American Express scrapped all 0% APR balance transfer offers during the pandemic, but it looks like they’re making a comeback. Now, new cardholders can enjoy an introductory 0% interest rate on balance transfers across two American Express cards. Amex EveryDay® Credit Card* and Amex EveryDay® Preferred Credit Card*.
When you have high-interest-rate debt on your credit card, paying off the balance can be a challenge. For many people, the bulk of their payments go toward paying interest, not reducing the amount owed. With these American Express balance transfer offers, you can eliminate account interest and make progress toward paying down your debt.
What is a balance transfer?
A balance transfer is the process of transferring a balance from one credit card to another. When you take advantage of balance transfer benefits, you can transfer your high-yield debt to an account that offers low-cost financing over a period of time. While card-issuing banks offer as little as 0% APR on funds transferred, they typically charge 3% to 5% of the transaction amount as a fee.
Funds transfer offers can range from six months to nearly two years, depending on the specific card you’re transferring funds to. During this promotion, all of your payments can be used to reduce your balance instead of being split between principal and interest costs.
Best balance transfer deals from American Express
While some banks regularly offer balance transfer offers to existing customers, the surest way to get an offer is to apply for a new credit card.
American Express has been removing the funds transfer offer from its cards for a while, but now the issuer is offering it again on select cards. These are the best current American Express balance transfer deals.
American Express EveryDay® Credit Card*
The attributes of this card include:
- Initial 0% APR on purchases and fund transfers for 15 months from account opening, followed by variable APR from 15.24% to 26.24%
- $0 annual fee
- 10,000 Membership Rewards Points after spending $2,000 in the first 6 months of card membership
- Earn 2 Membership Rewards points on purchases up to $6,000 (then 1X) per year at US supermarkets, 2 points per dollar when you use the card to book travel with American Express Travel, and for all other eligible 1 point per dollar. Plus, use the card for at least 20 purchases in a billing cycle and earn 20% extra points
The Amex EveryDay Credit Card is an excellent choice for consumers who want an introductory 0% APR offer and a card that offers loyalty rewards without paying an annual fee. Please note that this card charges a transfer fee of $5 per transfer or 3% of the amount transferred, whichever is greater. So make sure you save on interest charges that outweigh the cost of the transfer fee.
American Express EveryDay® Preferred Credit Card*
- Initial 0% APR for purchases within the first 12 months from the date of account opening and regular APR of 15.24% – 25.24% for subsequent purchases. The transfer fee is $5 or 3% of each transfer amount, whichever is greater
- Receive 15,000 Membership Rewards Points on purchases of $2,000 or more within the first 6 months of account opening
- Earn 3 points per $6,000 (and then 1 point per dollar) spent at U.S. grocery stores, 2 points per dollar at U.S. gas stations, and eligible travel purchases such as prepaid hotel stays, vacation packages, and cruises booked through AmexTravel . 1 point per dollar on com and other eligible purchases.
For those willing to pay an annual fee, the Amex EveryDay Preferred Card offers higher rewards and bonuses than its non-annual-fee sibling, the Amex EveryDay Card. Both come with secondary rental insurance and a transfer fee of $5 per transfer or 3%, whichever is higher. However, the EveryDay Preferred also offers return protection for eligible purchases, which can save you a lot of money depending on your shopping habits.
When you have a balance every month, you pay high interest charges to the bank. Using a balance transfer card can temporarily eliminate these interest charges, allowing you to pay off your debt faster. Consider one of the current American Express balance transfer offers to help you meet your debt-paying goals.
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