Does American Express Offer Balance Transfers? Do You Have Other Options?

American Express does not currently offer any balance transfer cards. However, you have several other options.

Last Updated: 6/27/2022
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American Express does not let you transfer balances from other credit cards to any of its credit cards. While you may choose to get a balance transfer card from a different issuer, you may also apply for a personal loan or consider using a debt management program to pay off your debt.

The absence of balance transfer credit cards notwithstanding, American Express provides cards with intro 0% APR offers on purchases. You may use these cards if you wish to make purchases that you plan to pay off over a predetermined time period.

Table of Contents
MoneyGeek’s Takeaways

balanceTransfer

American Express is not accepting balance transfers from other credit cards at this time.

noAnnualFee

Several Amex cards come with intro 0% APR offers on purchases for the first 12 to 15 months.

cashCard

You may use the proceeds from an American Express personal loan to consolidate your credit card debt.

How Does an American Express Balance Transfer Work?

American Express stopped offering balance transfers across all its credit cards in 2020, which remains the case as of May 2022. If there are any changes in Amex's policies, or if any new American Express 0% APR balance transfer card enters the market, we'll make sure to update this page accordingly.

>>More: How Much Money Could a Balance Transfer Save You?

What Are My Alternatives to Doing a Balance Transfer?

While American Express does not allow balance transfers, several other card issuers do. And finding cards with intro 0% APR offers on balance transfers is relatively easy, especially if you have good or excellent credit. If you don't want to get a credit card from a different issuer, there are still a few options you can explore. These include personal loans for debt consolidation, cash advances and debt management programs.

  • Balance Transfer
    Personal Loan
    Cash Advance
    Debt Management Program
  • When to Use

    To use an intro
    0% APR offer
    and pay off debt
    within 12 to 20
    months

    When you need
    more time to
    repay your debt

    Only in cases of
    emergency

    If you're facing
    financial
    hardship

  • How to Request

    Online or over
    the phone

    Online or over
    the phone

    Online, over the
    phone, at an
    ATM or at a
    branch

    Online or over
    the phone

  • Repayment
    Terms

    Need to make at
    least minimum
    monthly
    payments

    Need to make
    fixed monthly
    payments over
    the course of the
    loan term

    Need to make at
    least minimum
    monthly
    payments

    Need to make a
    combined
    monthly
    payment

  • APR Ranges

    In the absence
    of a 0% APR
    offer, usually the
    same as
    purchase APRs

    4.99% to
    35.99%

    17.99% to
    29.99%

    7.04% to
    35.89%

  • Credit/Loan
    Limits

    Usually up to a
    credit card's
    available credit
    limit

    Up to $100,000

    Typically a
    percentage of a
    credit card's
    overall limit

    No minimum or
    maximum limits

  • Fees

    0% to 5% of the
    transferred
    amount

    Application fee:
    Up to $50
    Loan origination
    fee:
    Up to 6% of
    loan amount

    3% to 5% of
    transaction
    amount

    One-time set-up
    fee:
    Up to $75
    Monthly fee: $20
    to $75

Get a Personal Loan

Getting a personal loan could be a good option if you don't qualify for a 0% balance transfer APR offer through a credit card or need more time to repay your debt. This is because personal loans tend to come with lower APRs than regular balance transfer APRs of credit cards. Intro 0% APR offers on credit cards also usually only apply for the first 12 to 20 months. After that, the regular APR applies, which is often higher than the interest rate you may pay for a personal loan. Plus, you can use a personal loan to consolidate debt from multiple credit cards, as personal loans typically offer higher credit limits than balance transfer cards.

Get a Cash Advance

You may get a cash advance through an existing credit card by withdrawing money from an ATM, carrying out an online transfer to your bank account or using a cash advance check. In any case, you will, in all likelihood, need to pay a cash advance fee that can be up to 5% of the amount you withdraw. Cash advance APRs are also noticeably higher than purchase APRs, and you get no interest-free days. Using cash advances is best left for emergencies unless you know you'll be able to repay the entire amount in a short time.

