Selected American Express card holders can use their cards to withdraw cash advances from over 8,000 automated teller machines worldwide, according to CreditCardForum. Users should be aware when they use this service that it comes with substantial fees and that the interest rate on the cash advance amount is higher than on regular purchases.Continue Reading
Customers can check their cash advance limit by going to their online account and reviewing the information under the category titled Check Your Spending Ability, reports CreditCardForum. This link lets card members enter the amount they need, to find out whether it is approved before trying to withdraw the cash. American Express users should be aware that this type of charge begins to accrue interest the moment the money is withdrawn.
With standard purchases, American Express commonly offers a grace period for new card users during which purchases are not charged any interest for an introductory period. After this grace period, the annual percentage rate on regular purchases varies according to the card user's creditworthiness, says CreditCardForum. The annual percentage on the cash advances, however, is higher than any of these other interest rates. Those taking advantage of the cash advance option are also charged a fee for each withdrawal. The fees can vary according to each account, but an example of the fee is $5.00 or 3 percent of the cash advance, whichever is greater.Learn more about Credit & Lending