Over the course of 2008 and early 2009, American Express 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, 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 most of 2009 and all of 2010, American Express balance transfer offers have been non-existent. While other credit card companies are offering 0% balance transfers that last as long as 18 months, American Express has no such deals.
For information on current balance transfer offers, please visit the 0% APR balance transfer section of Smart Balance Transfers.
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.
September 30th, 2010 at 11:19 pm
“It’s not just you.” As an Amex customer for a few years, I have all clean credit files with low utilization and a 29,000 limit on Amex Blue. I have not received a balance transfer offer since the “meltdown.” I have been disappointed with Amex, whom I boycotted for years. The card’s value is lessened without a balance transfer option.
October 1st, 2010 at 9:53 am
American Express basically shut down 0 balance transfer deals as soon as the credit crunch began. They still have some balance transfer offers, but many have APRs of 9.99% and carry 3% fees. I think American Express will continue to stay out of the balance transfer game for the forseeable future.