considerably lower than the credit limit itself. Cash advances come with high fees and above-average interest rates, that's why we advise against them.
Your credit limit tells you exactly how much money your credit card issuer will let you use. The available credit is the amount that you currently have available to spend. This is based on the credit limit minus the current balance less any pending transactions.… read full answer
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub.
Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.