American Express offers competitive balance transfer rates so you can save on high interest costs. Compare the offers available to you today and transfer to a new American Express credit card
If you’re burdened with debt that’s collecting high interest, it might be time for a balance transfer. American Express is just one of many providers who offer balance transfer credit cards, allowing you to repay your balance at a lower interest rate for a promotional period. Discover the benefits, terms and conditions and application process of a balance transfer with American Express below.
Comparison on American Express Balance Transfer Credit Cards
How does an American Express balance transfer work?
Similar to most balance transfers, you’ll be able to transfer a debt that’s collecting high interest on your existing card to an American Express with a low promotional balance rate for a set period. The balance transfer rate will change to the revert rate at the end of the promotional period, so you’ll want to repay your entire balance before this happens.
To consolidate your debt with an American Express card, you’ll need to request a balance transfer during your application. Here you’ll need to provide details about your old account and the amount you wish to transfer. You can usually transfer up to 70% of the approved credit limit with American Express, so you’ll want to ensure that the card can support your balance before you complete the transfer. If you’re approved for the balance transfer, you’ll be charged a one-off 1% balance transfer establishment fee.
Once you’ve received your card, you can start consolidating your debt. Please be mindful that American Express balance transfer offers exclude any existing or previous card members. If you’re already a card member of American Express and looking to transfer your existing balance to a lower rate, you may want to consider alternative balance transfer options with other banks.
Learn more and compare American Express credit cards here
Things to consider when transferring to American Express
- Approval. If you are approved for an eligible American Express card and have been approved, the approval process for your balance transfer will start 72 hours after card approval. It’s important to have this date marked in your calendar so you know when your balance transfer period ends.
- Revert rate. After the balance transfer period ends, it’s important to know what the interest rate will revert to. American Express states that the standard rate, or purchase rate of interest will be charged on any remaining balance in your account.
- Payments. Upon the approval of your balance transfer, any payments to the credit card issuing companies or banks are generally completed within 15 working days.
- Rewards. You do not earn points on balance transfers.
Restrictions for an American Express balance transfer
- Non-Australian cards. The balance is in a foreign currency or from a card not issued in Australia.
- Existing American Express card. You’re transferring from other American Express cards, except ones that are issued by other banks but you will need to state your MasterCard or Visa account number during your application
- Overdue. A card account that is overdue or is over the limit.
- Other debts. Non-credit cards accounts such as personal loans or overdrafts.
It’s also important to note that American Express will not process the following:
- Transfer limit. You can’t transfer balances that are less than $50. You can transfer up to 70% of your credit limit, to a maximum of $10,000.