Is there any way (writing myself a check for example) to take cash from my available credit line?

Question

I use an american express card and I wanted to know if there was a way to actually draw down from the available credit in the form of cash or funds into my bank account?

Answer 1

It depends. There is a difference between available credit for purchases and available credit for cash advances. If your particular American Express account allows for cash advances, they should have an option to set up a PIN just like an ATM/Debit card... you can withdraw cash at any ATM and deposit it into your bank account.

Be wary of fees though... many credit cards charge you big fees for cash advances, and the financing rate for an advance can be 5x as much as your normal interest rate, maybe more.

Answer 2

You can do a cash advance from your credit card to put in your checking account. Depending on your credit agreement you with Amex they might charge you a fee for this.

Usually with credit cards you recieve a pin number or checks or something of that nature to withdraw funds from the card. You will need to contacting Amex to see their policies and procedures for doing cash advances.

Answer 3

Isn't that what an ATM machine is for?