Balance transfers give you the option to transfer high interest rate debt to a different card with a lower rate. Amex are not known for competitive balance transfer offers, but occasionally they do run introductory offers on their lower end cards.
If you have questions about how to balance transfer with American Express, this guide covers it all.
Use our balance transfer credit card comparison to check what the banks are offering.
In this guide
Help choosing an American Express card
Balance transfers to American Express
Balance transfers are not synonymous with American Express, but on occasion they run introductory offers for new customers.
- If Amex are running an introductory offer on balance transfers, which is fairly rare, make sure to compare it against others on the market at that time. It’s quite likely you could get a longer introductory period with a different bank.
How to transfer to another bank
Balance transfers from American Express
There are usually a range of interest-free introductory rates for balance transfers available at any given time. This rate is significantly lower than what you will be paying to American Express for purchases or cash advances with any of their cards.
Follow these steps to balance transfer debt from American Express to another bank.
Step 1. Choose a balance transfer credit card
Things to look out for when comparing what’s available Include the following:
- No Interest on balance transfer. Many banks offer balance transfers with no interest for new customers.
- How long the balance transfer rate lasts. The introductory or promotional balance transfer rate varies between cards and determines how long you get interest-free. A longer period is better.
- A low balance transfer fee. Many banks — but not all — charge a fee to process a balance transfer. If there is a fee, it’s usually 2 - 3% of the amount being transferred and charged on a one-off basis.
- How much you can transfer. There is a limit to how much you can transfer, which is usually a percentage of your new card’s credit limit. The minimum and maximum credit limit is public for most cards, which is good since you won’t know what your credit limit will be until your application has been approved. Therefore, it is possible you may not have enough space on the new card to transfer all your debt.
Step 2. Check your eligibility
Before applying, check if you meet the bank’s minimum criteria.
- Minimum income. Most cards require a certain amount of income to be eligible, although there are some that will accept income from casual employment.
- Credit score. Most cards require good credit with no recently missed payments on your credit report, which they’ll pull when assessing your application.
- Residence. Australian credit cards are generally available to any citizen or resident who meets the card’s other criteria. Permanent residents are also eligible for many cards (subject to the visa status and eligibility), but it varies between cards.
3. Apply
You can request the balance transfer online as part of the application process. You may need to provide the following.
- Proof of your identification
- Details on the source of income
- Balance transfer details including how much, account number, etc.
Can you balance transfer without changing bank?
Balance transfers for existing CommBank customers
As is the case with other banks, it is not possible to balance transfer from one existing American Express card to another.
Alternatives
- You could balance transfer out of Amex to a different bank, for example NAB, Westpac, or St.George.
- Consider the possibility of using a debt consolidation loan to pay off what you owe on your Amex card. The interest rate won’t be as low as a balance transfer card, but it’ll still be lower than continuing to pay the standard rate on purchases at Amex.
Want some help?
FAQs
How long does it take to transfer a balance from American Express to a credit card with another bank?
Most banks will give you their conditional decision on your application within 60 seconds. It can take up to two weeks for the balance transfer to process, varying between banks.
Do you have to close your American Express credit card account after the balance has been transferred?
You do not have to close your American Express credit card once you have transferred the balance from it. American Express won’t close your account automatically for you. If you do choose to close your account, you’ll need to clear the balance in full first.
Can you transfer a balance from an American Express credit card to an American Express credit card?
No. You cannot transfer a balance between American Express credit cards.
Can you transfer a balance from a personal loan to an American Express credit card?
No. It is not possible to balance transfer from a personal loan to an American Express credit card.
Can you transfer a balance from a buy now pay later account to an American Express credit card?
No. It is not possible to balance transfer from a buy now pay later account, e.g. Afterpay, Zip, Klarna, to an American Express credit card.
Can you transfer a balance from a store card to an American Express credit card?
Yes. If American Express has an introductory balance transfer offer available, you can transfer a balance from a store card such as those from Coles to an American Express credit card.
Can you transfer a balance from a charge card to an American Express credit card?
You can’t balance transfer from a charge card issued by American Express to an American Express credit card.
Can you transfer a balance from an overseas card to an American Express credit card?
American Express have a global card transfer service you can use to apply for a new card in Australia if you’ve moved from overseas. If American Express has an introductory balance transfer offer available, it won’t be possible to transfer a balance from an overseas card to an American Express credit card.
How long does it take American Express to process a balance transfer?
It takes American Express up to 10 days to process a balance transfer after application approval.
