American express card (non credit)

[JohnK]

Now there is an idea I had not thought of before. If I could get a charge card without an annual fee and I could use it to write cheques to myself or cash advances and not pay interest for ~45 days.

Hmm.... Even with an annual fee and use of at least $10,000 each month would just about work....

 

[Diesellife]

If you use the card solely for that purpose, the transaction will get declined in no time

There is a hidden limit on cash advance.

 

[JohnK]

There is a hidden limit on cash advance.

For the lifetime of the card or each month? Is it against the terms and conditions to cash advance $10,000 each month and then pay that off when the statement arrives. What if a small purchase was also put on the charge card each month?

 

[Diesellife]

Well we all know AMEX and their hidden business...It can be more complex than that.
You can be approved of $10000 hotel expense but get declined for $10000 cash advance...

Don't forget the cash advance charge as well...So in theory, you wouldnt be able to gain much anyway...

 

[ric_melb]

I am sure there is a cash advance fee, which would more than cover American Express interest costs for 45 days. From memory it was 3% flat.
With a fee like that you would not be a winner with your proposal.

 

[AnonymousCoward]

Cash advances via ATMs on Charge Cards are via "Express Cash". To set that up, Amex just direct debits your own savings/transaction account.

Cashing cheques (emergency cash or whatever Amex calls it) can be done, but I don't know what the fees are.

I have no doubt that Amex has this all covered in a way that covers their expenses...

 

[NM]

I am sure there is a cash advance fee, which would more than cover American Express interest costs for 45 days. From memory it was 3% flat.
With a fee like that you would not be a winner with your proposal.

indeed there is a cash advance fee. There is no way Amex will give a card holder free use of their money for up to 45 days! They make a nice tidy profit out of their cash advances.

 

[JohnK]

I am sure there is a cash advance fee, which would more than cover American Express interest costs for 45 days. From memory it was 3% flat.
With a fee like that you would not be a winner with your proposal.

A 3% cash advance fee would defiitely put an end to my proposal. Oh well....

 

[Diesellife]

However, In theory

You can use spot and forward ex rate to get a profit

Use card to buy TC, lock in forward rate...No charge! :mrgreen:

 

[JohnK]

You can use spot and forward ex rate to get a profit

Use card to buy TC, lock in forward rate...No charge! :mrgreen:

Thanks for the suggestion but with my luck I would not be surprised if it turned to disaster.