Over the course of 2008 and early 2009, American Express has significantly altered its balance transfer rates. Until September of 2008, American Express offered a number of credit cards that offered fixed APR balance transfers for life. The interest rate? For some cards, as low as 4.99%. This was one the best options available to consumers looking to pay down credit card debt without utilizing a second, third or seventh mortgage.
When the financial markets went haywire last fall, American Express stopped offering fixed APR for life balance transfers and began offering 2.99% balance transfers for 12 months. This move was a sharp departure from its rivals, most of whom continued (and hopefully with continue to) offer 0% APR balance transfers for 1 year.
For information on current American Express balance transfer offers, please see the appropriate section of this website.
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August 9th, 2010 at 10:31 am
I’ve had an American Express Airmiles credit card for many years. Before the 2008/2009 financial meltdown, I used to get balance transfer offers on a fairly regular basis. Since the meltdown, Americal Express has refused to do ANY balance transfers. I keep getting told that they have put a freeze on balance transfers for existing customers, and that balance transfers are offered to new customers only. As of August 2010, I am still not able to do a balance transfer to my AMEX card. They must be really hurting.
August 11th, 2010 at 10:09 am
Brian,
In earnings conferences and simply by judging their current offers, the American Express company line seems to be that they are avoiding this type of consumer lending and focusing on customers who use credit cards like charge cards. I would definitely look for a different company to find a balance transfer offer. Most other credit card companies have resumed offering 0% APR balance transfers.