withdrawing cash on AMEX Blue

shif

went to my bank to withdraw £3000 from my amex card and was told it waasn't possible!! went home and rang amex and was told that the most you can withdraw is £200 a week! is that right? with MC and Visa you can take the full outstanding balance. i thought AME?X was supposed to be a good credit card to have. If i'd have known, i'd have looked elsewhere.

anyone got any tips?

King_Of_Fools

Do not ever withdraw money from any credit card it will cost far more than any other method!

Amex is a good credit card to have if you only make purchases with it and never intend to pay any interest. For what you want a loan would be the best option.

grumbler

It looks like you have a lot of experience in drawing cash from credit cards and already used the Amex card to draw cash ...:mad::mad::mad:

11.4 You may only make cash withdrawals equal to 20% of your Credit Limit at the time of withdrawal. In addition to the preceding, you may only draw up to £200 cash in any 7 day period.

I absolutely agree with the above post that you must be mad to draw £3K from a CC. With Amex it will cast you £60 plus interest about 20% APR :eek: from the day of transaction. This is one of the most expensive ways to borrow. The same with majority of other CCs that will possibly allow you to draw more and faster. They just like customers borrowing money at 20% without interest-free period ....

shif wrote:

...with MC and Visa you can take the full outstanding balance.

If you draw 'the full outstanding balance' you instanly go over your credit limit :eek: as a result of 2% cash transaction fee.

i thought AME?X was supposed to be a good credit card to have.

I think it is the most wise card trying to help you not to make stupid things

anyone got any tips?

Never draw cash from CCc

shif

i would be paying the full balance off in two weeks. it was just an easy way to get the money quickly. and i would not have withdrawn the full balance.it is something i have done in the past with my other cards. i am self employed and often need cash quickly but have the ability to clear the debt within a fortnight. just a little frustrating when i expected there to be some restrictions but not to the extent that amex impose. no more than £200 a week, no cash withdrawals in the first 3 months.....!

Bokken_2

If you have the ability to pay the full amount off in two weeks time .
You should wait and use the money you are expecting to make your purchase that way you will avoid all charges.
If you did take the full amount from a credit card in cash and (as grumbler has highlighted the interest starts straight away) did not recieve your expected money in two weeks how would you manage to repay the money you borrowed from the credit card.
It would be a disaster just don't do it.
Speak to your bank and consider a overdraft for short term borrowing although you will be charged a overdraft interest fee it will be nowhere near 20%.

grumbler

...or apply for a flexible loan with Cahoot or Egg ...