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 an 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 suits your needs in the short and long terms. So, if you’ve been considering an Amex card for a while, before you apply, weigh the benefits against the fees and see if its the right balance transfer card 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® 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.
Amex EveryDay® Credit Card
The Amex EveryDay® Credit Card is pretty much what it sounds like. It’s a great card to use for items you buy every day. Its benefits are:
- No annual fee
- 0% Intro APR for balance transfers the first 12 months (then 14.74% to 25.74% variable APR) 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® Credit Card earn twice the points. When you think of how often and how much you spend at the grocery store, those points could really add up.
Blue Cash Everyday® Card from American Express
We can’t discount the Blue Cash Everyday® Card from American Express. 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 its benefits 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 (and then 14.74% to 25.74% variable APR).
- 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. What’s more, it has a pretty decent cash-back program. You can earn 3% cash back for supermarket purchases of 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:
You must be a new American Express customer to qualify, and the balance transferred must also be from an account in your name.
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 or Mastercard number on the balance transfer application.
Introductory interest rate.
If the card has a 0% introductory interest rate, it applies only for the promotional period. After that the interest rate reverts to the card’s standard rate.
Amex offers many credit cards with a generous introductory period between 12 to 21 months for balance transfer customers.
Minimum transfer amount.
The balance transfer amount requested must be greater than $100.
Maximum transfer amount.
Most Amex cards allow you to transfer up to 75% 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.
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.
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:
1. Compare cards.
Research a variety of balance transfer cards across brands to find the offer that most suits your circumstances. Balance transfer fee percentages vary among cards, and some cards may not apply a fee at all for transferring a balance.
Applying online should take between 15 to 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 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 — as long as it’s in your name, the value of the debt you wish to transfer, your card issuer and account number.
4. Wait for approval.
If your card is approved, American Express begins the approval process for your balance transfer in three to five days. 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 starts on the day that the balance transfer is approved.
5. Start paying off your debt.
Once your balance is transferred, it’s time to start chipping away at your debt. Come up with a payment plan that you can stick with and schedule payments. To avoid paying a high revert rate, repay the entire debt during the introductory period.
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 and annual fees to find the best balance transfer card for you.
The best part of a balance transfer card is paying down your debt in one monthly payment. 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. Remember to keep paying on your old balances until the transfer is complete to avoid late charges and penalties.
Frequently Asked Questions
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