Elijah Nash, WalletHub Analyst
@Eli.nash
No, you cannot make an American Express Platinum card balance transfer as the card does not allow this type of transactions. 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.
What you should know about the American Express Platinum card:
- 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.
- Note that balance transfers are not allowed for the Pay Over Time feature. But you may transfer a balance from an American Express Platinum card to another credit card 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.
Most American Express cards do not currently allow balance transfers. Balance transfers may also 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.
The Platinum Card® from American Express
People also ask
How do you do a balance transfer with Amex?
To do a balance transfer with an American Express card, new applicants can just complete the balance transfer portion of the card application. American Express balance transfers usually take up to six weeks to process. Please note that, at the moment, only a few American Express cards offer balance transfers from other issuers’ accounts.
For a look at some of the top balance transfer cards on the market, check out WalletHub’s Best Balance Transfer Credit Cards page.
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read full answerDoes American Express Platinum have a credit limit?
No, the American Express Platinum card doesn’t have any preset spending limit. That does not give cardholders unlimited purchasing power, though. It means American Express won’t give you a specific credit limit once you’re approved for the card. Rather, they calculate your purchasing power based on how much you spend on the card as well as your income, any debt you carry, and your overall creditworthiness.
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read full answerDo balance transfers hurt your credit?
Balance transfers do hurt your credit when you open a new credit card account to do the transfer. Applying for a balance transfer credit card will generate a hard inquiry on your credit report, causing a slight dip in your credit score.
If you transfer a balance to an existing credit card account, however, there is no hard inquiry and no credit score damage. A balance transfer could still result in high credit utilization, though, and allow you to...
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