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Updated on Thursday, February 15, 2018
The beginning of a new year is a common time for credit card issuers to change their current card offers by adding or removing features. So far this year, there have been many changes to cards in the balance transfer market with several main issuers making significant changes — for better or for worse — including American Express and Citi. While Citi chose to pull back some features of their existing BT offers, American Express debuted a new balance transfer offer with The Amex EveryDay® Credit Card from American Express.
The key features of The Amex EveryDay® Credit Card from American Express include*:
- $0 annual fee
- Intro 0% for 15 Months on balance transfers and purchases; after the promo period ends, the rate changes to 12.99% - 23.99% variable APR
- $0 balance transfer fee. Transfers must be requested within 60 days of account opening.
- 2x points at U.S. supermarkets, on up to $6,000 per year in purchases (then 1x), and 1x points on other purchases
*Terms apply, see rates & fees
The Amex EveryDay® Credit Card from American Express is the first major balance transfer offer from American Express, and this shows their willingness to appeal to a wide range of consumers. While intro 0% cards with $0 intro fee balance transfer fees are common, this new offer is a standout among other balance transfer cards since cardholders can benefit in numerous ways — from transferring a balance without a fee to earning rewards on new purchases to taking advantage of the purchase intro period.
This allows you to use one card for a variety of needs instead of having one card for a balance transfer, another for rewards, and an additional card for a purchase intro period.
What does this offer mean for competitors?
American Express’s new offer may be great for consumers, but other issuers may feel threatened — and they have every reason to be. This offer carries all the desirable features of several cards in one card. Competing balance transfer cards such as Chase Slate®* and Citi® Diamond Preferred® Card may have some of the features offered by The Amex EveryDay® Credit Card from American Express, but they don’t have everything.
Looking at balance transfer cards offered by credit unions, they may offer shorter intro periods (usually around 6 or 12 months) than other BT cards on the market but they often offer consumers lower ongoing APRs than cards from big banks. Therefore, if you’re looking for a card with a low variable APR once the intro period is over, credit union cards may have a slight edge.
Overall, issuing banks and credit unions may have to add additional features to their cards to compete more directly with American Express, and it’ll be interesting to watch their response to this new cards release.
Citi Simplicity® Card - No Late Fees Ever
This card had one of the longest offers on the market, an intro 0% for 18 months on Balance Transfers (after, 14.74% - 24.74% (Variable)APR). The Citi® Diamond Preferred® Card offers an intro 0% for 18 months on Balance Transfers (14.74% - 24.74% (Variable) APR, thereafter).
The information related to The Amex EveryDay® Credit Card from American Express, Chase Slate®, Citi Simplicity® Card - No Late Fees Ever, and Citi® Diamond Preferred® Card has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.