Key takeaways
- From time to time, some American Express credit cards come with intro APR offers on balance transfers or purchases.
- You can complete a balance transfer with American Express after you’re approved for an eligible card or if you have an existing offer for your account. You can also complete a balance transfer by phone if you’re eligible for an offer.
- Most American Express balance transfers are completed within five to seven business days, but it’s possible it can take up to six weeks.
While American Express has long been known for offering charge cards that require you to pay your balance in full each month, the card issuer and network has broadened its offerings over the last decade. Amex now offers an array of standard rewards credit cards that let you carry a balance from month to month, and many of its cards come with Pay It Plan It, which lets you pay off small purchases immediately or pay off larger payments over time for a fixed fee.
From time to time, some of the top American Express credit cards also come with intro APR offers on balance transfers or purchases for a limited time, which can help you save money and pay down debt faster.
How to do a balance transfer with American Express
Before we dive in, note that you cannot transfer a balance from one American Express card to another American Express card. You can only perform an American Express credit card balance transfer from another issuer to an Amex card or vice versa.
Keep in mind that some balance transfer cards offer longer intro APR periods and fewer rewards, whereas others might offer better rewards or perks and a shorter intro APR period. Also, be sure to compare balance transfer cards based on the fees they charge, including annual fees and balance transfer fees.
Balance transfer cards typically charge a balance transfer fee that is equal to 3 percent or 5 percent of the transferred balance. For eligible Amex cards, you’ll typically pay a 3 percent balance transfer fee (minimum $5). Also, you’ll have to pay the standard variable APR on any remaining balances after your card’s introductory APR period ends.
Here are the steps you should take when transferring a balance to an American Express credit card.
How to transfer a balance online to a new Amex card
- Compare balance transfer cards from Amex until you find the option that would work best for your needs.
- Apply and get approved for the card you’re interested in.
- After approval, American Express will ask if you have any balances you’d like to transfer to your new card. Enter information like your other card’s account number, your other card’s issuer and how much debt you’d like to transfer.
How to transfer a balance online to an existing Amex card
If you already have an eligible American Express card, you can begin transferring a balance to your card. But you’ll only receive the promotional rate if you request the transfer within 60 days of becoming a cardholder.
If it’s been many months since you signed up for your Amex card, you should first check if you have any balance transfer offers in your online account.
If you’re considering a balance transfer, one option is to sign up for a new American Express card with an introductory APR offer. However, if you’re eligible to transfer a balance on your existing Amex card, you can follow these steps:
1. Log in to your American Express account.
2. Navigate to “Account Services.”
3. Select “Payment & Credit Options.”
4. Click on “Transfer Balances.”
5. Enter the required information, such as the name of your other credit card issuer, account number, and the amount you wish to transfer.
If you prefer to transfer your balance over the phone, you can contact American Express customer service for assistance. They will determine your eligibility and guide you through the process.
Transferring an Amex balance to another issuer’s credit card follows a similar process. Whether you’re applying for a new balance transfer card or transferring to an existing account, you’ll need to provide your Amex account number and specify the amount to transfer.
After initiating the balance transfer, monitor the progress closely. Check your old account regularly until it shows a zero balance, continue making payments until the transfer is complete, and verify that the full amount has been transferred to your new Amex card.
If you’re curious about the status of your balance transfer, you can log in to your American Express account, go to “Account Services,” select “Payment & Credit Options,” and click on “Check Balance Transfer Status.”
Remember, it’s essential to compare different balance transfer cards to find the best option for your financial situation. Consider factors like introductory offers, rewards, fees, and cardholder perks before making a decision.