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.
