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Valued Contributor
scottwagnon
Posts: 1,342
Registered: ‎02-07-2010
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Re: amex clear cash advance benefit

bump

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Valued Member
slickshoes182
Posts: 46
Registered: ‎05-10-2013
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Re: amex clear cash advance benefit

[ Edited ]

I was interested in the Amex Clear, too. Looks like it was discontinued for new applicants. Also looks like the cash advance APR is higher than normal.

 

I'm always interested in capped or $0 cash advance fee cards, with normal interest rates, to use like lines of credit (without the annual fee), especially to smooth out the ups and downs of my investing activities.

 

Aside from Barclay's Ring, I've only seen these from credit unions. There are a lot of credit unions with $0 or capped cash advance fee cards.

Senior Contributor
score_building
Posts: 3,524
Registered: ‎01-10-2008
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Re: amex clear cash advance benefit

[ Edited ]

Unless don't care about significantly increasing the odds of F/R (no matter how quickly the advance is repaid) would recommend using a credit union or USAA where can link a cc with low-ish APR as an overdraft (ideally secondary overdraft, after savings account.) e.g. Affininity Federal (8.X APR)

Of course the interest on a cash advance begins at the time of the transaction (no grace period) so this approach may limit exposure to fees as well.

FICOS:
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Valued Member
slickshoes182
Posts: 46
Registered: ‎05-10-2013
0

Re: amex clear cash advance benefit

[ Edited ]

Nice. I wasn't familiar with Affinity FCU but that's exactly the kind of card that I'm looking to add (No cash advance fee, 8.6% APR). Perfect for use as a Line of Credit. Thank you for the tip!

Valued Contributor
scottwagnon
Posts: 1,342
Registered: ‎02-07-2010
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Re: amex clear cash advance benefit

is it possible to lower my amex clear cash advance interest rate?

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
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myjourney
Posts: 25,541
Registered: ‎02-07-2013
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Re: amex clear cash advance benefit


scottwagnon wrote:

is it possible to lower my amex clear cash advance interest rate?


I doubt it they know they can make money off of that feature

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parakleet
Posts: 1,135
Registered: ‎04-13-2013
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Re: amex clear cash advance benefit

I seriously think the cash advance features on a CC should be used on an EMERGENCY basis, not for regular use. Otherwise, you're just throwing money down the toilet since as others have mentioned, there is no grace period for CAs. So it's not just the ATM fee that you're paying.

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Valued Contributor
scottwagnon
Posts: 1,342
Registered: ‎02-07-2010
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Re: amex clear cash advance benefit


parakleet wrote:
I seriously think the cash advance features on a CC should be used on an EMERGENCY basis, not for regular use. Otherwise, you're just throwing money down the toilet since as others have mentioned, there is no grace period for CAs. So it's not just the ATM fee that you're paying.

i realize the logic is odd, but i like the idea of having a credit card that is just as convienent to use as a debit card to withdraw cash. having an iphone in one hand to almost instantly pay off the cash advance, and a no fee cash advance card in the other hand gives me that unique ability i have sought and have always longed for ever since i was a kid.

so i spoke with a very friendly amex rep. and he said that NOT ONE single american express card member has or is able to adjust the cash advance apr. he clearly explained that while amex does wish to allow the convience of a cash advance, amex wishes do discourage the use of such a feature. oh well.

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
Senior Contributor
score_building
Posts: 3,524
Registered: ‎01-10-2008
0

Re: amex clear cash advance benefit

[ Edited ]

:smileysurprised:

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)

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