American Express Adds New Categories that Code as Cash Advance

American Express Adds New Categories that Code as Cash Advance

Update (Oct. 17, 2020) – This section will be updated again.

Effective January 15, 2021, we are updating this sub-section to add precious metal coins and bullion to the definition of Cash Advance in your Cardmember Agreement.

American Express has sent out letters notifying cardholders that starting in November the definition of cash advance is changing. Two new categories are added, although it’s not exactly clear what they cover. Here’s the notice that has been sent out to American Express cardholders about the change:

Effective November 1, 2020: “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.”

Digital currency and digital precious metals products are the new additions to the terms for cash advance charges. These probably have to do with purchases of cryptocurrencies and blockchain currencies, although I’m not sure. If anyone has any better idea, please let me know in the comments. Some of these charges are probably already coding as cash advance but now it will be listed in the terms.

HT: true_tedi

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