Tag: american express

Advertiser Disclosure

Balance Transfer

How to Do a Balance Transfer With American Express

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Written By

This offer and/or promotion may have since changed, expired, or is no longer available.

American Express offers a wide variety of credit cards for both consumers and businesses. From cash back to travel rewards and business credit cards, American Express is one of the largest players in the credit card space.

While widely known for its travel credit cards, business credit cards and charge cards, the issuer also offers balance transfer credit cards, which can help consumers consolidate high-interest debt from other cards for 0% APR promotions for a limited period of time.

We will walk you through how to do a balance transfer with AmEx, and factors to consider before choosing a balance transfer credit card.

What is a balance transfer?

A balance transfer is when you move existing credit card debt from one card to another with the intention of either seeking relief from high-interest charges or consolidating multiple card balances into one payment.

Balance transfer cards typically offer an extended interest-free period that allows you to focus 100% of your payments toward the principal of the debt rather than the principal plus interest charges. These cards can charge a balance transfer fee between 3% and 5% of each amount transferred, which is then added to the balance, but not all balance transfer cards do.

Know that you cannot do a balance transfer with the same issuer. For example, you cannot pay off debt on an existing American Express card with an American Express balance transfer offer.

The balance transfer is initiated by either contacting your new card provider to request the balance transfer or when you fill out the online application for the new balance transfer card and include the details of the account you want to transfer the balance from.

The advantages to utilizing a balance transfer offer from American Express or other card issuers allow you to:

  • Save on interest charges for a specified period of time
  • Consolidate debts from multiple credit cards into one bill
  • Switch to a card that may have more perks and benefits

If a balance transfer interests you, here’s how to do a balance transfer with AmEx.

How to do a balance transfer with AmEx

First, identify a card that fits your needs. The best way to do this is analyze your financial circumstances, and determine what your needs are. Do you need a balance transfer to consolidate existing credit card debt? Or do you need a card with an introductory APR offer on purchases? Once you determine your need, you can accurately choose a card that works best for you.

Not all balance transfer cards are the same. They differ in the length of the balance transfer offer, balance transfer fee and spending rewards. So be sure to select a balance transfer credit card that best adheres to your financial situation.

If you are stuck on which card to select, American Express offers a prequalification tool. This can help narrow down your choices by showing you which cards that you prequalify for, but know that even if you prequalify, you’re not 100% guaranteed approval.

Once you select the right card for you, apply for the card. Once approved, you can move forward with processing the balance transfer with Amex. You can follow the steps below:

  1. Log in to your account on americanexpress.com.
  2. Click “account services.”
  3. Click “payment and credit options.”
  4. Click “transfer balances.”
  5. Your limit will be shown below the offer.
  6. Select the American Express balance transfer offer you’ve been approved for.
  7. Input the amount you want to transfer and the credit card number that you want to transfer from.
  8. Click “next” to review.
  9. Accept the terms and conditions.
  10. Confirm and submit your balance transfer request.

Keep in mind that the entire balance transfer process can take several weeks. So if your offer states that the introductory APR is valid for the first 60 days of card membership, it is important to start the balance transfer process promptly. And continue to make payments on the old card until it shows a $0 balance.

Balance transfer best practices

Along with beginning the balance transfer process quickly, there are a few best practices to ensure the process goes smoothly and you maximize the benefit.

  1. Review the terms and conditions. Each offer is unique, so it is important to carefully read the terms of the offer.
  2. Consider balance transfer fees. Many balance transfer credit cards charge a fee ranging from 3%-5% of each balance transfer amount. So when considering a balance transfer, be sure to take note of any applicable fees. Even with the fee, the balance transfer can make sense. But do the math first by using our balance transfer calculator.
  3. Pay on time, every time. Because introductory balance transfer offers are considered promotional, they can be taken away if minimum payments aren’t made. It is best to set up automatic payments to avoid this from happening.
  4. Continue making payments on your previous card. Since the balance transfer process can take several weeks, it is likely you will have at least one bill payment due on your old card. Be sure to continue paying your previous servicer until the balance fully moves to your new card.
  5. Minimize your spending. The purpose of balance transfers is to help you consolidate and get out of debt faster. If you add to the balance on your new card with new purchases, it will be that much harder to eliminate your credit card debt.

