A balance transfer allows you to move debt from one credit card to another card with a lower interest rate, so you can pay down what you owe without incurring additional interest.
Some American Express cards offer zero-interest introductory periods for balance transfers, although a transaction fee of 3% to 5% usually applies. Transfers must be completed within a specific time frame to qualify for promotional rates. You can’t transfer balances between Amex cards, and the card’s standard APR rate applies after the intro balance transfer APR ends.
Amex typically limits the balance transfer amount to either $7,500 or less than your credit limit, whichever is lower.
The steps to transfer a balance with American Express depend on whether you’re transferring to a new or an already existing card:
After you get an American Express card, there are steps you can take to transfer balances from other cards. However, you’ll want to make sure you understand what interest rate you’ll pay if you transfer a balance now, and if it’s even possible. As we already mentioned, American Express cards typically only allow balance transfers within 60 days of account opening.
Once you’re ready to move forward with an American Express balance transfer, take the following steps:
You can also transfer a balance over the phone — call the American Express customer service number on the back of your credit card and speak with a representative. Tell them you want to do a balance transfer, and be ready to provide the credit card number of your old card, the existing balance and the amount you wish to transfer. The representative will help you complete the transfer.
Most American Express balance transfers take five to seven days to process, but they can take up to six weeks.
Since the transfer doesn’t happen immediately, it’s important that you stay current on your credit card payments with the bank you’re transferring the balance from until you receive confirmation that the transfer has been posted. This helps you prevent late fees and avoid potential damage to your credit score.
While not all American Express cards allow balance transfers, some of their cash back credit cards do. Here’s a look at the best American Express balance transfer offers currently available to you:
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Balance transfer intro APR: 0% on balance transfers for 15 months
After that, a 18.24%-29.24% variable applies
Estimated savings: $1,082* (Assuming $6,000 balance transfer, 20% APR and $300 monthly payment)
If you want a card that offers an intro APR of 0% on balance transfers for 15 months (followed by a 18.24%-29.24% Variable APR) with the opportunity to earn a generous cash back** rate in everyday spending categories — the Blue Cash Everyday® Card from American Express could be a great fit.
Who’s this card best for?
If you spend a lot at supermarkets and gas stations in the U.S., as well as on U.S. online retail purchases, you can come out on top with the Blue Cash Everyday® Card from American Express.
In addition to qualifying for a generous rewards rate and welcome offer, cardholders get up to $7 per month toward the Disney bundle (enrollment required), as well as up to $15 per month in credits toward Home Chef purchases (enrollment required).
The intro APR offer applies to both purchases and balance transfers, so this card is good for debt consolidation and paying down large purchases. Plus, the Blue Cash Everyday® Card from American Express comes with a $0 annual fee.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Balance transfer intro APR: 0% on balance transfers for 12 months
After that, a 18.24%-29.24% variable applies
Estimated savings: $860* (Assuming $6,000 balance transfer, 20% APR and $300 monthly payment)
If you want to earn a generous cash back rate** at U.S. supermarkets from a card that also offers an intro APR offer for purchases and balance transfers, then the Blue Cash Preferred® Card from American Express may be right for you.
Who’s this card best for?
The Blue Cash Preferred® Card from American Express lets you earn 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%), 6% Cash Back on select U.S. streaming subscriptions, 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more), 1% Cash Back on other purchases. Terms apply. This makes it an extremely rewarding card for consumers who spend a lot in these categories. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
As a new cardholder, you can even earn a $250 statement credit after you spend $3,000 in eligible purchases on your new Card within the first 6 months.
Yes, a balance transfer can affect your credit score in several ways. You may be negatively impacted by a hard credit check triggered by your application for a balance transfer credit card, and the overall age of your credit will decrease when you get a new card.
However, you can also see a positive impact from consistently paying down your debt, especially if a balance transfer helps you avoid high rates of compound interest. Your credit utilization ratio may also improve if your new balance transfer credit card increases your total credit limit. All things considered, responsible management of your balance transfer can minimize any negative impact — and may even help you raise your credit score in the long run.
Amex balance transfer cards accept debt from non-Amex cards, such as those from Chase, Capital One, Bank of America or Citi. You may also be able to transfer debt from a store credit card. However, you can’t transfer debt from one Amex card to another Amex card. You also can’t transfer other types of debt, like mortgages, car loans or student loans.
No, you can’t earn credit card rewards on balance transfers. However, you can get a credit card that offers 0% intro APR on new purchases, so you have an interest-free grace period to pay off new purchases (typically between six and 18 months.) That being said, prioritize paying off high-interest credit card debt above earning rewards.
To see rates & fees for American Express cards mentioned on this page, visit the links provided below:
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
