Transferring money from Amex Charge card to Bank Account

Latte2go

Hi folks

New to the board..

Would anyone with an Amex Gold charge card/similar know whether it is possible to transfer money from the Amex charge card to a UK bank account - and if so, what fee is applicable? Would it come under their "Cash Advance" fee?

Thanks!

sfax

The only way to do this would be a cash advance for which you would be charged a fee - i think it's 3%. I think you also need to call them to enable this service first. Expensive way to get cash, particularly as you have to pay it all back on your next statement

Latte2go

Thanks Sfax, I suspected this.

To be clear, I'm interested in applying primarily for the 20k reward points on offer. The condition is spending £2k in 3 months - I'm not a big spender and would struggle to achieve this figure.

I pay the rent in cash and if there was a way of paying the rent using the card that would help in achieving the spend. Alas my landlord will only deal with cash. 20k rewards points (potentially 20k Avios) is a good deal - I guess the card isn't really designed for those that try to minimise spend!

Thanks!

sfax

Cash advances don't count towards your reward points either I'm afraid

benroles

Yeah... cash doesn't count and I think it even says in the T&Cs that you expressly WON'T use the card to get cash out.

I had trouble too hitting the spending marker so purchased a gift card from these guys: http://www.svmcards.co.uk/home-garden-gift-cards/sainsburys.html. I went for the £90 Sainsbury's one and then went back and did a good few top ups (to the point I had about £500 on the card!).

I purchased through a work scheme and got 5% discount on each order (it doesn't look like you get that if you go direct) which, even with the credit card processing costs, meant I actually saved money on the load amount (e.g. £200 cost me £195 or so).

For you it might mean you actually get LESS on the loaded card than you spent (because of the AmEx costs) but it's definitely counted as a purchase by AmEx. For the past 3 months I've then been using it for my shopping each month!

Of course, you have to have the cash there to be able to settle the amount on the charge card... doesn't help if you don't have the money. Just a good way of prematurely getting to the 2k spend threshold.

B.