American Express balance transfer offers

American Express balance transfer offers are quite competitive against the other large card issuers. Many balance transfer credit cards have very few to no benefits, such as earning rewards or having travel protections like car insurance. However, American Express balance transfer cards offer notable benefits like the ability to earn points on purchases.

Here are a few American Express balance transfer offers:

CardIntroductory Balance transfer offerWelcome offerAnnual feeBalance transfer fee
The Amex EveryDay® Credit Card from American Express$0 balance transfer fee. 10,000 membership rewards® points after you use your new card to make $1,000 in purchases in your first 3 months.$0$0 balance transfer fee.
American Express Cash Magnet® Card – $150 Welcome OfferN/A$150 statement credit after you spend $1,000 or more in purchases with your new card within the first 3 months of card membership$0N/A
Blue Cash Everyday® Card from American ExpressN/A$150 statement credit after you spend $1,000 in purchases on your new card within the first 3 months.$0N/A

To see rates & fees for American Express Cash Magnet® Card – $150 Welcome Offer, please click here.
To see rates & fees for Blue Cash Everyday® Card from American Express, please click here.

These American Express balance transfer cards are great options because of the benefits they offer outside of the balance transfer, including cash back or travel rewards programs.

Balance transfer credit cards, such as the Chase Slate®, are designed specifically for balance transfers, and not for daily use or long-term utilization. However, when considering a balance transfer card, debt payoff should be your initial focus as adding new purchases to a transferred balance will only make it that much harder to achieve your debt payoff goal.

The information related to these cards Chase Slate®, The Amex EveryDay® Preferred Credit Card from American Express and The Amex EveryDay® Credit Card from American Express have been independently collected by MagnifyMoney and have 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.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

TAGS:

Advertiser Disclosure

Credit Cards, Reviews

The Platinum Card from American Express Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Written By

If you’re a frequent traveler looking for a top-of-the-line luxury credit card with lounge access and other premium benefits, The Platinum Card® from American Express might be the card you want to carry. It charges a high annual fee of $550, but it comes with unparallelled airport lounge access, statement and travel credits which can help you cut down on the cost of the annual fee and a strong welcome offer, among other benefits.

We’re going to look at the details of where this card stands out and where it falls short, and help you determine how well it fits your spending habits and travel needs.

The Platinum Card® from American Express

APPLY NOW Secured

on American Express’s secure website

Terms Apply |  Rates & Fees

The Platinum Card® from American Express

Annual fee
$550
Rewards Rate
5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel and 5X Membership Rewards® points on prepaid hotels booked on amextravel.com.
Credit required
good-credit
Excellent/Good

Where The Platinum Card® from American Express stands out

Lounge access. This is where The Platinum Card® from American Express outshines its competitors. You’ll get access to The American Express Global Lounge Collection®, which includes more than 1,200 airport lounges in 130 countries.

Annual airline fee statement credit. You can select one qualifying airline and receive up to $200 in statement credits per calendar year to cover incidental fees (such as checked bags and in-flight refreshments) that are charged to The Platinum Card® from American Express.

Annual Uber credit. When you link this card with your Uber account, you can get up to $15 per month (and up to $20 in December) in Uber Cash. That adds up to almost $200 a year.

Welcome offer. 60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months.

Rewards. Earn 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel and 5X Membership Rewards® points on prepaid hotels booked on amextravel.com. Points are worth varying amounts depending on how you redeem them — booking airfare and hotel stays through American Express Travel will net you good value, with each point being worth 1 cent when redeemed that way.

