What is a balance transfer?
A balance transfer is a transfer of money you owe another creditor to your American Express account. You can transfer as many balances as you'd like, up to your available credit limit.
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How do balance transfers work?
It's simple! Once you've determined an amount from another credit card that you would like to transfer to your American Express Card, click 'Get Started'. Review the offer details after you log in and enter the necessary information, follow instructions, and then submit.
Upon approval (usually 10 - 15 days), American Express will pay your other creditors in the amount you indicate and in the order they are entered (based on your available credit limit). The amount(s) transferred will then be placed on your American Express account and will appear on your statement within 4 - 6 weeks.
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What is my balance transfer rate?
To see your balance transfer rate, simply log in to American Express Online using your User ID and Password. If you do not have a User ID and Password, click 'Register for a User ID and Password' on the main page and sign up to manage your Card account online. This will enable you to view your balance transfer rate.
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Why would I want to transfer my balances?
Two main reasons: (1) to save money with a lower interest rate than what you may be paying now; and (2) to consolidate your balances into one convenient monthly payment that would be lower than paying multiple creditors.
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Do the balances I transfer have to come from a major credit card?
No. You can use this service to transfer balances from your major credit cards (including MasterCard, Visa®, and Discover®), as well as balances from your retail store and gas cards.
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If American Express pays off the entire balance of my account, will the account be cancelled?
No, American Express will not close any account(s) on your behalf, even if we pay your creditor the entire remaining balance. You must contact each of your creditors directly in order to close your accounts.
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Once I submit the transfer, do I need to continue making payments to my other creditors?
Yes. It may take about 4 - 6 weeks for your balance transfer request to be fully processed. Therefore, you still need to make payments on your other accounts to keep them current until your request is complete. You will know when your request is completed when you see the balance transfer transaction on either your American Express or creditor statement.
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Can I see if my balance transfer is complete before my statement arrives in the mail?
Yes. To see if your balance transfer is complete, you can either log on to www.americanexpress.com at any time and check your e-statement, or call the number on the back of your Card and speak with an American Express customer service representative.
Please allow 10 - 15 business days for information to be available online or in customer service. In addition, you will receive a communication once the balance transfer is fully processed.
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Can I increase my Line of Credit to accommodate my transfer amount?
Yes. To apply for a line of credit increase, simply log on to www.americanexpress.com/loc, or call the number on the back of your Card.
To qualify for a line of credit increase, you must have had the American Express Card to which you would like to transfer balances for at least 6 months.
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Do I have to pay a fee to do a balance transfer?
Some balance transfer offers and/or transactions have a fee associated. You will be advised of any fees that might be applicable as part of the offer details.
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Is there a minimum balance I need to transfer?
Yes, we require a transfer of at least $100 for each individual balance transfer.
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When do I start to accrue Finance Charges?
Finance Charges will begin to accrue in the billing cycle in which your balance transfer appears.
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