If you currently have a credit card balance with a high interest rate, transferring it to an American Express card with an intro 0% APR offer can provide temporary relief. By moving your existing balance to an eligible Amex card, you can save significantly on interest fees and pay off your debt faster.
In this comprehensive guide, we’ll walk through everything you need to know about doing a balance transfer to American Express. You’ll learn about the top cards to consider, transfer requirements, step-by-step process, tips for managing your new balance, and potential alternatives. Let’s dive in to see if an Amex balance transfer is the right financial move for you.
What is a Balance Transfer and How Does it Work?
A balance transfer allows you to move an outstanding balance from one credit card over to another card. Many credit card issuers like American Express offer promotional 0% introductory APRs as an incentive for new cardmembers to transfer over balances from high interest rate cards and consolidate debt.
By shifting your existing credit card balance to an Amex card offering 0% interest for 12-18 months, you can avoid accumulating new interest charges during the intro period. This allows you to direct your payments toward aggressively paying down the principal balance each month instead of wasting money on interest.
As long as you pay off the entire transferred balance before the intro 0% APR period expires, you can benefit from interest savings. Just make sure to consider any balance transfer fees charged.
Top American Express Cards for Balance Transfers
If you decide a balance transfer to an Amex card is the right move, these are some of the best American Express options to consider for transfers based on current offers:
- American Express EveryDay Credit Card – 0% APR for 15 months on balance transfers (3% fee)
- American Express Blue Cash Everyday Card – 0% APR for 15 months on balance transfers (3% fee)
- American Express Gold Card – 0% APR for 18 months on balance transfers (3% fee)
I recommend reviewing your options and timing your application so you can take advantage of the card with the longest 0% intro term. This gives you more time to pay off your transferred balance interest-free.
Balance Transfer Requirements for American Express
To qualify for a balance transfer to Amex, there are two key requirements:
1. Good Credit Score – You’ll need a credit score of at least 690 and ideally 700+ for approval for the best balance transfer card options from American Express. The higher your score, the better.
2. Active Amex Credit Card Account – You can only transfer balances between your own accounts, so you need an open American Express credit card account to transfer balances onto.
This means you’ll first need to apply and be approved for one of the Amex cards offering a 0% intro APR promotion before you can actually transfer your existing credit card balance over to that new account.
I’ll cover some tips to boost your chances of approval shortly. But first, let’s look at the step-by-step process.
How to Transfer Your Credit Card Balance to Amex
Follow this playbook once you’ve been approved for an eligible American Express card with a 0% intro APR balance transfer offer:
- Accessing your American Express account online at americanexpress.com initiates the balance transfer process.
- After logging in, click on “Account Services” in the main menu.
- Within Account Services, choose “Payment and Credit Options” to navigate to the balance transfer page.
- The “Transfer Balances” section displays available offers for 0% intro APR balance transfers along with your current credit limit.
- Review the details of any approved balance transfer offer you wish to use.
- Input the exact dollar amounts and corresponding credit card numbers to transfer balances from.
- Click “Next” to carefully read through the terms and conditions before accepting them.
- Confirm and officially submit the balance transfer request to American Express.
Continue making minimum payments to your old credit cards until the balances transfer in full, which may take 1-2 billing cycles. Once American Express processes the transfers, your high-interest balances will be paid off with your new Amex card.
Balance Transfer Fees and Ongoing Interest
Be aware that balance transfers incur some fees that add to your overall balance:
- Balance Transfer Fee – Expect a 3% balance transfer fee on most Amex cards. This gets tacked onto the amount transferred.
- Ongoing Interest – If the transferred balances are not fully paid off by the end of the 0% intro period, they will revert to the standard variable APR.
Factor these fees into your overall balance transfer calculations. Pay off as much as possible each month to avoid future interest.
Tips for Managing Your Transferred Balance
Once your balance is transferred to your new Amex card, here are some tips:
- Make payments well above the minimum amount due each month to pay off the balance faster.
- Create a set monthly budget and repayment timeline to pay off your balance in full before the intro 0% APR expires.
- Avoid using the card for new purchases to not add to your payoff timeline.
- Consider requesting another balance transfer if you need more time after the intro period ends.
Stay disciplined and committed to paying off your transferred balance to maximize the interest savings. Racking up debt again negates the benefits.
What is the Easiest American Express Card to Get Approved For?
Since American Express imposes stricter approval requirements than other issuers, applicants with average credit scores below 700 may need to build their credit first. But here are some tips to boost your chances of Amex approval:
- Become an authorized user on someone else’s American Express card to build credit history.
- Consider a secured credit card like the Amex EveryDay Secured Card to establish an account.
- Add an authorized signer with excellent credit to strengthen your application.
With prudent financial habits over time, approval becomes very feasible. Be patient and take steps to improve your credit profile.
Alternatives to Balance Transfers for Paying Off Debt
While shifting balances to an American Express card can provide temporary relief, other options beyond balance transfers include:
- Taking out a fixed-rate personal loan with lower interest rates for debt consolidation.
- Working with a non-profit credit counseling agency for advice plus negotiating lower rates and payments.
- Using a debt management plan through a credit counseling service to consolidate debt into one payment.
Consider all debt payoff avenues and choose the one that best aligns with your financial situation. The key is finding an approach that lets you pay off debt faster and save money on interest.
FAQs About American Express Balance Transfers
What is the process for balance transfers by phone?
Call the number on the back of your Amex card and provide representative details on exact payment amounts and account numbers to transfer from each credit card.
How many times can I do a balance transfer with Amex?
You can do multiple balance transfers as long as you maintain good standing. Time requests before intro offers expire to keep low interest rates.
How quickly do Amex balance transfers post?
Allow 1-2 billing cycles for transfers to fully process and show up on your other card accounts as paid in full. Keep making minimum payments until then.
What credit score is needed for the best balance transfer offer?
You’ll need an excellent credit score of at least 700 and ideally higher to qualify for the top 0% intro APR balance transfer offers from American Express.
The Bottom Line
Transferring high interest credit card debt to an intro 0% American Express card provides an opportunity to temporarily halt interest charges while aggressively paying down balances faster. Just be sure to calculate the costs, have a payoff plan, and stick to a monthly budget so you are debt-free before promotional interest rates expire.
Used strategically and in moderation, balance transfers can serve as an occasional financial bridge on the path to eventually becoming debt-free if you stay committed to sound money management practices. Consult a credit counseling service if you need help crafting an overall debt reduction strategy that works for your unique situation.