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amex clear cash advance benefit

Valued Contributor

Re: amex clear cash advance benefit

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Message 11 of 19
New Contributor

Re: amex clear cash advance benefit

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.

Message 12 of 19
Senior Contributor

Re: amex clear cash advance benefit

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.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 13 of 19
New Contributor

Re: amex clear cash advance benefit

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!

Message 14 of 19
Valued Contributor

Re: amex clear cash advance benefit

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

Message 15 of 19
Super Contributor

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

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 16 of 19
Valued Contributor

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.

Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Message 17 of 19
Valued Contributor

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.

Message 18 of 19
Senior Contributor

Re: amex clear cash advance benefit

Smiley Surprised

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 19 of 19