Amex Changes To Card Account Terms - Express Cash Service
Couldn't see if this was posted elsewhere; if so please move to proper thread.
Just received my Amex GC statement and it was rather thick this month. *LOL*
Turns out there are several pages outlining a host of changes to account terms.
Effective 1 May 2019
In summation:
Express Cash service is no longer being offered. Don't know if this applies to ourselves or in general, but never used the thing so have no idea.
Express Cash service will now be treated as cash advances complete with fees and interest charges.
There will be a new row on statements showing "Cash Advances" on statements giving maximum limit for any particular card account.
AMEX will no longer allow cash advances from ATM to be withdrawn from checking accounts. Rather such transactions will be billed as "cash advance" charged to the card account.
Charges will not be placed onto "Pay Over Time" balances if doing so would cause pay over time and cash advance balance in total to exceed "pay over time" limit.
Cash advances will accrue interest from time of actual date of transaction, and "you cannot avoid paying interest on cash advances".
"We decide whether to approve a charge, including cash advances subject to Limits on Cash Advances, based on how you spend and pay on this Account and other accounts you have with our Affiliates. We also consider your credit history and personal resources that we know about.
Cash Advance Limits
Zync Card, $3,000
Green Card $3,000
Gold Card $6,000
Platinum Card $8,000
Centurion Card $10,000
There are also changes to agreement regarding transfer of funds electronically (EFT)
Last edited by BugsyPal; Feb 28, 2019 at 7:58 pm