You can also transfer your points to the following airline loyalty programs:

  • Aer Lingus AerClub (1,000 Membership Rewards points = 1,000 Avios)
  • AeroMexico Club Premier (1,000 Membership Rewards points = 1,600 Premier Points)
  • Air Canada Aeroplan (1,000 Membership Rewards points = 1,000 Aeroplan Miles)
  • AIR FRANCE KLM Flying Blue (1,000 Membership Rewards points = 1,000 Flying Blue Award Miles)
  • MilleMiglia Alitalia(1,000 Membership Rewards points = 1,000 Alitalia Miles)
  • ANA Mileage Club (1,000 Membership Rewards points = 1,000 ANA Mileage Club Miles)
  • Asia Miles (1,000 Membership Rewards points = 1,000 Asia Miles)
  • Avianca LifeMiles (1,000 Membership Rewards points = 1,000 LifeMiles)
  • British Airways Executive Club (1,000 Membership Rewards points = 1,000 Avios)
  • Delta SkyMiles (1,000 Membership Rewards points = 1,000 miles)
  • El Al Israel Airlines Matmid Club (1,000 Membership Rewards points = 20 Matmid Points)
  • Emirates Skywards (1,000 Membership Rewards points = 1,000 Skywards Miles)
  • Etihad Airways Guest (1,000 Membership Rewards points = 1,000 Etihad Guest Miles)
  • Hawaiian Miles HawaiianMiles (1,000 Membership Rewards points = 1,000 HawaiianMiles)
  • Iberia Plus (1,000 Membership Rewards points = 1,000 Avios)
  • JetBlue TrueBlue (250 Membership Rewards points = 200 TrueBlue points)
  • Qantas Frequent Flyer (500 Membership Rewards points = 500 Qantas Points)
  • Singapore Airlines KrisFlyer (1,000 Membership Rewards points = 1,000 KrisFlyer Miles)
  • Virgin Atlantic Flying Club (1,000 Membership Rewards points = 1,000 Flying Club miles)

And you can transfer your points to the following hotel loyalty programs:

  • Choice Privileges (1,000 Membership Rewards points = 1,000 Choice Privileges)
  • Hilton Honors (1,000 Membership Rewards points = 2,000 Hilton Honors Points)
  • Marriott Bonvoy (1,000 Membership Rewards points = 1,000 Marriott Bonvoy points)

Fee credit for Global Entry or TSA Precheck. You can get a credit of up to $100 for Global Entry or a credit of up to $85 for TSA Precheck when you use this card to pay. If you purchase both, you’ll only get a credit for the one that’s charged to your card first.

You can get the Global Entry credit once in a four-year period or the TSA Precheck credit once in a 4 ½-year period.

Additional benefits

Fine Hotels & Resorts Program. Receive complimentary benefits at more than 1,000 properties, such as daily breakfast for two, guaranteed 4 p.m. late checkout and a room upgrade when available.

Where The Platinum Card® from American Express falls short

Annual fee. At $550, the annual fee for The Platinum Card® from American Express is in the top tier for what it charges you as well as for the benefits it offers. If you’re only a casual traveler, you may be better off with a mid-tier travel card charging an annual fee in the $95 range.

To see rates & fees for The Platinum Card® from American Express, please click here.

Compare it with the Chase Sapphire Reserve®

Another big name among premium travel cards is the Chase Sapphire Reserve®. Here’s how it stacks up against The Platinum Card® from American Express:

 

The Platinum Card® from American Express

Chase Sapphire Reserve®

Welcome offer

60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months.

Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

Credits

Up to $200 in statement credits per year to cover incidental airline fees. Up to $200 in Uber Cash each year.

Up to $300 in statement credits each account anniversary year as reimbursement for travel purchases.

Rewards

5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel and 5X Membership Rewards® points on prepaid hotels booked on amextravel.com.

3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases.

Annual fee

$550 (See Rates & Fees)

$550

Annual fee for additional cards/authorized users

$175 for up to three additional cards. $175 per card for each card after that. (See Rates & Fees)

$75 for each authorized user.

Both of these cards offer significant value for frequent travelers who have the funds to cover a high annual fee. The Chase Sapphire Reserve® is slightly less expensive than The Platinum Card® from American Express, but when you factor in the value of the annual credits offered by both cards, the two annual fees are relatively similar.

