American Express has sent out a letter with ‘important account changes’. Effective November 1, 2020 the definition of what qualifies as a cash advance will be:
A cash advance is a charge to get cash or cash equivalents, including travelers cheques, gift cheques, foreign currency, money orders, digital currency, casino gaming chips, race track wagers, similar offline and online betting transactions, and digital precious metals products
The only difference to the current definition is the addition of digital currency and digital precious metals products. Digital currency purchases have coded as a cash advance for most payment networks for some time, so I’m surprised that wasn’t the case with American Express already.
Hat tip to true_tedi
I’ve been with American Express for 26 years I received the replacement platinum card yesterday and it was an absolute disgrace if I had food stuck between my teeth I could’ve use the card to get it out instead of dental floss, I have never taken a cash advance from American Express I never used the prior service which was if you took a cash advance It would come out of your connected checking account I always thought that was the best way to go if you wanted to use that feature because the money was already in your bank but they realize they were losing a high interest rate on cash advances so they’ve made it more easy for customers to get in over their head. AMEX needs to get their poop together I’m getting Tired of spending three grand a year on various platinum‘s Delta Reserve‘s etc. etc. add it up over five years 10 years and it’s a $20,000 bill just for fees they have become a disgrace And I will be downgrading all of my cards.You don’t want to cancel them because you’ve had them so long your credit report will take a dive a deep dive so you have to keep them you’re locked in but you can downgrade that’s my suggestion.
I love how credit card companies treat cryptocurrency as a cash equivalent while the IRS treats it as property. Every institution seems determined to treat it as unfavorably as possible.
Does anyone know of any CC companies that don’t code it as a Cash Advance?
Does anyone know any companies that let you buy crypto with credit card and mainly stable coins? Crypto.com has no fees on credit card but all my amex get rejected
Digital currency would be any payment proccesor , digital wallet such as paypal, ? I doubt they will be charging cash advance for paypal
NFCU works on crypto.com. No points though. Most major are blocked so you’d likely need to try credit unions.
No but interestingly cardcoins.co let’s you buy bitcoin with visa gift cards, great for ms
Looked into cardcoins.co and today their price for BTC was 16% higher than coinbase. Is that typical?
That price difference makes all MS I know of unprofitable. Not bad for money laundering though.
Do you even know what money laundering is ?
Low effort.
Educate > criticize.
I do not want to educate people on what money laundering is
But what you are saying shows u do not know what it is
Google the term to get a basic understanding – but in short, it is making a legit reason to have money which was actually obtained illegally. What you are referring to would not help launder money at all. Launder as in “cleaning” dirty money
It would be a way to legitimately explain to someone how you have enough money to buy something like a yatch or a Ferrari
Now you got me talking too much already
Looked right now and it’s 20%. Someone’s gotta pay for the fraud and processing.
What exactly is a ‘digital precious metal product’?
Apparently it’s crypto backed by precious metals? https://www.apmex.com/pressreleases/onegold-the-first-online-marketplace-to-securely-buy-sell-and-manage-digital-precious-metals
A digital product with a name to fool fools.