How to Do a Balance Transfer With American Express

Name: How to Do a Balance Transfer With American Express
Item: How to Do a Balance Transfer With American Express
Author: Doug Milnes, CFA

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Transferring a balance to an American Express card is a straightforward process, typically completed within five to seven business days. While not all American Express cards feature balance transfer capabilities, those that do usually offer a 0% intro APR period ranging from 12 to 15 months, making them an attractive option for managing debt.

Understanding the details of your card's balance transfer feature is key to making the most of this financial tool. We'll discuss how to execute a balance transfer with American Express to help you use this process whether you're consolidating debt or need a temporary breather from interest payments.

KEY TAKEAWAYS

Balance transfers with American Express can take five to seven business days, but sometimes up to six weeks.
You can transfer balances up to your credit limit but not more than $7,500, depending on your creditworthiness and account history.
American Express offers an intro 0% APR period on balance transfers on certain cards, such the Blue Cash Everyday® Card and the Blue Cash Preferred® Card.

How to Do an American Express Balance Transfer

Doing a balance transfer with American Express is a simple online process. You must apply for one first if you don't have an American Express card. After that, the balance transfer process is the same for both new and existing cardholder.

How to Transfer Balance to a New American Express Card

1

Compare American Express cards and choose one that fits your financial goals. Generally, you’ll want a card that offers a 0% intro APR period and has no annual fee.
2

Once you’ve picked the card you want to get, apply for it. You’ll be asked to provide your name, date of birth, address, annual income and Social Security number, so it’s a good idea to have those details ready ahead of time.
3

After approval, you'll have the opportunity to initiate a balance transfer. Provide the necessary information from your old credit card such as your card number, issuer and the amount you’ll be transferring.

How to Transfer Balance With an Existing American Express Card

1

Log in to your American Express account.
2

Navigate to “Account Services” and select “Payment & Credit Options.”
3

Click on “Transfer Balances” and provide the necessary information, such as the other credit card issuer's name, account number and transfer amount.

Considerations for American Express Balance Transfers

The devil is in the details when it comes to balance transfers. Below is a summary of American Express' typical terms, but for complete information, check the terms and conditions of your card.

Processing Time

Balance transfers are typically completed within five to seven business days. However, some transfers take around six weeks to complete.

Balance Transfer Amount

You can transfer an amount less than your credit limit and no more than $7,500, subject to approval.

Number of Transfers

Up to two balance transfer requests are permitted, each potentially consolidating debt from up to four different accounts.

Introductory Period

Requests must be made within 60 days of account opening to qualify for introductory offers.

Balance Transfer Fee

Expect a fee of either $5 or 3% of the transfer amount, whichever is greater. Factor this when determining if doing a balance transfer can help save you money.

Regular APR

After the intro period, the APR ranges from 19.24% to 29.99% (variable). Any unpaid balance will be subject to this interest rate.

Transfer Restrictions

Transfers between American Express cards are not allowed.

Credit Score

Most American Express cards require a good to excellent credit score.

Best American Express Balance Transfer Credit Cards

The best balance transfer cards typically have a lengthy 0% intro APR period, low balance transfer fees and no annual fees. A more extended intro period can provide more time to pay off the balance without accruing interest, while lower fees can reduce the cost of transferring your balance.

The Blue Cash Everyday® Card from American Express offers a 0% intro APR for 15 months on balance transfers, with a balance transfer fee of either $5 or 3% of each transfer amount, whichever is greater. Notably, it doesn’t charge an annual fee.

Blue Cash Everyday® Card From American Express

MoneyGeek Rating

3.6/ of 5

Rates & Fees

REVIEW & APPLY

On Issuer's Site

Rewards Rate

Earn 3% cash back at U.S. supermarkets on up to $6...

APR

18.49%–29.49% variable

Annual Fee

Recommended Credit

670–850 (Good to Excellent)

The Blue Cash Everyday® Card from American Express is a good choice for extra cash back on groceries, gas, and online shopping. It offers 3% cash back in these categories, capped at $6,000 annually per category, and a 0% APR for 15 months on purchases and balance transfers and then 18.49% to 29.49% variable APR afterward (see rates and fees).. However, the bonus cash back rates are capped, which might limit its appeal for heavier spenders.
PROS
- Bonus cash back on groceries, gas and online shopping
- No annual fee
- 0% APR intro period for purchases and transfers
- Good card perks
CONS
- Spending limits on bonus categories
- Foreign transaction fee
- Rewards
  - Earn 3% cash back at U.S. supermarkets on up to $6,000 per year, then 1% after that.
  - Earn 3% cash back on U.S. online retail purchases up to $6,000 per year, then 1% after that.
  - Earn 3% cash back at U.S. gas stations on up to $6,000 per year, then 1% after that.
  - Enjoy 1% cash back on all other purchases.
  - Cash back is received as Reward Dollars and redeemable as a statement credit or at Amazon.com checkout.
- Introductory Offers
  - Earn a $200 statement credit after spending $2,000 on purchases within the first six months of opening your new card.
  - Benefit from 0% introductory APR on purchases and balance transfers for 15 months from account opening. After the intro period, a variable APR of 18.74%–29.74% applies. See rates and fees.
- Perks and Benefits
  - Receive a $7 statement credit each month after spending $12.99 or more on an eligible subscription to The Disney Bundle with your Blue Cash Everyday Card.
  - Enjoy up to $15 back each month when you purchase a Home Chef meal kit subscription with your enrolled Blue Cash Everyday Card.
- APRs, Fees and Penalties
  - No annual fee. See rates and fees.
  - Regular APR: 18.74%–29.74% variable
  - Penalty APR: 29.99% variable
  - Cash Advance Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
  - Foreign Transaction Fee: 2.7% of each transaction after conversion to U.S. dollars
  - Late Payment Fee: Up to $40
  - Returned Payment Fee: Up to $40
  - Balance Transfer Fee: Either $5 or 3% of the amount of each transfer, whichever is greater

