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.
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 $10 or 5% 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. 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.
All cash advances are very expensive in terms of the fees you pay. I had an emergency once and had to withdraw some money from my credit card and my budget really took a hit because of that. I always advise against it.
To get an American Express Platinum cash advance, use your card and PIN at any ATM that accepts American Express cards. American Express will issue new cardholders a 4-digit PIN once their account is opened. If you do not have your PIN, call customer service at 1 (800) 227-4669 to request a new one. Or, log in to your online account and go to the Card Management page.… read full answer
While an American Express Platinum cash advance is a convenient way to access emergency cash, it’s also a very expensive transaction. The American Express Platinum cash advance fee is 5% of the transaction amount or $10, whichever is greater. This does not include any ATM charges. You’ll also pay interest on a cash advance starting from the date you make the transaction. The Amex Platinum cash advance APR is around 25%.
Because of its high costs, you should only make an American Express Platinum cash advance as a last resort. Keep in mind that the American Express Platinum cash advance limit is $8,000. And because American Platinum is a hybrid card, you’ll have to pay off the entire cash advance balance by your monthly due date.
You can transfer money from your credit card to a bank account with a cash advance, a convenience check, apps such as Venmo, or money transfer services such as Western Union and MoneyGram. But it is expensive to transfer money from a credit card to a bank account because credit cards are designed to be used for purchases – not as cash loans.… read full answer
If you use a credit card for a cash loan, you’ll normally pay between 3% and 5% as a cash advance fee, plus a high APR on the advance amount that kicks in immediately. Some credit cards provide exceptions to the norm of cash advance fees, however. For example, if you have a USAA credit card, it will allow you to transfer a cash advance directly to a USAA checking or savings account with no cash advance fee. But that doesn’t save you from the cash advance APR. Plus, credit cards that allow this are not common.
That said, if you need an emergency loan from your credit card account directly to your bank account, there are a handful of methods you could try. Some involve the help of other people, so enlist a friend you trust with your money – in some cases, they’ll literally be holding it for you.
Here's how to transfer money from a credit card to a bank account:
Cash Advances: You can use your card at an ATM to perform a cash advance. Once you’ve obtained your cash, deposit it into your bank account. Many banks allow deposits through ATMs. You may also be able to make your deposit at a branch. It’s not a good idea to take out a cash advance unless other options are not available, due to their lack of a grace period, extra fees, and high cash advance APRs.
Convenience Checks: Sometimes, credit card companies will give you convenience checks. In these cases, you can write a check to yourself, but make sure you are aware of the fees and interest rate the credit card company is going to assess on the amount of that check.
Money-Transfer Services: You can use services like Western Union and MoneyGram, which allow you to transfer funds with a credit card online or from any of their locations. They let you identify the recipient with a phone number or email address. However, transactions made through money-transfer services like these can show up as cash advances on your credit card statement, no matter whom you send the money to. That means they come with any fee and interest rate your credit card charges for regular cash advances.
Venmo: You could pay a friend or family member with a credit card through Venmo, and they could then transfer the money to you, or to a bank account. Or, you could make an outside credit card purchase on their behalf, then have them reimburse you through the app. If you choose to send money directly through Venmo using a credit card, you’ll pay a fee of 3%. But if you’re using a Visa or Mastercard, be aware that your card issuer may see this as a cash advance, and could charge you accordingly. Bank transfers typically take one business day. There’s a weekly rolling limit of $4,999.99 for sending funds through Venmo once you verify your identity.
PayPal: They will require the email address for the recipient, and you must choose “Paying for an item or service” to send money from a credit card. Once the recipient receives the money, it usually takes just one business day to transfer it to their bank account. The recipient incurs a fee of 2.9% plus $0.30 for accepting a credit card payment. However, be aware that sending money to yourself from a credit card is against PayPal terms of service, so always send money to a friend if you use this method.
Amazon Pay: If you have a friend who is an Amazon merchant, you could use Amazon Pay to send them money from your credit card. They could then return the money or make a purchase on your behalf. Amazon Pay accounts can be linked to bank accounts, credit cards, and debit cards. Simply ask the recipient for their Amazon merchant name, then make sure you label your payment as "goods and services." Otherwise, your credit card company will charge you for a cash advance. Amazon charges 2.9% plus $0.30 per web/mobile transaction.
Square’s Cash App: After you download the app, link your credit card to the app account. With the phone number of the recipient, you can make a payment by simply tapping the "Pay" button. Using a credit card to send money would incur a 3% fee, which is added to the payment total.
We recommend using these platforms only with people you know and trust. It’s also important to note that credit card transactions made from person to person through mobile-payment and money-transfer services may be considered cash advances by the card issuer. That would make the process of transferring money from a credit card to a bank account more expensive.
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