Frankie Solomon, WalletHub Analyst
@frankie.solo
If you want to make a payment on an American Express balance transfer credit card, one option is to mail a check or money order payable to American Express to:
American Express
Bill Payment
P.O. Box 650448
Dallas, TX 75265-0448
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.
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Is a balance transfer a good idea?
Yes, a balance transfer is a good idea if you need months to pay off high-interest debt and you are able to qualify for a 0% balance transfer credit card deal. Most balance transfer cards require a 700+ credit score, and most also have high regular APRs, making it important to repay what you owe before the 0% period ends.
What you should know before making a balance transfer:
- You generally need good credit or...
How long do American Express balance transfers take?
American Express balance transfers usually take 5 to 7 days to be processed, if you’re an existing cardholder. But if you’re applying for a new account, it should take 10-15 days for the balance transfer to be completed. It is worth noting that sometimes the whole process may take up to 6 weeks, depending on the specifics of your case.
What you should know about American Express balance transfers:
- How to...
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