We also like the Chase Sapphire Reserve® better for ongoing rewards, as it offers 3X points on a wide variety of travel purchases, whereas The Platinum Card® from American Express has a more limited category for earning a higher rewards rate — airline tickets (booked either directly with the airline or via American Express Travel) and prepaid hotels booked through amextravel.com. Plus, you get 50% more value when you redeem your Chase Ultimate Rewards® points for travel through the Ultimate Rewards portal.

When it comes to airport lounge access, the Chase Sapphire Reserve® comes with a Priority Pass Select membership (you’ll need to complete a one-time enrollment), which can get you into more than 1,300 lounges around the world. But this is territory where The Platinum Card® from American Express truly excels. The American Express Global Lounge Collection® allows you access to the following:

  • Air Space
  • Delta Sky Club®
  • Escape Lounges
  • Plaza Premium
  • The Centurion Lounge
  • The International American Express Lounges

In short, if wide-ranging lounge access is what you’re looking for, The Platinum Card® from American Express is probably the card for you.

The bottom line

If you’re looking to travel in luxury, you’ll find a lot to like about The Platinum Card® from American Express. It stands head and shoulders above the competition when it comes to airport lounge access. And if you make use of the annual airline fee statement credit (up to $200) and the annual Uber statement credit (also up to $200), that knocks the effective annual fee down to a more reasonable $150.

The information related to the Chase Sapphire Reserve® has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

TAGS: ,

Advertiser Disclosure

Reviews

American Express Gold Card Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Written By

If you travel or dine out frequently, and if you like the prestige and special perks that come with carrying a “gold” status credit card, you should take a look at the American Express® Gold Card.

In addition to premium benefits, such as an annual airline fee credit and dining credit, the card offers Earn 4X Membership Rewards® Points on Restaurants worldwide, including takeout and delivery. Additionally, earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X), and 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com. Cardholders also earn 35,000 Membership Rewards® Points after you spend $4,000 on eligible purchases with your new Card within the first 3 months.

Membership Rewards points can be redeemed for travel, gift cards, shopping, entertainment, merchandise and more.

In this review, we’ll break down the pros and cons of the American Express® Gold Card, as well as show how it compares to the American Express® Green Card.

American Express® Gold Card

APPLY NOW Secured

on American Express’s secure website

Terms Apply |  Rates & Fees

American Express® Gold Card

Annual fee
$250
Rewards Rate
Earn 4X Membership Rewards® Points on Restaurants worldwide, including takeout and delivery. Additionally, earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X), and 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
Credit required
excellent-credit

Where the American Express® Gold Card stands out

Rewards rate. With the American Express® Gold Card, you’ll earn Earn 4X Membership Rewards® Points on Restaurants worldwide, including takeout and delivery. Additionally, earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X), and 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.

Welcome bonus. Earn 35,000 Membership Rewards® Points after you spend $4,000 on eligible purchases with your new Card within the first 3 months.

If you max out the yearly $25,000 spend maximum at restaurants and U.S. supermarkets, you’ll earn 100,000 points at the end of the year. Once you factor in the welcome bonus, you could get a total of 135,000 points in the first year of card membership.

$120 dining credit. Cardholders can earn up to a total of $10 in monthly statement credits when they pay using their American Express® Gold Card at Grubhub, Seamless, The Cheesecake Factory, Ruth’s Chris Steak House, Boxed and participating Shake Shack locations. Note, enrollment is required.

$100 airline fee credit. Receive up to $100 in statement credits per calendar year when airline incidentals, such as checked bag fees and in-flight meals, are charged to your American Express® Gold Card by the airline.

$100 hotel credit. Receive a $100 hotel credit to use toward qualifying dining, spa and resort activities when you book at least two consecutive nights at The Hotel Collection with American Express Travel.

