[How to] Make AMEX Credit Card Cash Withdrawal-Charges-Limit-Interest Rate

(Last Updated On: October 31, 2022)

AMEX Credit Card cash withdrawal: Apart from letting you make payments at various online and offline merchant stores, credit cards also allow you to withdraw cash from an ATM just like a debit card d. However, AMEX credit card cash withdrawal is not that simple. There are a lot of other details that you should consider before you go on with AMEX credit card cash withdrawal. We will help you find out all that you need to AMEX credit card cash withdrawal.

AMEX Credit Card cash withdrawal or cash advance is one of the features available on most of the AMEX Credit Cards. The facility allows cardholders to use their credit cards to withdraw cash from an ATM.

What Is AMEX Credit Card Cash Withdrawal?

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AMEX Credit card cash withdrawal refers to the ability to take out cash from an ATM using your AMEX Bank credit card. However, this is one of the costliest forms of credit available in the market and should be used only in a real emergency. Upon withdrawing cash, you will incur credit card finance charges, applicable from the day of withdrawal, and cash withdrawal charges every time you use the facility. More details on AMEX credit card cash withdrawal are given below.

AMEX Credit Card Cash Withdrawal Process

The process of AMEX Credit Card Cash Withdrawal is very similar to that of a debit card cash withdrawal. You can just visit the nearest ATM to you with your credit card and follow a few simple steps as mentioned below. Simply, visit an ATM near you, insert your credit card in the machine and follow the instructions that appear.

You can use these few easy steps to AMEX Credit Card Cash Withdrawal –

First of all, ensure that you will be able to withdraw cash using your credit card.
Next, visit the nearest working ATM.
Now, insert your credit card into the card slot.
Proceed to enter your PIN.
Finally, you can withdraw the amount that you want to take out.

Charges on AMEX Credit Card Cash Withdrawal

AMEX Credit Card Cash Withdrawal advance fee is the fee levied on every AMEX Bank cash withdrawal you make using your credit card. Cash Advance Fee is a small percentage of the total amount withdrawn. It is to be noted that the cash advance fee also attracts interest charges at a rate similar to what is charged on the withdrawn amount. Also, this fee is reflected in the subsequent month’s credit card statement.

Generally, AMEX Bank charge between 2.5% and 3% of the amount withdrawn on every AMEX credit card cash withdrawal transaction, subject to a minimum amount of Rs. 300 to Rs. 500 as the cash advance fee.
The cash advance fee will be added to AMEX Credit Card bill for the next month and will be reflected in AMEX Bank Credit Card billing cycle.
The cash advance fee also has a finance charge which is applicable at a rate similar to that on the withdrawn amount. This amount will be levied from the date of withdrawal till the date when the amount is paid in full.
It is important to note that even if you perform multiple AMEX Credit Card Cash Withdrawal in one day, you will have to pay the cash advance fee for every individual transaction that you make, based on the withdrawal amount.

AMEX Credit Card Cash Withdrawal Limit

While Credit limit is the greatest sum that can be spent on a specific credit card, cash limit is the most extreme money one can Pull out utilizing AMEX Credit Card. Cash limit is regularly remembered for as far as possible accessible on AMEX Bank Credit Card. Most banks offer 20% – 40% of the complete Credit limit as cash limit. For example, the complete credit limit on AMEX Credit Card is Rs. 2 lakh, you Withdraw up to Rs.40,000 to Rs.80,000 as money utilizing the card. The rest ought to be spent for card exchanges as it were.

AMEX Credit Card Cash Advance Limit

AMEX Credit Card Cash withdrawal limit varies from bank to bank, it usually ranges between 20% to 40% of the card’s total credit limit. Do note that the available AMEX credit card ATM withdrawal limit reduces after each cash withdrawal. The limit is restored when the withdrawn amount is repaid in full.

AMEX Credit Card Limit

While The maximum amount that you can spend on AMEX Bank credit card is known as the AMEX Credit Card Cash withdrawal limit. The AMEX credit card cash withdrawal limit, on the other hand, is the maximum cash you can withdraw from the card. This limit is also known as the credit card cash advance limit and forms a part of the total credit limit on the card.

AMEX Credit Card Cash Withdrawal Interest Rate

Cash advances on credit cards also attract finance charges. The rate at which the interest is charged is at the monthly percentage rate and will be levied from the date of transaction till the repayment is made in full. Banks typically charge a rate of interest of 2.5% to 3.5% per month on all cash advances.

AMEX Credit Card Cash Withdrawal Charge From Atm

As a Credit Card user, you are allowed up to 5 free ATM transactions per month, depending on the location. Beyond this limit, you are charged what’s known as an ATM maintenance or interchange fee. Until recently, the fee was Rs 15 per cash withdrawal. However, starting 1^st August, the RBI has revised it to Rs 17 per withdrawal. In case of non-cash transactions, the fee has been raised from Rs 5 to Rs 6. Both amounts are exclusive of taxes. The fee will be charged to your AMEX Credit Card and appear on your Credit Card statement.

Late Payment Fee

If you do not repay the full amount after AMEX Credit Card cash withdrawal, late payment charges are levied on the outstanding balance and this could be anywhere from 15% to 30%. Compared with its competitors, AMEX Bank Credit Cards have a relatively low rate of interest for overdue interest. Be aware of the charges levied by your bank and consider whether they are worth paying.

Advantages of AMEX credit card cash withdrawal

Here are some benefits that you can avail on AMEX Credit Card Cash withdrawal:

You get money in your hands at an instant. You can approach any ATM at any time and draw out the cash that you need.
In addition, you don’t have to go through a long-drawn application process. There is no documentation or paperwork involved throughout.
You can also end up improving your AMEX credit card cash limit by paying back your dues on time, limiting expenditure and others.

Disadvantages of AMEX Bank Credit Card Cash Withdrawal

Each time you withdraw cash, you need to pay the cash advance fee and other charges.
You pay an interest – charged from the date of your AMEX Credit Card Cash withdrawal until you repay it entirely.
You won’t get any Reward Points on cash advances.
Partial payments or no payments by the due date may result in interest charges on all purchases in addition to the cash advance fees.

Impact of Cash Advance on AMEX Credit Score

Cash withdrawal on AMEX credit cards is not reported separately to the credit bureaus. Only the whole outstanding amount, which is due along with other defaults, is reported to the credit agencies. Hence, withdrawing cash using AMEX Bank credit cards does not impact your credit score directly.

However, in case you fail to pay even the minimum amount due on your credit card within the stipulated period then the credit score is impacted. As long as you are able to keep track of all the outstanding balances and are able to clear the payment, your credit score remains stable.

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