Ask About a Debt Management Plan

A debt management plan helps consolidate your credit card debt and may result in lower interest rates and waived late fees. Getting on a debt management plan requires that you work with a nonprofit credit counseling agency — ideally, one that's accredited by the National Foundation for Credit Counseling. A debt management plan can help you become debt-free in less than five years. However, you'll need to stop using your credit cards or even close their accounts. Also, it's possible that not all your creditors will agree to participate.

tip icon
MONEYGEEK EXPERT TIP

Issuers of personal/debt consolidation loans consider your creditworthiness and payment history when considering your application, so it's best that you review those in advance.

Use a New Credit Card With Better Introductory Offers

If the card you wish to transfer a balance from comes with a high regular APR, it may be beneficial to stop using it and get a new card with better offers and a lower interest rate. In this case, you can start using the new card for your purchases and try to pay off the old card's debt as quickly as possible.

If you plan to carry a balance from month to month on your new credit card, consider getting a card with an intro 0% APR offer on purchases and no annual fees. American Express cards that fit the bill include the Cash Magnet Card and the Blue Cash Everyday Card. Both cards come with 0% intro APR on purchases for the first 15 months.

How to Choose a Credit Card With the Best Offer

Different aspects require your attention when choosing a card with the best offers. Remember that a great card for one person might not work equally well for another.

  • This is an icon

    0% introductory APR

    Balance transfer cards typically come with 0% intro APR offers. Once the introductory period ends, the card’s regular APR applies to any outstanding balance.

  • This is an icon

    Long introductory APR

    The duration of 0% APR offers on balance transfers and purchases typically varies from 12 to 20 months. When you choose a card with a long introductory APR, you need to make a lower monthly payment, and you also get more time to repay your debt without incurring interest charges.

  • This is an icon

    Low ongoing APR

    If you feel you might need more time than that made available through intro APR offers to repay your debt, you may want to consider getting a card with a low ongoing APR. While an excellent credit score might fetch you a highly competitive APR, it’s still important to pay off your balance as quickly as possible.

tip icon
MONEYGEEK EXPERT TIP

Business owners who wish to save on interest charges may consider getting the no-annual-fee Amex Blue Business Cash Card or Amex Blue Business Plus Credit Card. Both come with 0% APR offers on purchases for the first 12 months.

American Express Credit Cards With the Best Offers

Whether you’re looking for consumer or business credit cards from Amex, you have several options. Comparing the offers that come with different cards is important because most are designed to meet specific requirements. Since Amex does not currently allow balance transfers, finding zero interest credit cards with no transfer fees is not possible. However, you can choose from a few 0% APR cards with no annual fees.


  • American Express Blue Cash Everyday Card

    An excellent no-annual-fee cash back card with 0% intro APR on purchases


    • Good-ExcellentCredit Needed
    • $0Annual Fee
    • 1–3% Cash Back*Rewards Rate
    • 2xRewards Rate on Gas
    • 1xRewards Rate on Groceries

    Terms, rates and fees apply

  • American Express Cash Magnet Card

    A great no-annual-fee card that comes with unlimited 1.5% cash back across categories


    • ExcellentCredit Needed
    • $0Annual Fee
    • 1.5% Cash BackRewards Rate
    • 1.5xRewards Rate on Gas
    • 1.5xRewards Rate on Groceries

  • American Express Blue Business® Cash Card

    A simple cash back rewards card that helps you avoid hassles


    • Good-ExcellentCredit Needed
    • $0Annual Fee
    • 1–2% Cash Back*Rewards Rate
    • 1xRewards Rate on TV, Phone, Internet Services
    • 1xRewards Rate on Gas

  • American Express Blue Business® Plus Credit Card

    Great no-annual-fee card for earning rewards on business spending


    • Good-ExcellentCredit Needed
    • $0Annual Fee
    • 2 Miles per $1*Rewards Rate
    • 1xRewards Rate on TV, Phone, Internet Services
    • 1xRewards Rate on Online Shopping

Blue Cash Everyday Card

This card comes with a welcome offer that lets you earn $250 back if you spend $2,000 on purchases within the first six months. It offers up to 3% cash back on category-based spending. You will not need to pay any Buy Now, Pay Later Plan It fees on eligible purchases for the first 15 months.

