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Funding a new account with Amex

frogman1
Valued Contributor

Re: Funding a new account with Amex


@K-in-Boston wrote:

@Irish80 wrote:

I’m pretty sure you can’t do a cash advance on an American Express Charge card <snip>


Only if you are enrolled in the Express Cash program.  This allows you to use your Amex charge card at ATMs to withdraw cash from a linked bank account.  There's a 3% or $5 fee (whichever is greater, of course) to use it, and the reasons for enabling it are quickly dwindling.


My company instructs us that if we need cash while traveling to use the Corporate Amex card at an ATM. No fee has appeared on my account when doing this. It just shows up as a normal charge.   They don't want you to use your personal cards for anything while traveling for business. 

More cards than I can mention in a signature.
Message 11 of 14
K-in-Boston
Moderator

Re: Funding a new account with Amex

@frogman1 It sounds like your corporate card has no fees associated with using the Express Cash program.  That's a nice feature!

 

American Express Company wrote:

Your bank or the ATM operator may charge you a fee for withdrawing cash at an ATM. Also, American Express may charge fees depending on the product you have.

  • For personal and small business (OPEN) Cards, the fee is either 3% of the transaction amount or $5.00, whichever amount is greater. For Clear and Fidelity, we charge no ATM fee.
  • For Corporate Cards, fees will vary based upon the type of billing and funding options selected by your Company and subject to applicable laws. For more information on fees, please contact your Company's Program Administrator.

Depending on the type of product you have, you may be charged foreign transaction fees to convert your international transactions into US currency. You can check if foreign transaction fees are waived for your Card through your online account. Otherwise, for personal and small business (OPEN) Cards we charge 2.7%, and for Corporate Cards, it's 2.5%.

Use our helpful ATM Locator to find the nearest ATM, at home and abroad.


 

Message 12 of 14
longtimelurker
Mega Contributor

Re: Funding a new account with Amex

Doctor of Credit maintains a list of high yield and high SUB banks, with indication of whether credit card funding is supported and users supply the data points with their cards.   Where it is possible, it's adviced to set your cash advance limit as low as possible, so that if the transaction is going to be processed as a cash advance, it will be declined.  (The down side is that some transactions are initially processed as cash advance, and get converted to purchases)

Message 13 of 14
Irish80
Moderator Emeritus

Re: Funding a new account with Amex


@longtimelurker wrote:

Doctor of Credit maintains a list of high yield and high SUB banks, with indication of whether credit card funding is supported and users supply the data points with their cards.   Where it is possible, it's adviced to set your cash advance limit as low as possible, so that if the transaction is going to be processed as a cash advance, it will be declined.  (The down side is that some transactions are initially processed as cash advance, and get converted to purchases)


Yes he does and it is a very useful resource. Thanks for the reminder

Message 14 of 14
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