If you’re struggling to pay down existing credit card debt, your best bet may be to transfer your balance to a card that offers a 0% intro APR on balance transfers for an extended period of time. American Express currently offers several cards that can help you save hundreds or even thousands of dollars by giving you a year or longer to pay off your transferred balance interest-free.
If you’re considering transferring your high-interest debt to an American Express credit card, we’ll walk you through the steps you need to take.
Before you initiate a balance transfer with American Express, you should be aware of the following:
Once you’re familiar with these requirements, you can decide if an American Express balance transfer is right for you, or if you need to consider a balance transfer card from another issuer. If your current debt is already with American Express, for example, you’ll need to look for a balance transfer offer from an issuer like Chase, Citi, or Discover. If you have less than $7,500 in debt to consolidate that’s already with another credit card company, on the other hand, an American Express balance transfer offer may fit your needs.
If you want to transfer a balance to a new American Express card, first compare balance transfer offers from several different cards. You can also avoid a hard inquiry on your credit report by seeing if you prequalify for an American Express card before applying. Note, being prequalified doesn’t guarantee approval, but it does indicate that you’re likely to have a better chance at being approved. (Once you actually apply, there will still be a hard inquiry.)
Once you decide on a balance transfer card, you can apply for it online or by calling 877-621-2639. After being approved for the card and accepting the offer, you will also be given the option to request a balance transfer. At that time, you can provide the information about your existing account and the amount you want to transfer. If your balance transfer request is approved, American Express will debit your American Express card and send a payment to the designated credit card issuer. Note, American Express is not responsible for any overdue fees or interest incurred on your existing account during that time.
If you already have an American Express credit 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 credit 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 by calling the American Express customer service number on the back of your credit card and speaking 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 with the existing balance and the amount you wish to transfer. The representative will help you complete the transfer.
American Express only lets you transfer credit card debt; however, other issuers may allow you to transfer the following:
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 are transferring the balance from until you receive confirmation that the transfer has been posted. This helps you prevent being charged late fees and seeing potential damage to your credit score.
While not all American Express credit cards allow balance transfers, many 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 18.49%-29.49% variable applies
If you want a card that offers an interest-free period on balance transfers for more than a year — 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 and up to $84 in credits per year toward the Disney bundle (enrollment required), as well as up to $15 per month in credits toward Home Chef purchases.
Since the intro APR offer applies to both purchases and balance transfers, this card is good for debt consolidation and paying down large purchases. The Blue Cash Everyday® Card from American Express also 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% introductory APR for the first 15 months from the date of account opening on balance transfers requested within 60 days of account opening
After that, a 19.24% to 29.99% variable applies
We like the American Express Cash Magnet® Card because it offers a simple, flat rewards rate and $0 annual fee. Cardholders also get an intro APR that applies to both purchases and balance transfers for more than a year.
Who’s this card best for?
Because the American Express Cash Magnet® Card offers unlimited 1.5% cash back on your purchases, this card is a good option if you want to earn cash back rewards without worrying about bonus categories. You’ll also earn a $200 back after spending $2,000 or more in purchases with your card within the first 6 months of card membership.. The ongoing rewards are yet another way they can boost their rewards haul during the first year.
The American Express Cash Magnet® Card charges a $0 annual fee, and its intro offer for purchases and balance transfers makes it a good choice for anyone who wants to avoid interest charges for close to a year and a half.
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%, introductory APR for the first 15 months from the date of account opening on balance transfers requested within 60 days of account opening
After that, a 18.24% to 29.24% variable applies
Similar to the cards above, The Amex EveryDay® Credit Card from American Express offers you an intro APR on purchases and balance transfers for over a year, but it earns points in the American Express Membership Rewards program instead of cash back.
Who’s this card best for?
Because The Amex EveryDay® Credit Card from American Express earns Membership Rewards points instead of cash back, it’s a good option if you’re a frequent traveler who wants more choices when it comes to redeeming your rewards. This card also comes with a $0 annual fee, and it earns 2x points at U.S. supermarkets, on up to $6,000 per year in purchases (then 1x), and 1x points on other purchases. Cardholders even get 20% more rewards each billing period they use their card for purchases 20 or more times.
In addition to the intro APR offer for purchases and balance transfers, new cardholders can earn 10,000 Membership Rewards® points after you use your new Card to make $2,000 in purchases in your first 6 months.
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 18.49%-29.49% variable applies
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.
Who’s this card best for?
The Blue Cash Preferred® Card from American Express lets you earn 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 easily redeemable for statement credits.
As a new cardholder, you can even earn a Earn a $250 statement credit after you spend $3,000 in eligible purchases on your new Card within the first 6 months.. As an added bonus, new customers get an intro APR for purchases and balance transfers that lasts for a year from account opening.
A balance transfer can impact your credit score in several ways. If you apply for a new credit card and get awarded with another credit limit, for example, this can lower your debt-to-income ratio overnight. Paying off your old card by transferring debt to your new balance transfer card can also impact your credit score positively.
However, transferring debt to a new card in an amount that is close to your credit limit can lead to a high credit utilization rate on that specific card. You may also see a small negative impact to your credit score when you open a new card.
That said, your credit score will see the most impact (good or bad) based on your payment history. Where making all your credit card and bill payments early or on time can help you score, late payments can cause damage to your credit in a hurry.
You may be eligible to do a balance transfer on your American Express card, but only if you got the card within the last 60 days and are approved for the transfer. If you have been a cardholder for longer than that, you may need to apply for a new balance transfer card for the purpose of debt consolidation.
Like most issuers, American Express does not let you transfer debt between their card products. If you have debt on an American Express card, you’ll need to look at balance transfer cards from other issuers.
American Express lets you transfer up to your eligible balance transfer amount – which will be less than your credit limit and no more than $7,500.
A balance transfer fee is a fee charged by credit card companies for transferring a balance. Among Amex balance transfer cards, this fee is typically 3% of the transfer amount with a minimum charge of $5.
You may be able to transfer your Amex credit card balance to another card. Check with your current card issuer, or consider applying for a new balance transfer card.
The information related to the Blue Cash Everyday® Card from American Express, American Express Cash Magnet® Card, Amex EveryDay® Credit Card from American Express and Blue Cash Preferred® Card from American Express has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
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.
