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Amex Considers Precious Metal Purchases As Cash Advance Since Nov 20, 2020

 
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 Posted 01/12/2021  10:52 am Show Profile   Check omxfl's eBay Listings Bookmark this topic Add omxfl to your friends list Get a Link to this Message
This is just a note of caution to those who have an Amex credit card and use it to purchase precious metal coins at the US Mint (or any other distributor). Since Nov 20, 2020 these purchases are qualified as cash advance, which means additional fees (I think it's 2% or $10 minimum).

This is the official text:
"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, precious metal coins or bullion and digital precious metals products."

I chatted with a rep and asked how they know a purchase from the US Mint falls into that category as the US Mint also sells a lot of clad coins and products. The rep said that the merchant uses certain codes to designate transactions as precious metal product purchases.
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 Posted 01/12/2021  1:45 pm  Show Profile   Bookmark this reply Add MrPink2018 to your friends list Get a Link to this Reply
...so are precious metal or bullion coins cash or a cash equivalent?
Edited by MrPink2018
01/12/2021 1:58 pm
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 Posted 01/12/2021  3:34 pm  Show Profile   Bookmark this reply Add Bret to your friends list Get a Link to this Reply
The purchase of coins from the mint represents absolutely no additional risk to American Express versus other purchases. It's absolutely not a cash advance or currency exchange. They're just taking advantage of an opportunity and think that their customers are too stupid to notice. As consumers, it's our job to make their suffer the consequences of their idiotic policy by not using their credit card for such purposes. Actually, I don't use one anyway (except for travel) because there are better options.

BTW, the mint could literally solve this problem in minutes. Like most normal competitive businesses, all they'd have to do is tell Amex that they no longer accept their cards. If they did so, Amex would promptly revise their policy. Of course they won't do that because of the lobbyists involved.
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 Posted 01/12/2021  3:40 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I cut my Amex card in half nearly thirty years ago and have never missed it.
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 Posted 01/12/2021  4:12 pm  Show Profile   Bookmark this reply Add machine20 to your friends list Get a Link to this Reply
purely a 5% cash back gas play for me
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 Posted 01/12/2021  5:48 pm  Show Profile   Bookmark this reply Add Corbe to your friends list Get a Link to this Reply
What if you have a mixed shopping cart?
Valued Member
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 Posted 01/12/2021  10:35 pm  Show Profile   Bookmark this reply Add mrpapageorgio to your friends list Get a Link to this Reply
If they think I'm buying proof silver eagles from the mint at 3x the price of spot as a way around cash, they're out of their minds.
Edited by mrpapageorgio
01/12/2021 10:36 pm
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 Posted 01/13/2021  4:21 pm  Show Profile   Bookmark this reply Add suipakpaikungfu to your friends list Get a Link to this Reply
Cut up my Amex card 25 years ago...
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