American Express balance transfer fees are $5 or 3% of the transferred amount, whichever is greater. Nearly all American Express cards that offer balance transfers charge that same 3% transfer fee, including Cash Magnet, Blue Cash Everyday, Blue Cash Preferred and Blue Business Plus. The exception is the Amex EveryDay card, which has a $0 balance transfer fee for the first 60 days. After that, Amex’s standard $5 or 3% or transfer fee would apply.
Transfer fees are a key component of a balance transfer. You can only transfer balances, including transfer fees, up to your available credit limit. Transfer fees apply to each balance that you transfer to an American Express card.
American Express balance transfer cards are at the low end of the 3%-5% transfer fee range that most issuers typically use. Discover charges a 3% fee with no set minimum. Capital One cards with 0% balance transfer APRs also have 3% transfer fees. Chase cards are at the high end of the scale with a 5% balance transfer fee, except for one notable exception. Chase Slate offers a $0 transfer fee if you request a transfer in the first 60 days after opening an account. After that, it jumps to 5% along with the other Chase balance transfer cards.
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.
No, you cannot pay a credit card with another credit card. It’s not possible to just enter another credit card number when you go to pay your credit card bill. When you use a credit card, you’re essentially borrowing money from the issuer for the length of your billing cycle, if not longer. And you generally can’t pay back a loan with more borrowed money. … read full answer
If you’re unable to pay your credit card bill in full and are paying a high interest rate, you may want to consider a balance transfer. This allows you to transfer your credit card balance to a different card with better financing terms (perhaps an introductory period with a 0% APR for a set number of months). That way, you can pay off your credit card bill over time without worrying about as much interest being applied. This does amount to paying your credit card bill with a credit card, but it’s more of a one-off way to save money on interest than a viable recurring option.
While it’s not possible to regularly use one credit card to directly pay another credit card’s bill, there is an indirect method that could work. You could take out a cash advance at an ATM, then deposit the withdrawn cash into your checking account, and then pay your credit card bill with the money. However, considering the high fees and interest rates that accompany cash advances, not to mention the low limits on such transactions, that’s unlikely to work very well. It would be a very expensive way to pay one credit card bill, let alone recurring bills over time.
The best way to pay your credit card bills is to set up automatic deposits from a checking or savings account. As long as you have enough money in your bank account, you won’t miss any payments. If you have a rewards credit card, you can also redeem your earnings for a statement credit to pay your bill.
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