American Express Updates Cash Advance Terms – Again

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Last updated on April 5th, 2023

American Express is updating its cash advance definitions yet again. The card issuer is further refining the language just months after the last update. Here is what you need to know about the new Amex cash advance terms – and when they take effect.

New Amex Cash Advance Rules Begin January 2021

American Express updated its cash advance language in September to add digital currency and digital precious metals as acceptable cash advance forms. These changes are set to begin on November 1, 2020.

Now, Amex is modifying cash advance language even further, adding precious metals in the form of bullion or coins. Amex announced the changes earlier this month, with those updates coming into effect on January 15, 2021.

The official language of the cash advance change is:

“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.”

What Are Cash Advances?

Cash advances are a common feature with most credit cards. Cardholders can borrow money from their credit limit, albeit with higher-than-average interest rates. Lenders typically restrict the total amount of cash a cardholder can receive in advance and charge a fee per transaction. This fee is usually either a flat amount or a percentage of the transaction.

Updating the cash advance language may also help American Express limit credit card churners’ ability to take advantage of loopholes in sign up bonus spending language. Previously, some churners have taken advantage of these loopholes to reach spending minimum requirements by purchasing currencies, including valuable coins.

Whether this is the final update to Amex’s credit card terms and conditions is unknown. Many precious items, such as jewelry, still fall outside of the new cash advance language. Keep up to date with any additional changes by subscribing to the BestCards newsletter or following us on social media.

Related Article: Amex Introduces Score Goals Credit Monitoring Tool

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About: Cory
Cory Santos

Cory is's "Jack of all trades" and resident credit expert, covering all facets of the credit card space. Cory holds academic degrees in both the U.S. and U.K. In addition to credit cards, Cory finds that jogging, cats, and memes are essential parts of a balanced day.

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