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.
It is possible to pay a credit card with a credit card by doing a balance transfer or a cash advance, for example, but you cannot make a credit card the regular payment method for another credit card account. Accepted payment methods for monthly credit card bills generally include bank transfers, checks, and money orders.… read full answer
You cannot consistently pay a credit card’s bill with another credit card for several reasons. For one thing, credit card companies won’t let you. Credit card transactions are also more expensive to process than bank transfers, which means accepting credit card payments would eat into credit card companies’ profit margins. Besides, if you could pay credit card bills with credit cards, it could be possible to keep shifting debt around without ever actually paying it. But with some maneuvering, there are ways to make a one-off transaction work.
4 ways you can pay a credit card with another credit card:
Do a balance transfer: 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.
Use a mobile payment service: One way to pay a credit card with another credit card is to use a mobile payment app such as PayPal or Venmo as a middleman. These apps allow you to transfer money from user to user, and you can fund them with a credit card. In other words, you could use your credit card to pay a friend or family member through the app, and they can then make your credit card payment for you or give you the money to do it yourself. You can earn rewards with this method, but there may be fees to contend with. In addition, be aware that some person-to-person credit card transactions on Venmo will show up as cash advances on Mastercard and Visa credit cards, which typically come with high fees and APRs.
Purchase a money order: Companies like MoneyGram and Western Union allow you to send money to a particular phone number or email address, or pick up cash from a physical location, and fund the transaction with a credit card. However, this is usually treated as a cash advance, which means expensive fees and interest charges would apply, in addition to the fees charged by the service.
Do a cash advance: You could take out a cash advance at an ATM, deposit the money into your checking account, and then pay your credit card bill from there. 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 same generally goes for the various other ways you can transfer money from a credit card to a bank account, too.
Despite the availability of these options, the best way to pay your credit card bills still 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.
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