Find the best card to help pay down your debt load and save money in the process.
If you have high-interest credit card debt, an American Express balance transfer card could help ease your financial burden. Consolidating existing debt to a balance transfer card that offers 0% interest can help you save on interest during the card’s introductory period. Better yet, if you manage to pay it off before the introductory period ends, you can avoid interest altogether.
This option also gives you the opportunity to switch to a card that will suit your needs in the short and long terms. So, if you’ve been considering an Amex card for a while, here you can discover its benefits, learn about the application process, and come to a decision about which American Express balance transfer offer will work best for you.
Compare American Express 0% balance transfer credit cards
What are the best American Express balance transfer offers?
Two of American Express’s balance transfer credit cards stand out from the rest – the Amex EveryDay and the Blue Cash Everyday cards. Each offers great incentives and perks that you might find appealing and useful.
Amex EveryDay card
The Amex EveryDay card is pretty much what it sounds like. It’s a great card to use for items you buy every day. The benefits of Amex EveryDay are:
- No annual fee
- 0% Intro APR for balance transfers the first 12 months and no balance transfer fees
- 15,000 membership reward points when you spend $1,000 on your card in the first three months
It’s unusual to have a 0% introductory APR, no annual fee and a great reward point incentive all rolled into one package, so this one tops the list for us. Reward points can be used towards gift cards, travel, merchandise, checkout points-of-purchase and towards your credit card statement. Supermarket purchases with the Amex EveryDay card earn twice the points. When you think of how often and how much we spend our money at the grocery store, those points could really add up.
Blue Cash Everyday Card
We can’t discount the Blue Cash Everyday credit card. It’s pretty high on our list as well. This is another great card for everyday purchases, and if you spend a lot on groceries, gas and department store purchases, you’ll score big with this card.
Some of the benefits of the Blue Cash Everyday card include:
- A sign-up bonus of $150 cash if you spend at least $1,000 during the first three months
- 0% introductory APR for balance transfers AND purchases for the first 15 months
- 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 does so for a full 15 months. What’s more, it has a pretty decent cash-back program. You can earn 3% cash back for supermarket purchases (up to $6,000 a year), 2% cash back for items purchased at gas stations and some department stores and 1% cash back on other eligible purchases. That can amount to a decent amount of cash going back into your wallet.
How does a balance transfer with AmEx work?
You can consolidate debt from multiple cards onto an American Express card and in many cases, enjoy 0% interest on the debt for the first 12 months, subject to the following conditions:
- New customer.
You must be a new American Express customer to qualify, and the balance transferred must also be from an account (or accounts) in your name.
- Non-Amex debt.
Your debt cannot be transferred from another American Express-issued card. However, you may transfer debt from a bank-issued dual-card account by quoting your Visa/Mastercard number on the balance transfer application.
- Introductory interest rate.
If the card has an introductory interest rate of 0%, it applies only for the promotional period, after which the interest rate will revert to the card’s standard rate.
- Introductory period.
Amex offers many credit cards with a generous introductory period of 12 months for balance transfer customers.
- Minimum transfer amount.
The balance transfer amount requested must be greater than $100.
- Maximum transfer amount.
You can transfer up to 70% of your approved credit limit, to a maximum dollar value of $7,500.
- Balance transfer fee.
Balance transfer fees apply in some instances and vary from one card to another. A typical charge is $5 or 3% of the amount of each transfer, whichever is greater.
- Revert rate.
This is the rate of interest that will apply to your balance if you don’t pay it off during the introductory period. The revert rate varies among Amex cards but is usually the same as the standard variable rate for purchases or cash advances.
Can I transfer balances from one American Express credit card to another?
Unfortunately, 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, however, a very few do.
What debts can’t I 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 the following simple steps to compare and choose a balance transfer card from Amex:
1. Compare cards.
Research a variety of balance transfer cards across brands to find the offer that most suits your circumstances. Keep in mind that the balance transfer fee percentage varies among cards, and some cards may not apply a fee at all for this service.
2. Apply for your chosen card.
Applying online should take around 15–20 minutes. Just go to your chosen American Express card page and click “Apply now” at the bottom of the page. Make sure you’ve read and met all eligibility requirements. You’ll need to provide information including your contact details, employment, finances, expenses, assets and liabilities, as well as supporting documentation.
3. Include your balance transfer details.
During the application, you’ll need to provide information about your existing debt and account, including the account name (which must match your name), the value of the debt you wish to transfer, your card issuer, BSB number and account/card number.
4. Wait for approval.
If your card is approved, American Express will begin the approval process for your balance transfer 72 hours later. If the balance transfer is approved, it can take up to 10 days to be processed and appear on your new American Express credit card. The balance transfer promotional period commences on the day that the balance transfer itself is approved.
5. Start paying off your debt.
Once your balance has been transferred, it’s time to start chipping away at your debt. Organize a prudent payment plan and schedule payments to consistently reduce your balance. It’s critical that you repay the entire debt during the introductory period, so you can avoid interest charges at the higher revert rate.
While the majority of American Express balance transfer credit cards offer an attractive 0% interest for at least 12 months, remember to compare other cards and factor in all costs including balance transfer fees and annual fees to find the best balance transfer card for you.
The best part of a balance transfer card is the ability to pay down your debt into a simplified payment. Each American Express balance transfer card has its own rewards and advantages. Analyze beforehand which debts you’d like to transfer and choose a card that can best accommodate the amount and type of debt you want to transfer over. Remember to keep paying on your old balances until the transfer is complete to avoid late charges and penalties which could cost you more money.
Frequently Asked Questions
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