The Amex EveryDay balance transfer fee is $0 for the first 60 days you have the card. You’re not allowed to make a balance transfer after that. The balance transfer APR is 0% for the first 12 months after opening your account, so long as you request your transfer in the first 60 days. After that, the APR shoots up to somewhere between 14.99% and 25.99%. Where exactly in that range your particular APR will fall depends on your creditworthiness. And you need good credit to get approved in the first place.
Those are the basic terms. But to decide if making an Amex EveryDay balance transfer is a good idea, you need more information.
Here’s the Amex EveryDay balance transfer offer:
- You get 0% interest on your Amex EveryDay balance transfer for 12 months, with $0 fee and a regular APR as high as 25.99%.
- You must request your balance transfer in the first 60 days. You are not allowed to make one after that point.
- It can take up to six weeks to complete a balance transfer. This can bring your actual interest-free period closer to 10 months, depending on when you request the transfer.
- Transfers under $100 will not be approved.
- Your total transfers can’t add up to more than $7,500 or 75% of your credit limit. You also won’t get a transfer if it will cause you to exceed your limit.
- In addition to not charging a balance transfer fee, Amex EveryDay doesn’t charge an annual fee.
- You can’t transfer a balance from an American Express account. And your balance transfer request may be denied if any of your Amex accounts are not in good standing.
An Amex EveryDay balance transfer is a good idea if you can pay off your debt in under 12 months. Other cards from other issuers may offer a longer intro period. For example, Citi Simplicity charges no interest on balance transfers for the first 21 months. But that privilege comes with a 5% balance transfer fee, compared to Amex Everyday’s $0 fee.
Very few credit cards offer both 0% intro APRs and no balance transfer fee, but Chase Slate is another notable example. It offers a 15-month 0% financing deal.
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