Similarly, the Blue Cash Preferred® Card from American Express provides a 0% intro APR for 12 months on balance transfers and the same balance transfer fee structure. It has a $95 annual fee but offers higher cash back than Blue Cash Everyday®.

Blue Cash Preferred® Card From American Express

MoneyGeek Rating

2.9/ of 5

Rates & Fees

REVIEW & APPLY

On Issuer's Site

Rewards Rate

Earn 6% cash back at U.S. supermarkets (up to $6,0...

APR

18.49%–29.49% variable

Annual Fee

$0 intro annual fee for the first year, then $95*

Recommended Credit

670–850 (Good to Excellent)

The Blue Cash Preferred® is a family-friendly card that rewards 6% on spending at U.S. supermarkets (for the first $6,000 annually) and U.S. streaming plus 3% cash back U.S. gas stations and transit expenses. If you spend in these everyday categories, this card is a great portfolio credit card that combines with a flat rate card to let you earn over 2% over your entire portfolio. You'll need to spend more in these categories to make it worth the annual fee of $95 after the first year. See rates and fees.
PROS
- High cash back on supermarkets and streaming
- Unlimited cash back on gas and transit
- Intro APR for purchases and transfers
- High customer satisfaction
CONS
- Annual fee after first year
- Spending caps and exclusions on supermarket purchases
Introductory Offer Details
- Enjoy a $0 intro annual fee for the first year, then $95 after that.
- Earn a $250 statement credit after spending $3,000 on eligible purchases within the first six months.
- Benefit from 0% intro APR on purchases and balance transfers for 12 months from account opening. After that, a variable APR of 18.49% to 29.49% applies. See rates and fees
Cash Back Details
- 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.
- Earn 3% cash back on transit, including taxis/rideshares, parking, tolls, trains, buses and more.
- 1% cash back on all other purchases.
- Cash back is provided as Reward Dollars, redeemable as a statement credit or at Amazon.com checkout.
Other Benefits
- Earn a $84 Disney Bundle Credit: Spend $9.99 or more each month on an auto-renewing Disney Bundle subscription with your enrolled Blue Cash Preferred Card to receive a $7 monthly statement credit. Valid only at DisneyPlus.com, Hulu.com or Plus.espn.com in the U.S.
- Terms apply.

Both cards recommend a credit score of 670 to 850 and come with a regular APR of 19.24% to 29.99% variable. If your only goal is to do a balance transfer, the Blue Cash Everyday® is the better option, as it features a more extended 0% intro APR period and doesn’t charge an annual fee.

FAQ: American Express Balance Transfers

We responded to some frequently asked questions about balance transfers with American Express to help clarify the process and provide you with the knowledge to manage your balance transfers effectively.

How long does it take to complete a balance transfer with American Express?

Balance transfers with American Express typically take five to seven business days to complete, but it can take up to six weeks in some cases.

What is the maximum amount I can transfer with American Express?

The maximum balance transfer amount with American Express is less than your credit limit and not more than $7,500, determined by your creditworthiness and other factors.

Can I transfer a balance from one American Express card to another?

No, American Express does not allow balance transfers from one Amex card to another.

How many balance transfers can I make with American Express?

You can make up to two balance transfer requests with American Express, and each request can include transfers from up to four accounts in your name.

If You’re Looking for More

A balance transfer can be a strategic move to eliminate your debt and be on your path to your financially happy place. However, as you consider doing a balance transfer with American Express, it's important to assess the potential impact on your credit score and the fees that you will incur.

Your financial situation is unique, and whether a balance transfer aligns with your goals depends on your ability to pay off the balance before the promotional period ends and regular rates apply.

For rates and fees of the Blue Cash Preferred® Card From American Express, please click here.

For rates and fees of the Blue Cash Everyday® Card From American Express, please click here.

About Doug Milnes, CFA

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.

Read Full Bio »

sources

American Express. "Balance Transfer Credit Card Offers." Accessed March 15, 2024.
American Express. "Contact American Express." Accessed March 15, 2024.
American Express. "Log In to My Account." Accessed March 15, 2024.

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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