Looking to take control of your finances and lower your debt? Consider a balance transfer with American Express.
If you’re feeling overwhelmed by debt and not sure how to get back on track than a balance transfer with American Express (AMEX) might be your ticket to becoming debt free. A balance transfer will consolidate your debt and help you manage your finances while saving with low interest rates.
To ensure you get the most out of a balance transfer we have summarised the features and conditions of an AMEX balance transfer and a the step-by-step application guide you can follow to increase your chances of approval.
A balance transfer with AMEX
A balance transfer allows you to transfer your outstanding balance from your high interest credit card onto a new AMEX credit card with a low balance transfer interest rate. By doing this, you can remove the burden of high interest costs and repay your debt faster.
What are the benefits of balance transferring with AMEX?
- Pay less interest and repay your debt. Balance transfers let you save money and repay your existing credit card balances on a new credit card.
- Credit card benefits. American Express offer various benefits and features for you to enjoy during your balance transfer including competitive interest rate promotions, reward points and complimentary insurances.
- Worldwide acceptance. Access your funds when you need with over 1.2 million ATM’s worldwide.
Things to consider when completing a balance transfer with AMEX
- Low interest period. The low interest rate is the major drawcard for a balance transfer with AMEX, so it’s important to understand when the offer ends so you can take advantage of the full promotion. Currently, all AMEX balance transfer offers have a 0% balance transfer offer for 12 months, meaning you’ll have a year to repay your debt. After that date the standard rate of interest will be charged on any remaining balance on your account.
- Transfer your balance in 15 days. You can apply for balance transfers when you apply and are approved for an AMEX credit card and your balance transfer will be complete within 15 days.
- How much debt can I transfer? If you are approved for an AMEX credit card you can transfer a maximum of 70% of your credit limit, up to $10,000. Keep this in mind when you indicate your preferred credit limit during the application process.
- Will I incur a transfer fee? AMEX will charge a one-off credit plan establishment fee of 1% to any balances transferred on all cards, except for the American Express Essential credit card, which has no establishment fee.
- Where can I balance transfer from? AMEX will not accept transfers from a card not issued in Australia or with a balance in a foreign currency. A card with an overdue limit or a non-credit card account such as personal loans or overdrafts will also not be accepted. You also can’t transfer balances from existing American Express credit cards.
Before applying for the card, make sure you meet the following eligibility requirements:
- You must be over 18 years of age
- Have a good credit history, with no payment defaults
- Be a permanent resident or citizen of Australia; or hold a current Business Long Stay Visa
- Earn a personal gross annual income of $35,000 or more
- Or, if you are self-employed, have been trading for at least 18 months, or 12 months if you already hold an American Express issued card
When you submit your credit card application you will also be asked to provide employment, income, and bank account information so have this information handy.
Step-by-step on how to apply for a balance transfer application with AMEX
You must request your balance transfer during the application process with American Express.
Step 1. Select the card you wish to apply for and start the application.
Once you’ve compared your options and are ready to apply, you can click the green “Go to site” button from our comparison table and start your application. You will be directed to the AMEX application form, where you will begin the application process.
Step 2. About you.
To complete the section about your personal details you will need to complete the following questions:
- Name. Include your full name and how you’d like it to appear on your card.
- Date of birth. Please note that only applicants aged 18 and above can apply.
- Residential address. Your main place of address.
- Email address. Confirm whether you’d like to receive email notifications and enter your main email address.
- Privacy statement. Read over and agree to the privacy statement before continuing with the remainder of the application.
Step 3. More personal details.
After you’ve agreed to the privacy statement, you’ll be required to submit some more personal details including:
- Driver’s Licence number. If you don’t have a driver’s licence, you won’t need to include it.
- Marital status. Confirm whether you’re single, married, in a de-facto relationship and a number of other marital status options.
- Number of dependants. Select your number of dependents (such as your children, but excluding your spouse).
- Home phone number. Provide your home phone number including the area code.
- Mobile number. Submit the main mobile number you’d like to be contacted on.
Step 4. Your address.
Here you will need to provide your residential address, how long you have lived there and what your residential status is. Your residential status refers to, whether you own the house, board or pay rent.
Step 5. Employment.
You may need a payslip, invoice or bank statements to assist you in answering the following questions:
- Type of employment (full time, part time etc)
- Company name
- Work Address
- Work phone number
- Annual salary
- Monthly living expenses
- Cost of other loans you may have
Step 6. Credit card.
If you have an existing credit card, you’ll need provide details such as the outstanding balance you owe.AMEX provide the option to assign you the maximum based on this amount provided, tick or untick this option accordingly. You may also register to receive credit limit increase invitations.
Step 7. Apply for a balance transfer.
If you’d like to apply for a balance transfer,you will need the following information concerning your old bank details:
- Amount to be transferred
- Card issuer
- Card number
- Card type
Step 8. Application submitted.
Congratulations! You’ve submitted your application. You will receive a response within 60 seconds. If you’ve been approved, you’ll have the option to transfer your existing card balance at the promotional rate
If you are eligible for a balance transfer, it may take up to 15 days to process. Once completed, you will be notified by mail. Don’t forget to keep up your repayments on your old credit card until the balance transfer has been processed. Once it has been processed, close your old account to avoid paying any more unnecessary fees.
Step 9. Consolidate your debt.
Now your application has been successful, it’s time to consolidate your debt and start making your way back to a healthy credit card account.