American Express offers a wide variety of credit cards for both consumers and businesses. From cash back to travel rewards and business credit cards, American Express is one of the largest players in the credit card space.
While widely known for its travel credit cards, business credit cards and charge cards, the issuer also offers balance transfer credit cards, which can help consumers consolidate high-interest debt from other cards for 0% APR promotions for a limited period of time.
We will walk you through how to do a balance transfer with AmEx, and factors to consider before choosing a balance transfer credit card.
A balance transfer is when you move existing credit card debt from one card to another with the intention of either seeking relief from high-interest charges or consolidating multiple card balances into one payment.
Balance transfer cards typically offer an extended interest-free period that allows you to focus 100% of your payments toward the principal of the debt rather than the principal plus interest charges. These cards can charge a balance transfer fee between 3% and 5% of each amount transferred, which is then added to the balance, but not all balance transfer cards do.
Know that you cannot do a balance transfer with the same issuer. For example, you cannot pay off debt on an existing American Express card with an American Express balance transfer offer.
The balance transfer is initiated by either contacting your new card provider to request the balance transfer or when you fill out the online application for the new balance transfer card and include the details of the account you want to transfer the balance from.
The advantages to utilizing a balance transfer offer from American Express or other card issuers allow you to:
If a balance transfer interests you, hereâ€™s how to do a balance transfer with AmEx.
First, identify a card that fits your needs. The best way to do this is analyze your financial circumstances, and determine what your needs are. Do you need a balance transfer to consolidate existing credit card debt? Or do you need a card with an introductory APR offer on purchases? Once you determine your need, you can accurately choose a card that works best for you.
Not all balance transfer cards are the same. They differ in the length of the balance transfer offer, balance transfer fee and spending rewards. So be sure to select a balance transfer credit card that best adheres to your financial situation.
If you are stuck on which card to select, American Express offers a prequalification tool. This can help narrow down your choices by showing you which cards that you prequalify for, but know that even if you prequalify, youâ€™re not 100% guaranteed approval.
Once you select the right card for you, apply for the card. Once approved, you can move forward with processing the balance transfer with Amex. You can follow the steps below:
Keep in mind that the entire balance transfer process can take several weeks. So if your offer states that the introductory APR is valid for the first 60 days of card membership, it is important to start the balance transfer process promptly. And continue to make payments on the old card until it shows a $0 balance.
Along with beginning the balance transfer process quickly, there are a few best practices to ensure the process goes smoothly and you maximize the benefit.
American Express balance transfer offers are quite competitive against the other large card issuers. Many balance transfer credit cards have very few to no benefits, such as earning rewards or having travel protections like car insurance. However, American Express balance transfer cards offer notable benefits like the ability to earn points on purchases.
Here are a few American Express balance transfer offers:
|Card||Balance transfer offer||Welcome offer||Annual fee||Balance transfer fee|
|The Amex EveryDayÂ® Credit Card from American Express||$0 balance transfer fee. 0% for 15 months. After, a 12.99%- 23.99% variable APR applies. Must be requested within 60 days of account opening.||10,000 membership rewardsÂ® points after you use your new card to make $1,000 in purchases in your first 3 months.||$0||$0 balance transfer fee.|
|American Express Cash MagnetÂ® Card â€“ $150 Welcome Offer<!–American Express Cash Magnet® Card–>||0% on balance transfers for 15 months<!–American Express Cash MagnetTM Card–>. After, a 12.99%-23.99% variable<!–American Express Cash Magnet® Card–> APR applies. Must be requested within 60 days of account opening.||$150 statement credit after you spend $1,000 or more in purchases with your new card within the first 3 months of card membership<!–American Express Cash Magnet® Card–>||$0<!–American Express Cash MagnetTM Card–>||Either $5 or 3% of the amount of each transfer, whichever is greater.<!–American Express Cash MagnetTM Card–>|
|Blue Cash EverydayÂ® Card from American Express||0% on balance transfers for 15 months<!–Blue Cash Everyday® Card from American Express–>. After, a 12.99%-23.99% variable<!–Blue Cash Everyday® Card from American Express–> APR applies. Must be requested within 60 days of account opening.||$150 statement credit after you spend $1,000 in purchases on your new card within the first 3 months.<!–Blue Cash Everyday® Card from American Express–>||$0||Either $5 or 3% of the amount of each transfer, whichever is greater.|
|The Amex EveryDayÂ® Preferred Credit Card from American Express||0% for 15 months. After, a 12.99%- 22.99% variable APR applies. Must be requested within 60 days of account opening.||10,000 Membership RewardsÂ® points after you use your new Card to make $1,000 in purchases in your first 3 months.||$95||Either $5 or 3% of the amount of each transfer, whichever is greater.|
To see rates & fees for American Express Cash MagnetÂ® Card â€“ $150 Welcome Offer<!–American Express Cash Magnet® Card–>, please click Â® Card” data-cat-name=”Credit Cards” data-variant=”Others” data-cardname=”ImpactRadius”>here.
To see rates & fees for Blue Cash EverydayÂ® Card from American Express, please click Â® Card from American Express” data-cat-name=”Credit Cards” data-variant=”Others” data-cardname=”ImpactRadius”>here.
These American Express balance transfer cards are great options because of the benefits they offer outside of the balance transfer, including cash back or travel rewards programs.
Balance transfer credit cards, such as the Chase SlateÂ®<!–Chase Slate®–>, are designed specifically for balance transfers, and not for daily use or long-term utilization. However, when considering a balance transfer card, debt payoff should be your initial focus as adding new purchases to a transferred balance will only make it that much harder to achieve your debt payoff goal.
The information related to the Chase SlateÂ®<!–Chase Slate®–> has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.