Have you ever wondered whether you could transfer your
balances to an American Express credit card? American Express has tons of cards
to offer and many people wonder whether they can transfer their balances from
another account to an American Express card. If you are one of these people,
you are at luck! American Express, or simply AMEX, does allow the transfer of
balances from another card to one of their own and even vice versa. The process,
however, may not be as straightforward as other companies’ balance transfer
structures.
The truth of the matter is that balance transfers are not
AMEX’s specialty. After the Great Recession, it seemed like American Express
has shifted away from offering cards for people with debt.
Transferring Your
Balances from AMEX
One of the most important things that you should be aware of
is that American Express does not have the authority to approve your balance
transfers from AMEX to another card. In addition, you also cannot perform a
balance transfer if both cards are issued by the same company. Hence, you
cannot switch your balances to an AMEX card from another AMEX card.
This problem, though, can be avoided by finding a good balance transfer card from another issuer. Your main concern should not be the brand or
the payment network (Visa or MasterCard). What you must do is to look at the length
of the 0% introductory period and discern whether the timeframe is enough for
you to repay your dues. There are cards that offer 6 months interest-free
period on balance transfers and there are those that offer 18 months of 0% APR
on balance transfers.
Transferring Balances
to AMEX
Not all consumers are eligible to make a balance transfer. For
you to know whether you can transfer your balances from another card to an
American Express account, you should first call AMEX’s support hotline. The
number can be found at the back of your AMEX card. Once you have been approved
for the balance shift, you can start the transaction. Note that balance
transfers are not automatically completed on the same day. You may need to wait
up to 15 days for the transfer to clear. If everything is successful, you will
be notified via mail.
A Few Things to Note
If you compare an American Express card, whether it is a
credit or a charge card, with another card from another company, you will
notice that your AMEX card only has 15 digits. The other card comes with 16
digits. Most card companies have systems that are created to recognize and
validate balance transfer transactions from a 16-digit card. Some companies may
allow you to enter “American Express” instead of the card number to complete
your balance transfer transaction. If this is not permitted by your chosen card
issuer, you may need to speak to their customer representative to explain your
case.
If you have multiple cards with balances, you may need to
pick a strategy that is best suited for your situation. For instance, you can choose
to pay first your card with the highest interest and then work your way down to
your other cards that have lower interests. This will make it easier for you to
repay the rest of the balances, since the interest incurred will be much lesser
once the one with the highest APR has been paid off.
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