Additional benefits:

  • Foreign transaction fees: None
  • Baggage Insurance Plan
  • Car rental loss and damage insurance
  • Complimentary ShopRunner membership, upon enrollment
  • Access to ticket presales and cardmember-only events
  • American Express preferred seating for select cultural and sporting events

Where the American Express® Gold Card falls short

Annual fee. The American Express® Gold Card comes with a substantial annual fee of $250. That said, the dining, airline and hotel credits more than make up for the fee each year.

Cannot carry a balance. Because the American Express® Gold Card is a charge card, it requires you to pay your balance in full each month. However, American Express does offer a Pay Over Time feature, which gives eligible cardholders the option to pay for certain purchases over time with interest.

Note, enrollment for Pay Over Time is required, and you will accrue interest charges (See Rates & Fees) on all eligible purchases if you choose to carry a balance.

4X rate at supermarkets in U.S. only. Although the American Express® Gold Card does not charge foreign transaction fees, keep in mind that you can only earn the 4X rewards rate on supermarket purchases inside of the U.S.

To see rates & fees for American Express® Gold Card, please click here.

Compare it to the American Express® Green Card

American Express® Green Card

APPLY NOW Secured

on American Express’s secure website

Terms Apply | Rates & Fees

American Express® Green Card

Annual fee
$150
Rewards Rate
Earn 3X Membership Rewards® Points on Restaurants worldwide, including takeout and delivery. Additionally, earn 3X Membership Rewards® points on all eligible travel, from subway swipes and window seats to hotel stays and city tours.
Credit required
excellent-credit

If want to enjoy many of the same travel and shopping perks offered by the American Express® Gold Card without paying the $250 annual fee, you may want to consider the American Express® Green Card instead.

Like the American Express® Gold Card, the American Express® Green Card comes with car rental loss and damage insurance, complimentary ShopRunner membership and no foreign transaction fees. Additionally, the card offers the following rewards rate: Earn 3X Membership Rewards® Points on Restaurants worldwide, including takeout and delivery. Additionally, earn 3X Membership Rewards® points on all eligible travel, from subway swipes and window seats to hotel stays and city tours..

See how the cards compare side-by-side in the table below.

American Express® Gold Card vs. American Express® Green Card

 

American Express® Gold Card

American Express® Green Card

Annual fee

$250 (See Rates & Fees)

$150 (See Rates & Fees)

Welcome bonus

35,000 Membership Rewards® Points after you spend $4,000 on eligible purchases with your new Card within the first 3 months.

30,000 Membership Rewards® points after you spend $2,000 on purchases on your new Card in your first 3 months.

Rewards

Earn 4X Membership Rewards® Points on Restaurants worldwide, including takeout and delivery. Additionally, earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X), and 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.

Earn 3X Membership Rewards® Points on Restaurants worldwide, including takeout and delivery. Additionally, earn 3X Membership Rewards® points on all eligible travel, from subway swipes and window seats to hotel stays and city tours.

Intro APR on purchases

N/A

N/A

Regular purchase APR

See Rates & Fees

See Rates & Fees

Foreign transaction fees

None (See Rates & Fees)

None (See Rates & Fees)

The American Express® Green Card charges a considerably lower annual fee than the American Express® Gold Card. But keep in mind that the American Express® Green Card doesn’t offer an elevated rewards rate on supermarket purchases.

That said, the American Express® Green Card offers a comparable welcome bonus to the American Express® Gold Card, with a much lower spend threshold: 30,000 Membership Rewards® points after you spend $2,000 on purchases on your new Card in your first 3 months.

To see rates & fees for American Express® Green Card, please click here.

The bottom line

The American Express® Gold Card is a great option if you travel regularly or if you spend a significant amount on dining out or buying groceries each month. Along with offering a generous rewards rate on those purchases, the card comes with a variety of perks and travel credits that can help offset the annual fee.

However, if you don’t want to pay the $250 annual fee, but you still want to earn Membership Rewards points on travel purchases, including airfare, hotels, car rentals, ride-share services and much more, the American Express® Green Card is a good alternative.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

TAGS: