The American Express Cash Magnet® Card cash advance fee is 5% (min $10) per transaction, whichever is higher. A cash advance fee is charged when using the Amex Cash Magnet Card for cash withdrawals at an ATM.
Bear in mind that when you make a cash advance, you will incur other costs in addition to the Amex Cash Magnet Card cash advance fee. There’s a separate cash advance APR that applies immediately after you complete the transaction. The ATM owner may also impose additional charges.
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 Amex Cash Magnet Card annual fee is $0 per year. Amex Cash Magnet Card’s $0 annual fee is equal to the average annual fee among new credit card offers right now. It’s not the only fee you need to worry about with the American Express Cash Magnet® Card, though.
The American Express Cash Magnet® Card credit score requirement is 700 or better. That means people with good credit or better have a shot at getting approved for the Amex Cash Magnet Card Card.
You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Amex Cash Magnet Card Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.… read full answer
If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it’s best to wait to apply until you meet the Amex Cash Magnet Card credit score requirement. You can check your credit score for free on WalletHub.
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