EDITOR NOTE: The future is here, for better or worse. American Express’ cash advance policies now include “digital currency” and “digital precious metal.” The problem with the latter is that the cash being advanced to you is based on physical metals held offshore. How would you be certain that it exists in sufficient amounts, or that it exists at all. And can convert digital gold to physical gold? If not, what’s the point? At any rate, it’s a big step and a big experiment. We’ll cover this in greater detail as soon as more details emerge.
American Express recently expanded the definition for what codes as a cash advance to include digital currency and digital precious metals products starting November 1, 2020. The definition will be further updated starting January 15, 2021 to include precious metal coins and bullion:
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.
I guess that means no more mint deals to help meet minimum spend requirements.
Originally posted on Doctor of Credit