How To Do a Balance Transfer With American Express

Quick answer: An American Express® balance transfer moves debt from a non-Amex credit card to an eligible American Express card so you can pay it down at a lower interest rate. You can request one online, by phone at the number on the back of your card, or when applying for a new card. Most transfers post in five to seven business days, but can take up to six weeks. The fee is typically 3% of the amount transferred, with a $5 minimum.

If you're paying high interest on your credit card debt, a balance transfer can be an effective way to reduce interest charges and make faster progress toward becoming debt-free. 

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Knowing what information you'll need, how to submit your request and what to do while the transfer is processing can help you avoid common mistakes. This guide explains how to do a balance transfer with American Express, including who qualifies, how the process works, what it costs and how to maximize your savings.

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Key Takeaways

• How do you do an American Express balance transfer? Move debt from a non-Amex card to an eligible Amex card: Request it online, by phone or during a new card application.

• You can't transfer between two Amex cards: The balance you move must come from a different issuer.

• The fee is 3% with a $5 minimum: A $5,000 transfer adds $150 to your balance; a $100 transfer still costs the $5 floor.

• Most transfers post in five to seven business days: In some cases it can take up to six weeks, so keep paying your old card until it clears.

• Not every Amex card offers balance transfers: Availability and the promotional APR depend on the specific card and your creditworthiness.

• Request the transfer within 60 days for the promo rate: On many eligible cards, the intro APR applies only to transfers made within 60 days of opening.

Summary generated by AI, verified by MoneyLion editors

What Is an American Express Balance Transfer?

An American Express balance transfer lets you move a balance from another credit card to an eligible Amex card. You then pay off that balance under the terms of your Amex account, often at a lower promotional annual percentage rate (APR).

Can You Do a Balance Transfer With American Express?

Yes, eligible borrowers can transfer debt to an American Express credit card that offers balance transfers. Depending on the card, you may be able to request the transfer during the application process, after you're approved through your online account or by contacting American Express.

However, not every American Express card offers balance transfers, and approval depends on factors such as your creditworthiness and the terms of the specific offer.

Can you transfer a balance from one Amex card to another? No. American Express does not allow balance transfers between two Amex cards. The balance you move must come from a non-Amex credit card.

If your goal is to consolidate multiple credit card balances, confirm that each account is eligible before submitting your request.

What You Need Before You Start

Taking a few minutes to gather your information beforehand can make the process much smoother.

Have these items ready to speed up your request.

• Account number: The full number of the card you want to transfer from.

• Issuer name: The bank or credit union that issued that card.

• Transfer amount: How much of the balance you want to move.

• Your Amex login: Needed if you request the transfer online.

• Current APR and fee terms: So you can compare before you submit.

It's also a good idea to review your credit card statements to verify your current balance. Requesting a transfer that exceeds your available credit limit may result in a partial transfer or denial.

How To Do a Balance Transfer on a New American Express Card

If you don't already have an eligible American Express card, compare available balance transfer offers, choose a balance transfer card then follow these steps:

1. Apply for an eligible American Express card that offers a balance transfer.

2. Select the balance transfer option during the application.

3. Enter the other card's details and the amount you want to move.

4. Wait for approval, then track the transfer in your new account.

While a long introductory APR period is attractive, don't overlook the balance transfer fee or the card's regular variable APR after the promotional period ends. The best offer is one that gives you enough time to pay off your debt while minimizing the overall cost of transferring your balance.

How To Do a Balance Transfer on an Existing Eligible American Express Card

If you already have an eligible American Express credit card, you have a couple of options for requesting a balance transfer:

Online

1. Sign in to your account at americanexpress.com.

2. Go to the Account Services or Payments and Credits menu.

3. Select Balance Transfer.

4. Enter the other card's account number, issuer and the amount you want to transfer.

5. Review the fee and APR, then submit your request.

By Phone

1. Call the number on the back of your Amex card.

2. Ask the representative to start a balance transfer.

3. Have the other card's account number, issuer name and transfer amount ready.

4. Confirm the fee, APR and transfer amount before you hang up.

Here is how the three request methods compare.

How Much Does an Amex Balance Transfer Cost?

The American Express balance transfer fee is 3% of the amount you move, with a $5 minimum. So if you transfer $500, the fee is $15. If you transfer $100, the fee is still $5.

For example, transferring a $5,000 balance with a 3% balance transfer fee would add $150 to your new balance, bringing it to $5,150.

Even if you qualify for an introductory APR, remember that the fee is added to your balance. Before moving a balance, compare the fee against the interest you expect to save. In many cases, the savings outweigh the upfront cost, but it's worth doing the math first.

How Long Does an Amex Balance Transfer Take?

Balance transfers aren't processed instantly. Most American Express balance transfers post within five to seven business days. In some cases, it can take up to six weeks. Keep making payments on your old card until the transfer shows as complete.

While your transfer is pending, continue making at least the minimum payment on your original credit card. Failing to make payments before the transfer is complete could result in late fees, penalty interest rates and damage to your credit score.

Once the transfer posts and your previous account reflects a zero balance, you can stop making payments on that account unless you have other charges that weren't included in the transfer.

What To Do After the Transfer Is Initiated

Submitting your request is only the first step. Taking a few simple actions after initiating the balance transfer can help ensure everything goes smoothly.

