How to do a balance transfer with American Express

While American Express has long been known for offering charge cards that require you to pay your balance in full each month, the card issuer and network has broadened its offerings over the last decade. Amex now offers an array of standard rewards credit cards that let you carry a balance from month to month, and many of its cards come with Pay It Plan It, which lets you pay off small purchases immediately or pay off larger payments over time for a fixed fee.

From time to time, some of the top American Express credit cards also come with intro APR offers on balance transfers or purchases for a limited time, which can help you save money and pay down debt faster.

How to do a balance transfer with American Express

Before we dive in, note that you cannot transfer a balance from one American Express card to another American Express card. You can only perform an American Express credit card balance transfer from another issuer to an Amex card or vice versa.

Keep in mind that some balance transfer cards offer longer intro APR periods and fewer rewards, whereas others might offer better rewards or perks and a shorter intro APR period. Also, be sure to compare balance transfer cards based on the fees they charge, including annual fees and balance transfer fees.

Balance transfer cards typically charge a balance transfer fee that is equal to 3 percent or 5 percent of the transferred balance. For eligible Amex cards, you’ll typically pay a 3 percent balance transfer fee (minimum $5). Also, you’ll have to pay the standard variable APR on any remaining balances after your card’s introductory APR period ends.

Here are the steps you should take when transferring a balance to an American Express credit card.

How to transfer a balance online to a new Amex card

1. Compare balance transfer cards from Amex until you find the option that would work best for your needs.
2. Apply and get approved for the card you’re interested in.
3. After approval, American Express will ask if you have any balances you’d like to transfer to your new card. Enter information like your other card’s account number, your other card’s issuer and how much debt you’d like to transfer.

How to transfer a balance online to an existing Amex card

If you already have an eligible American Express card, you can begin transferring a balance to your card. But you’ll only receive the promotional rate if you request the transfer within 60 days of becoming a cardholder.

If it’s been many months since you signed up for your Amex card, you should first check if you have any balance transfer offers in your online account. Otherwise, you may want to sign up for a new Amex card with an intro APR offer.

Provided you are eligible for a balance transfer on your existing American Express card, all you have to do is:

1. Log in to your American Express account.
2. Once in your account, head to “Account Services.”
3. Then, select “Payment & Credit Options.”
4. From there, you’ll click on “Transfer Balances.”
5. Then, enter the requested information like the name of your other credit card issuer, your other credit card account number and the amount you want to transfer.

How to transfer a balance by phone

If you don’t want to take these steps online, you can also call American Express customer service using the number on the back of your credit card. In this case, the customer service agent will determine your eligibility for a balance transfer. They will also request the same information mentioned above, such as your other credit card issuer, your account number and how much debt you want to transfer.

How to transfer an Amex balance to another card

Transferring an Amex balance to another issuer’s credit card is relatively similar to transferring a balance to an American Express card. If you are applying for a new balance transfer card, you may be able to submit your balance transfer request information as part of your application.

Alternatively, if you have an existing card you’d like to transfer your Amex balance to, you’ll need to log in to the new issuer’s website or connect with their customer service team to perform the necessary steps to initiate the transfer from that end. In either case, you’ll need to provide your Amex account number and will be prompted to choose how much debt you want to transfer from the account.

What to know after completing a balance transfer with American Express

Once you have initiated your Amex balance transfer, you’ll still need to track the process from start to finish. To ensure your balance transfer goes off without a hitch, be sure to:

• Check your old account(s) frequently until they show a zero balance.
• Keep making payments on your old account(s) until you see a zero balance.
• Check that the entire amount of your transfer is moved to your new Amex card.

You may be tempted to close your old credit card account after your transfer is completed. However, it’s worth noting that many people keep old accounts open to increase the average length of their credit history and boost their credit scores.

How to check the status of your Amex balance transfer

If it seems like your transfer is taking a while, don’t panic. Balance transfers can take longer to process than you might realize. Most American Express balance transfers take five to seven business days, but it’s possible up to six weeks can go by before the process is complete. If you’re curious as to where your balance transfer stands, you can check on it through your online account. All you have to do is:

1. Log in to your American Express account.
2. Go to “Account Services.”
3. Select the option that says “Payment & Credit Options.”
4. Once there, click “Check Balance Transfer Status.”

Learn more: How to choose a balance transfer credit card

FAQs for American Express balance transfers

• Can you transfer your personal loan balance with American Express?

  American Express only allows credit card debt to be transferred. Personal loans, auto loans, and student loans are not eligible.

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

  No, American Express doesn’t allow card members to transfer a balance from one Amex credit card account to another. If you wish to initiate a balance transfer, consider choosing a balance transfer card from another issuer.

• Do Amex balance transfers qualify for rewards?

  Amex balance transfers are not eligible for rewards. Any and all rewards will come from purchases you make on the credit card.

The bottom line

Choosing an Amex balance transfer credit card can help you consolidate debt, save money on interest or both. However, you shouldn’t go with the first balance transfer card you come across. Make sure to compare the top balance transfer cards from all issuers and consider the length of their introductory offers, the rewards they offer, cardholder perks, fees and more to ensure you choose the best balance transfer card for you.