Find the right card to help pay down your debt.
An American Express balance transfer card could help ease your financial burden if you have high-interest credit card debt. If you consolidate existing debt to a balance transfer card with a 0% interest introductory period, you could potentially avoid interest altogether by paying off your debt during that period.
Before you apply for an Amex card, however, weigh the benefits against the fees to see if it’s the right balance transfer card for you.
Our pick for American Express balance transfers
American Express Cash Magnet® Card
Compare American Express balance transfer credit cards
What are the options for American Express balance transfer offers?
Here are two of Amex’s balance transfer credit cards to compare — the Amex EveryDay® Credit Card and the Blue Cash Everyday® Card from American Express cards. Each offer great incentives and perks that benefit someone who uses their card daily.
When choosing an Amex card for balance transfers, compare a variety of features including annual fees, length of intro APRs, welcome offers, rewards and balance transfer fees. The Amex EveryDay® Credit Card and the Blue Cash Everyday® Card from American Express are both worth considering.
- No annual fee
- 0% intro APR for balance transfers for the first 15 months (then 15.24% to 26.24% variable APR) and no balance transfer fees
- 15,000 membership reward points when you spend $1,000 on your card in the first 3 months
It’s unusual to have a 0% introductory APR, no annual fee and a great reward point incentive all rolled into one package. Reward points can be used towards gift cards, travel, merchandise, checkout points-of-purchase and towards your credit card statement. US Supermarket purchases with the Amex EveryDay® Credit Card can earn accelerated points. When you think of how often and how much you spend at the grocery store, those points could really add up.
- A welcome offer of $150 in statement credit if you spend at least $1,000 during the first 3 months.
- 0% introductory APR for balance transfers and purchases for the first 15 months, and then 15.24% to 26.24% variable APR (see Rates & Fees).
- No annual fee.
It’s not often a balance transfer card offers a 0% introductory rate for transfers and purchases. The Blue Cash Everyday® Card from American Express does so for a full 15 months. You can earn 3% cash back for US supermarket purchases on up to $6,000 a year (then 1%), 2% cash back for items purchased at US gas stations and some US department stores and 1% cash back on other eligible purchases.
What are the benefits of a balance transfer with American Express?
Here’s why you might want to consolidate debt from multiple cards onto an Amex card:
American express offers a variety of rewards structures that can earn you money back on your everyday purchases.Rewards can be redeemed for statement credit, gift cards, merchandise and more.
Intro APRs for balance transfers and purchases.
Not every provider offers both, and Amex takes it a step further by offering 15-month intro periods for some of its cards — higher than the 6 or 12 months you’ll find with some competitors that offer both.
Travel and purchase benefits.
Enjoy a host of benefits that vary among cards. Some of the features available include roadside and global assistance, purchase protection, travel insurance and fee-based payment plans to reduce interest costs.
What are the drawbacks of a balance transfer with American Express?
An Amex balance transfer card might not be the best product for you, depending on your transfer size and how long you need to pay off your debt.
Balance transfer limits.
You must transfer a minimum of $100, and must not exceed your approved credit limit. All balance transfers must also be requested within 60 days of your account opening.
Depending on your creditworthiness when you apply, your standard purchase APR could be quite high — up to 26.24%. Pay off the balance transfer before interest kicks in to avoid taking longer to get rid of your debt.
Balance transfer fees.
Not every Amex card comes free of balance transfer fees. A typical balance transfer fee for one of its cards is $5 or 3% of the transaction, whichever is greater.
Can I transfer balances from one American Express credit card to another?
No. American Express will not allow transfers from any card issued by the company or its affiliates. Most credit card companies don’t allow internal transfers.
What debts won’t I be able to transfer?
- Card accounts that are overdue or over their
- Non-credit card accounts including debit cards, overdrafts, savings and personal loans.
- Credit issued in foreign currencies.
- Card accounts that are overdue or over their
What debts can I transfer?
- Other credit card balances.
- Qualifying loans such as those for vehicles, furniture, appliances or anything else you pay monthly.
- Only balances from accounts in your name.
How to get an American Express balance transfer credit card
Use these steps to compare and choose a balance transfer card from Amex:
Choose an Amex balance transfer card.
Compare the available offers and choose both the offer and the Amex credit card that best fits your balance transfer needs and spending style.
Apply for the card online.
The application should only take between 15 to 20 minutes. Click Apply now to get started.
Fill out your balance transfer details.
Have your account number and the balance amount you want to transfer on hand. You’ll be able to request the transfer upon application or for up to 60 days from account opening.
Wait for approval.
You may receive a decision within a minute of applying. If additional information is required, you may have to wait several business days for manual approval.
Continue paying off your old account.
Amex won’t initiate the transfer for at least 10 days after providing your card member agreement. It can take up to six weeks to complete a balance transfer, so continue paying your old account as it comes due to avoid late fees.
The best part of a balance transfer card is getting your debt in one place and simplifying payments. Each American Express balance transfer card has its own rewards and advantages, so consider the debts you’d like to transfer and choose a card that can best accommodate the amount and type of debt you want to transfer.
For a look at other providers, use our guide to compare additional balance transfer cards and get an idea of other available offers that may suit your needs.
Frequently Asked Questions
Pictures: ShutterstockBack to top