First, monitor both your old and new credit card accounts until the transfer is complete. Confirm that the full balance moved successfully and that your previous account shows a zero balance.

Next, set up automatic payments or calendar reminders on your new American Express account. Missing even one payment could result in late fees and, in some cases, the loss of your promotional APR.

Finally, create a debt payoff plan. Divide your remaining balance by the number of months in your introductory APR period to determine how much you'll need to pay each month to eliminate the debt before interest begins accruing.

If possible, avoid making new purchases with the card until you've paid off the transferred balance. Keeping your focus on debt repayment will help you get the most value from the balance transfer.

Common Amex Balance Transfer Mistakes To Avoid

A balance transfer can be a valuable financial tool, but only if you use it strategically. Avoid these common mistakes that could reduce — or even eliminate — the benefits.

Missing Payments During the Transfer

Many borrowers assume they can stop paying their old credit card as soon as they request a transfer. That's a costly mistake.

Because transfers can take several days or even weeks to process, you should continue making at least the minimum payment until your previous balance officially reaches zero. Missing payments could lead to late fees, credit score damage or a penalty APR.

Making Only Minimum Payments

An introductory APR can make credit card minimum payments feel manageable, but paying only the minimum may leave you with a large balance when the promotional period expires.

Instead, calculate how much you'll need to pay each month to eliminate the balance before the introductory offer ends. Doing so allows you to maximize your interest savings and avoid carrying expensive debt afterward.

Overlooking Fees or Promotional Terms

A balance transfer fee reduces your overall savings, so it's important to factor that cost into your decision.

You should also understand when the promotional APR expires and what interest rate will apply afterward. If you still have a significant balance once the introductory period ends, your remaining debt could begin accruing interest at the card's regular variable APR.

Adding New Purchases

A balance transfer should help you pay off existing debt — not create new debt.

Using your card for additional purchases while paying off a transferred balance can make it more difficult to become debt-free. Depending on your card's terms, new purchases also may begin accruing interest immediately if they aren't covered by a promotional purchase APR.

Whenever possible, avoid using the card for new spending until you've paid off the transferred balance.

How To Tell if an Amex Balance Transfer Is a Good Fit

A balance transfer credit card makes the most sense if you have a realistic plan to pay off your debt before the introductory APR expires. Before applying, compare available offers carefully. A longer promotional period or lower balance transfer fee could make one offer significantly more valuable than another.

You'll also want to consider your spending habits. If you're committed to avoiding new debt and making consistent monthly payments, a balance transfer can simplify repayment and reduce the amount you spend on interest. But if you expect to continue carrying balances or making large purchases, the long-term savings may be limited.

You may also want to explore debt consolidation if you're considering additional ways to combine multiple debts into a single payment. And if your primary goal is eliminating credit card debt altogether, these strategies to pay off credit card debt can help you create a realistic repayment plan.

Bottom Line

Completing an American Express balance transfer isn't difficult, but paying attention to the details can make a big difference in how much you save.

Before requesting a transfer, make sure you understand the eligibility requirements, fees and promotional terms. Continue making payments on your old account until the transfer is complete, verify that the correct balance moved and develop a plan to pay off the debt before the introductory APR expires. Used wisely, a balance transfer can be an effective tool for reducing interest costs and accelerating your journey toward becoming debt-free.

FAQs About American Express Balance Transfers

Can you transfer a balance from one Amex card to another?

No, American Express doesn't allow balance transfers between two American Express cards. Most balance transfers involve moving debt from another card issuer to an eligible American Express card.

How long does an Amex balance transfer take?

Many balance transfers are completed within five to seven business days, although some requests may take several weeks. Continue making payments on your original account until the transfer is complete.

What do you need to start a balance transfer with American Express?

You'll typically need your existing credit card account number, the name of your current card issuer, the amount you'd like to transfer and an eligible American Express card or approved application.

Does a balance transfer hurt your credit score?

A balance transfer itself doesn't directly lower your credit score, but applying for a new credit card usually results in a hard inquiry that can cause your score to dip temporarily. Over time, paying down your balance and lowering your credit utilization rate can positively impact your credit.

Is an American Express balance transfer worth it?

It can be if you qualify for a competitive introductory APR offer and can pay off most or all of your balance before the promotional period ends. Be sure to factor in any balance transfer fees when comparing your potential savings.

Key Terms

• Balance transfer: Moving debt from one credit card to another, usually to pay it down at a lower interest rate.

• Eligible Amex card: An American Express card that offers balance transfers — not every card does.

• Balance transfer fee: Amex charges 3% of the amount transferred, with a $5 minimum.

• Introductory APR: A promotional rate that applies for a set period before the regular variable APR.

• Regular variable APR: The standard rate that applies to any balance left after the promo ends.

• Same-issuer restriction: Amex's rule blocking transfers between two American Express cards.

• Adverse action / denial: When a transfer request is turned down, often for exceeding your available credit.

• Hard inquiry: The credit check a new card application triggers, which can dip your score temporarily.

Sources

• American Express: Balance Transfer Processing Period 

• American Express: Balance Transfer Cards: How to Make the Most of Them 

• CFPB: What is a balance transfer? 

Summary generated by AI, verified by MoneyLion editors

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