The American Express Platinum card does not have a balance transfer fee. The reason the American Express Platinum card has no transfer fee is that it does not allow balance transfers at all, and that means you'll need to look for another credit card to help reduce the cost of existing debt.
American Express does not offer balance transfers from other issuers’ accounts to any of its credit cards. In general, balance transfers allow you to shift high-interest debt from your current account to another issuer’s credit card and pay off the balance, presumably at a reduced interest rate.
The objective of a balance transfer is to save money on interest, so you will want a card with a low introductory APR on balance transfers. Just be sure to pay off the transferred balance in full before the introductory rate expires. Otherwise, the remaining balance will accumulate interest daily at the card’s regular APR.
You can find out how much a balance transfer card with a low intro APR will save you in interest charges by using WalletHub’s balance transfer calculator. This tool will also recommend credit cards that may help you save money and get out of debt faster.
You cannot make an American Express Platinum card balance transfer as the card does not allow balance transfers. The American Express Platinum card is a hybrid between a credit card and charge card that was not designed to pay down high-interest debt from other credit accounts. With a charge card, the cardholder is generally required to pay the entire balance in full each month.… read full answer
The American Express Platinum card does offer a Pay Over Time option where cardholders can carry a balance of select eligible charges from month to month, with interest, up to a limit. All charges not included in the Pay Over Time balance must be paid in full by the due date. But balance transfers are still not allowed for the Pay Over Time feature. You may transfer a balance from an American Express Platinum card to another credit card, however, as long it’s not also an Amex card. American Express does not allow you to transfer balances from one Amex credit card to another.
American Express cards do not currently allow balance transfers. Balance transfers may become available to select customers through targeted offers, but you’d be advised at the time of application of any such offers. Existing cardholders may check with American Express to see if their accounts have become eligible for balance transfers. If you’re not set on American Express as an issuer, there are others who offer attractive introductory rates on some of the best balance transfer credit cards.
Yes, you can transfer your American Express balance to another credit card as long as it is issued by a different credit card company. Make sure you pick a card that accepts balance transfers and has advantageous rates. Essentially, you want to look for a 0% intro balance transfer card and pay off your balance before the introductory period is over.… read full answer
Here are some of the best balance transfer credit cards:
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