Every year, millions of people across the United States use cash advances on a credit card to cover unexpected expenses. Whether it’s a medical issue or an issue with a vehicle, life can be full of unexpected expenses. Fortunately, cash advances can help in these situations. The following guide provides simple guidance on how to get a cash advance with American Express.
In most cases, the easiest way to get a cash advance with an American Express card is via an ATM. Most American Express cards allow individuals to withdraw up to $400 from any ATM in the United States. You may be responsible for ATM fees if you choose to receive a cash advance by this method.
It’s also possible to go to most banks and ask for a credit card advance over the counter. While a bank teller may require ID for this transaction, it has several benefits over an ATM transaction. In addition to receiving higher amounts of cash, there usually isn’t a fee for getting a cash advance at a bank through your card. However, it’s also important to ask about any fees before starting a transaction.
Finally, it’s possible to get a cash advance via special checks provided by American Express. These checks are similar to a regular check. They can be cashed at a bank or at any place that allows check cashing. It’s usually possible to order cash advance checks directly from American Express.
However, there are a few important things to remember. American Express charges a higher interest rate for cash advances than other types of transactions. In some cases, the interest rate for a cash advance may be double that of other types of transactions. Since cash advances carry a higher risk of default for lenders, many card companies make up for this by charging higher rates.