The American Express® Gold Card cash advance fee is 5% (min $10) per transaction, whichever is higher. A cash advance fee is charged when using the Amex Gold 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 Gold 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 a cash advance from your Amex Gold card at an ATM. To do so, insert the card in the ATM, then enter your PIN and choose the cash advance option. After that, input the amount, and collect the cash and your card.
Cash advances come with high APRs: The Amex Gold card cash advance APR is 28.24% (V), which will start accruing interest immediately, with no grace period.
There is a cash advance fee: The Amex Gold card cash advance fee is 5% (min $10) on every withdrawal. ATM-owner fees might also be included.
Cash advances require a PIN: To use a Amex Gold card for cash advances at an ATM, you will need a PIN. If you don’t already have one, you can make a request over the phone at (800) 227-4669. You should receive a new PIN in the mail in about 3-5 business days.
Keep in mind that cash advances are very expensive. So, it would be best to avoid using your Amex Gold card for cash advances, unless it’s absolutely necessary.
You should also keep in mind that Amex Gold card is not a traditional credit card, so you must pay off the entire cash advance balance by the payment due date. Any unpaid balance may be subject to the Amex Gold card’s penalty APR.
The American Express grace period for credit cards is at least 25 days after the closing date of each billing period. That means if you enter a new billing period without an existing balance and make charges on the card, you will have at least 25 days after that billing period closes before interest begins to accrue on those charges.… read full answer
Here’s where the American Express grace period doesn’t apply:
It is important to note that grace periods do not apply to certain balances. Cash advances and balance transfers will start accruing interest immediately, unless they are part of a 0% APR promotional offer. In that case, interest would not accrue until the promotional offer ends.
Here’s how the American Express grace period works:
Length: 25 days or more
When It Applies: You pay your bill on time and in full for at least two consecutive billing periods.
What It Does: Gives you time to pay for purchases before interest charges kick in.
When It Doesn’t Apply: Revolving balances, cash advances and balance transfers (excluding 0% promotions).
Grace periods are great because they essentially allow you to borrow money for free as long as you pay your bill in full and on time each month.
Here’s what happens with American Express cards with no preset spending limit:
American Express cards with no preset credit limit are different in that they must be paid in full every month. There are exceptions, though. American Express cards with no reset spending limit may allow you to carry a revolving balance after making select purchases.
This feature, named “Pay Over Time,” is granted on a case by case basis, and American Express will make it clear if your account is eligible. If you don’t pay the balance requested by its due date, your account can be charged interest and penalty fees, and be subject to cancellation.
The main Amex Gold card requirements for approval are having a credit score of at least 700, being at least 18 years old, and being a U.S. citizen or permanent resident. Amex Gold card applicants must also provide a Social Security number, Individual Taxpayer Identification Number or passport. Another major requirement is a steady income. American Express does not disclose a specific income requirement, but it will need to be enough to make payments on the card and to afford the $250 annual fee.… read full answer
More info about Amex Gold card requirements:
Amex doesn’t openly state any other Amex Gold card requirements, but there are plenty of other factors that Amex considers during the approval process. The amount of existing debt you have, the number of accounts you have open, and the number of recent hard inquiries on your credit report are among those factors. Amex looks at your entire financial profile when making a decision.
One way to get a better idea of whether you meet the Amex Gold card requirements is to use Amex’s pre-qualification tool. Just put in a few personal details and Amex will show you all cards they think you’d likely be approved for. This pre-qualification process won’t impact your credit.
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