How to do a balance transfer with American Express

A balance transfer can give you some breathing room when it comes to paying down high-interest credit card debt. 

With the right American Express card, you can transfer your old credit card debt and pay 0% interest for over a year. Just keep in mind that you may only have 60 days to complete your balance transfer and like many balance transfer credit cards, you’ll have to pay a balance transfer fee.

What is a balance transfer and how does it work?

A balance transfer involves using a credit card to pay off your other debt. Balance transfer credit cards are created specifically to support these transactions. These cards typically give you a 0% introductory APR on transferred debt for a set period of time. After that period ends, you’ll have to pay interest on any remaining balance you transferred. 

Before you apply for a balance transfer credit card, here are a few important things to know about them:

• Most creditors assess a balance transfer fee of 3% to 5% on each debt you transfer.
• The 0% APR offer only applies to balance transfers made within a set period of time after the account opens.
• Unless the card specifies otherwise, you’ll have to pay interest on any purchases made with the card during the introductory 0% APR balance transfer period.
• You have to make at least the minimum monthly payment on the card during the introductory period.
• Each balance transfer will reduce your available credit, just like any other transaction. 
• Balance transfer amounts are not eligible for credit card rewards.

Why do a balance transfer?

Transferring your debt onto a balance transfer credit card can be a useful strategy for managing debt payments by eliminating interest charges during the promotional timeframe. Yes, there are some drawbacks to using a balance transfer credit card. For example, you’ll typically have to pay a balance transfer fee and it can tempt you to put off debt repayment. But there are also good reasons to do a balance transfer card. Here are some of the main benefits:

• Save money on interest charges during the promotional period. 
• Move debt to a card with a lower regular interest rate.
• Consolidate multiple debt accounts into one.
• Pay off debt faster as 100% of your payments go toward the principal during the introductory period instead of the principal plus interest charges. 

As an alternative to a balance transfer credit card, you could consider using a personal loan for debt consolidation. Personal loans don’t usually have introductory APR offers, but the interest rates on personal loans are often much lower than on credit cards and a loan may offer a longer repayment period than what you’d get with a balance transfer card.

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How to do a balance transfer with American Express

The steps to complete a balance transfer depend on whether you have a new or pre-existing American Express card. Just know that you won’t be able to transfer a balance from one Amex card to another. In addition, American Express limits the amount you can transfer to $7,500.

Here’s what to expect:

Transferring your balance as a new applicant

If you want to make a balance transfer with a new Amex card, you can do it in one of two ways: request a transfer by visiting the Account Services page while opening your account online, or call a customer care professional at 1-800-528-4800. 

Be prepared to provide the account numbers and balances on the debts you want to transfer. Amex will allow up to two balance transfer requests for up to four accounts in your name.

Transferring your balance as an existing cardholder

Transferring a balance to an existing Amex card can be a challenge. If your account was opened more than 60 days ago, you might not be eligible for a transfer. Additionally, some Amex cards don’t have a balance transfer feature. You can log into your online account to check and see if you’re eligible for a balance transfer.

Current American Express 0% APR balance transfer offers

American Express currently issues five balance transfer credit cards. Each card gives you 0% introductory APR on both balance transfers and purchases, and they all come with a welcome bonus and rewards.

You’ll have to pay a balance transfer fee of $5 or 3% of the transfer amount (whichever is greater), regardless of which Amex card you choose from the issuer, which will be added to your transferred balance. That fee may seem trivial, but on a $7,500 transfer — which is the maximum amount Amex allows in a single transaction — the fee comes out to $225.

If you’re looking for different features on an American Express balance transfer credit card, you may be able to find the right Amex card through your bank, credit union or retailer.

Things to consider before you transfer a balance with American Express

Before making a balance transfer, do the math to make sure a balance transfer is the right move. If the savings on interest outweighs the balance transfer fee and the annual fee on the card, moving your debt to a new credit card could be a good choice. 

Before choosing an American Express card for a balance transfer, keep these facts in mind about the card issuer:  

• Credit card preapproval is available with no impact on your credit score (unless you choose to accept the card after preapproval).
• You can’t transfer balances from loans, including auto loans, student loans and mortgages.
• Your balance transfer credit limit will be based on your creditworthiness and account history with Amex.
• Each transfer cannot exceed $7,500 in combined balances, and you can only make two balance transfer requests on a new card.
• Balance transfers may not be allowed after 60 days of account opening.
• It can take as long as six weeks to complete a balance transfer, so continue to make timely payments on your old card(s) until the transfer is complete.

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