Cash Magnet Card

The Cash Magnet Card gives you the ability to earn $200 back as a welcome bonus by spending $2,000 on purchases within the first six months. All eligible purchases earn unlimited 1.5% cash back. Creating Buy Now, Pay Later Plan It plans during the first 15 months come with no fees.

Amex EveryDay Credit Card

The Amex EveryDay Credit Card offers 15,000 Membership Rewards points as a welcome bonus if you spend $2,000 on purchases within the first six months. You earn 3x points on up to $6,000 in purchases at U.S. supermarkets each year. You also earn 2x points per dollar at U.S. gas stations and on travel purchases made through Amextravel.com.

Blue Business Cash Card

The Blue Business Cash Card lets you earn a welcome bonus in the form of a $250 statement credit if you spend $5,000 on purchases in the first three months. It offers 2% cash back on combined spending of up to $50,000 on eligible purchases each calendar year and 1% thereafter.

Blue Business Plus Credit Card

The Blue Business Plus Credit Card offers a welcome bonus of 15,000 Membership Rewards points to cardholders who spend $3,000 on purchases in the first three months. You earn 2x points per dollar on the first $50,000 you spend on purchases each year and 1x points thereafter.

While American Express does not currently allow you to transfer balances from other credit cards to any of its cards, it might make this feature available in the future. You also have the option of applying for a balance transfer card through a different issuer. In any case, knowing how balance transfers work might help you make a suitable selection.

How a Balance Transfer Works

Transferring a balance from one credit card to another requires that you apply for a balance transfer with the issuer of the card to which you wish to transfer the balance. If the issuer approves your request, it might pay off the old card’s issuer directly or send you a check. People who opt to transfer a balance typically do so with the aim of saving money. This can be through a card with a 0% APR offer or one that charges a low ongoing APR.

The example that follows is one where a cardholder pays more than the minimum payment on a $5,000 credit card balance.

  • How Much You Will Pay With Your Current Credit Card
    How Much You Will Pay When You Transfer Your Balance
  • Current outstanding balance: $5,000
    Regular APR: 18.5%
    Monthly payment: $300
    Time required to pay off the balance: 20 months
    Total amount to pay: $5,823.59

    Balance transfer amount: $5,000
    Balance transfer fee: 3%
    Intro APR: 0% for 18 months
    Regular APR: 17.5%
    Monthly payment: $300
    Time required to pay off the balance: 18 months
    Total amount to pay: $5,150

    Total savings: $673.59

tip icon
MONEYGEEK EXPERT TIP

Although a 0% APR balance transfer offer is appealing, many people cannot pay off their debt before the promotion expires. Because of that, getting a low-rate personal loan can be a better option if you need more time to pay off the balance. — Lee Huffman, credit card expert at BaldThoughts.com

Pros and Cons of Doing a Balance Transfer

Balance transfers come with multiple benefits that extend beyond saving on interest charges. However, there are some potential drawbacks as well.

Key Takeaways

plusSign
Pros
  • Pay no interest during the promotional period.
  • Consolidate debt from multiple cards.
  • Get more benefits/features through your new card.
  • Improve your credit score by lowering your credit utilization ratio.
minusSign
Cons
  • Need good or excellent credit to qualify.
  • Balance transfer fees of up to 5%.
  • 0% APR offers expire after stipulated time periods.
  • Late/returned payments may result in penalty APRs.
  • Possibility of building more debt.
  • Probable drop in credit score if you close your old card.

Other Questions About AMEX Balance Transfers

Next Steps

Compare American Express Credit Cards

Learn More About Credit Card Balance Transfer Pages

About the Author


Rajiv Baniwal has been writing about different financial topics for over 15 years. Meticulous in his research, he makes sure he provides accurate and up-to-date information. His areas of expertise include mortgages, personal loans, credit cards, insurance and international money transfers.


sources
  • National Foundation for Credit Counseling. "NFCC.org." Accessed April 11, 2022.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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