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Amex brings back balance transfer offers – Forbes Advisor

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American Express removed all of its 0% APR balance transfer offers during the pandemic, but it looks like they’re coming back. Now new cardholders can enjoy an introductory 0% APR on balance transfers on two American Express cards, the Amex EveryDay® Credit Card* and the Amex EveryDay® Preferred credit card*.

When you have high-interest debt on your credit card, it can be difficult to pay off your balance. For many people, the majority of their payment is spent on interest instead of reducing the amount owed. With these American Express balance transfer offers, you can eliminate interest on your account and make progress in paying off your debt.

Find the best balance transfer credit cards of 2022

What is a balance transfer?

A balance transfer is the process of transferring your balance from one credit card to another. When you take advantage of a balance transfer offer, you can transfer your high-interest debt to an account that offers low-cost financing for a period of time. Although the issuing bank offers interest rates as low as 0% APR on the transferred balance, they usually charge 3% to 5% of the transaction amount as a fee.

Depending on the particular card you’re transferring a balance to, a balance transfer offer can last anywhere from six months to nearly two years. This promotional period allows all of your payments to be used to reduce the balance instead of being split between principal and interest.

Best Balance Transfer Offers from American Express

While some banks periodically offer balance transfer offers to existing customers, the surest way to take advantage of them is to apply for a new credit card.

American Express had removed balance transfer offers from its cards for a while, but the issuer is now offering this benefit again on some cards. These are the current best balance transfer offers from American Express.

Amex EveryDay® Credit Card*

Attributes of this card include:

  • An introductory APR of 0% on purchases and balance transfers for 15 months from the date the account is opened, then a variable APR, from 15.24% to 26.24%
  • $0 annual fee
  • Welcome offer of 10,000 Membership Rewards points after spending $2,000 on qualifying purchases within the first 6 months of card membership
  • Earn 2 Membership Rewards points per dollar at U.S. supermarkets up to $6,000 per year in purchases (then 1X), 2 points per dollar when you use the card to book travel through American Express Travel, and 1 point for every qualifying dollar on everything else. Plus, use the card 20 or more times on purchases during a billing period and earn an additional 20% points on those purchases.

The Amex EveryDay credit card is a great choice for consumers who want a 0% APR introductory offer and a card that earns membership rewards, without paying an annual fee. Note that this card charges a balance transfer fee of $5 or 3% of each transfer amount, whichever is greater, so make sure the amount you save in interest charges outweighs the transfer fee cost.

Amex EveryDay® Preferred Credit Card*

  • An introductory APR of 0% on purchases for the first 12 months from the date the account is opened, followed by a regular APR of 15.24% – 25.24% for purchases. Balance transfer fee of $5 or 3% of each transfer amount, whichever is greater.
  • $95
  • Welcome offer of 15,000 Membership Rewards points after making $2,000 in purchases within the first 6 months of account opening
  • Earn 3 points per dollar at U.S. supermarkets, up to $6,000 per year in purchases (then 1 point per dollar), 2 points per dollar at U.S. gas stations, and qualifying travel purchases such as hotel vacations. prepaid hotel, vacation packages and cruises booked through AmexTravel. com and 1 point per dollar on other qualifying purchases

For people willing to pay an annual fee, the Amex EveryDay Preferred Card offers higher rewards and bonuses than its no-annual-fee sibling, the Amex EveryDay Card. Both come with secondary car rental insurance and have a balance transfer fee of $5 or 3% of each transfer amount, whichever is greater. But, EveryDay Preferred also offers return protection on qualifying purchases, which could be a big money saver depending on your shopping habits.

Conclusion

If you carry a balance from month to month, you pay high interest charges to your bank. Using a balance transfer card can temporarily eliminate these interest charges so you can pay off your debt faster. Consider one of American Express’ current balance transfer offers to meet your debt repayment goal.