AmEx Balance Transfer: How to Do It?

An American Express balance transfer can be a great way to chip away at debt on an old credit card with a sky-high interest rate. Opting for an Amex credit card can help you cut down on debt and save money on interest — or even both. It’s important to weigh up several cards and shop around for offers from different issuers to land the best deal.

Continue reading to get the lowdown on everything you need about American Express credit card balance transfer. By the end of the article, you’ll have all the answers about how a balance transfer to Amex works, how to carry it out on a new or existing card, how to track its status, and how long the process takes.

How Does a Balance Transfer with American Express Work?

First off, keep in mind that transferring balances between American Express cards is off the table. You can only move a balance from an American Express card to one from another issuer, or vice versa.

It’s also worth bearing in mind that Amex balance transfer cards come with varying introductory APR periods and reward structures. Therefore, to get the most bang for your buck, compare the fine print on different American Express platinum balance transfer cards, including their fees (this also works for other cards). Typically, balance transfer cards charge a fee of 3% or 5% — for example, certain American Express cards tack on a 3% fee.

Shifting a balance transfer to American Express is a breeze. Follow this our step-by-step guide to get everything squared away.

Find the Amex Balance Transfer Offer That’s Right for You

Keep an eye on the American Express website for fresh balance transfer credit card deals. To lock in the best offer, look for cards featuring 0% interest, low fees, or attractive perks like cash back or travel rewards.

Check for Pre-Approvals

Remember that you might be eligible for pre-approval from Amex. So, once you’re confident that your credit history and financial health are in good shape, you can apply and wait to see if you’re approved.

Try Amex’s Apply With Confidence Feature

The “Apply With Confidence” tool lets you check your approval odds without dinging your credit score if your application gets turned down. This option is available for applications submitted through the official website or by phone. However, note that it isn’t accessible if you apply after logging into an existing account.

Apply for a New Card

If you find an offer that suits your needs, apply directly through the American Express website. At the same time, you can ask American Express to settle the debt you’d like to transfer or request a balance transfer check that you can use to cover another bill. Be sure to keep up with payments on your original account until the transfer is fully wrapped up.

Stay on Top of Payments

Ensure you pay your bills promptly and pay off the entire balance before the introductory period ends to steer clear of penalties and interest charges.

How to Transfer a Balance Online to a New Amex Card?

To transfer your balance to a new American Express card, start by comparing offers from several different cards. You can also check if you’re prequalified for an American Express card before applying. While prequalification doesn’t guarantee final approval, going through this process gives you a good idea of your chances of getting approved.

Apply online or by phone. Once your card is approved and your offer is accepted, you can request a balance transfer. At this point, provide details of your current account and specify the amount you’d like to transfer. So, if you are approved, your American Express card will take on the debt, and the payment will be sent to the credit card issuer you’ve chosen.

How to Transfer a Balance Online to an Existing Amex Card?

As an American Express cardholder, you have the opportunity to transfer balances straight to your existing card. To lock in the promotional rate, you must kick off the process within two months of activating the card. If that window has passed since you received your card, check your account to see if any offers are still available.

Here’s how to get it done:

1. Log in to your American Express account.
2. Go to the “Account Services” section.
3. Click on “Payment and Credit Options.”
4. Select the “Transfer Balances” button.
5. Fill in the required details, including the other card issuer, card number, transfer amount, and more.

How to Check the Status of Your Amex Balance Transfer?

It’s normal if you have to wait a while for your transfer to be successfully completed. If your transfer is still pending, don’t worry—it can sometimes take longer than expected.

So, if you want to track your Amex Platinum balance transfer status, you can do so through your account on the official American Express website by following these steps:

1. Log in to your Amex account.
2. Open the “Account Services” section.
3. Select “Payment and Credit Options.”
4. Click “Check Balance Transfer Status.”

How Long Does a Balance Transfer Take?

An American Express balance transfer to another card typically takes a week (five to seven days), but in some cases, it may stretch to six weeks. Given the fact that the transfer process isn’t instantaneous, it is essential to keep an eye on your card payments for the original account until you’re sure that the payment has gone through. Remember, staying on top of your balance is crucial to avoid late payments, penalties, or potential financial hiccups.