To transfer a balance to a new Amex card, select the balance transfer option on the online application. Then, enter your existing card’s account number and the amount you’d like to transfer. You can only transfer a balance up to 75% of your credit limit. You won’t know your credit limit until you’re approved for the card though.
You can also request a balance transfer by phone. Call 1 (800) 528-4800 within 60 days of account opening to qualify. American Express does not approve balance transfer requests after 60 days.
American Express balance transfer cards come with an introductory APR of 0% for 12 to 15 months. In most cases, there’s a transfer fee of $10 or 3% of the balance transferred, whichever is greater. American Express only allows balance transfers from non-Amex credit cards.
A balance transfer is a good idea if you have good or excellent credit and make an affordable payment plan prior to applying. You generally need good credit or better to get a 0% balance transfer credit card, though these introductory periods are temporary. Most balance transfer cards have very high regular APRs, making it important to repay what you owe before the 0% period ends.… read full answer
You’ll also want to make sure the new card’s balance transfer fee is as low as possible. The average fee is just under 3%. But, from time to time, there are credit cards that have both 0% APR on balance transfers and no balance transfer fee.
Transferring a balance to an American Express credit card should take 2-3 days, after Amex approves your transfer request. Current Amex cardholders can expect a decision within 48 hours, while it can take up to 10 days if you’re applying for a new account.
So the full process, from the time you request a balance transfer to when Amex pays your other card’s issuer and the balance shows up on your American Express card account, can take anywhere from 4 to 12 days.… read full answer
It’s different if you’re transferring a balance from an American Express credit card to a card from another issuer. The timeframes vary by credit card company. But you can check out the major issuers’ policies in WalletHub’s Balance Transfer Report.
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