For many people, the Amex balance transfer fee is a very minor price to pay. It is designed to make things easier by not having to remember different credit card balance payments. Instead, all that is needed is to simply transfer the balance to one of the card's available cards. This works the same way as most balance transfers. It does, however, have its limitations.
The fee is charged if the balance moves more than one month from one Amex credit card account. For balances transferred from other companies, the fee will not be as much. However, for balances transferred directly from an Amex card, the fee will be twice or three times of what it would be for other cards.
When this happens, Amex will charge a transfer fee for the entire period that you are late on paying the balance. That is, once your balance is paid off, you can again start using your card. However, you are charged the full Amex fee every time you do so. Also, if you go over your limit on any card, you will be charged an additional fee. It is a simple trick to use when you are worried about your balance.
If you are transferring a balance from another company, you should contact the company for information. You may be required to have a debit account in order to use the Internet bank. Also, you should contact them about fees and charges. Usually, they will work with you. However, you might want to check with the new card company just to be sure.
If you decide to transfer your balance and you do not choose a new credit card, the old one will remain as long as it is not closed. It will remain until the balance is paid off or the remaining period expires. Then, it becomes available for transfer to another Amex card. However, there is an additional fee that you will be charged.
The credit card company does charge a transfer fee. In addition, there might be other fees associated with this new line of credit. Some cards will offer you an upgraded card at no additional cost. Others might have an annual fee. Before signing up for a new balance, read all terms and conditions to make sure you understand them completely.
Another way that the Amex balance transfer fee can be lowered is if you transfer the balance to an introductory offer card. Sometimes the credit card offers have an introductory period lasting only a few months. During this period, you can enjoy reduced interest rates and waived annual fees. During this time period, you can transfer the balances to an introductory card and enjoy even lower interest rates. After the interest-free period is over, the card will charge an ongoing balance transfer fee. Again, you should check to see if the fee waived in the introductory period will apply.
If you are looking to consolidate all of your credit card debt, an Amex consolidation loan can be a good option. For many people, being able to consolidate their debt into one low monthly payment is a welcome relief. You can also enjoy a longer grace period with these loans. If you are trying to get credit card debt relief, consider paying off your balances with an Amex balance transfer fee as well as any other fees and charges that might apply to you.
To make it even easier for you to lower your monthly payments and costs associated with debt, consider reducing the amount of credit card debt you have at the moment. This is the first step in lowering your spending and rising your income. One way to do this is to use credit cards only for emergencies and not to make regular purchases. By reducing your current level of debt, you will pay more each month towards your debts.
If you are interested in using an Amex balance transfer fee to pay off high interest debts such as credit cards with high balances, you may be better served to get a low interest rate card or a card with a longer introductory period. These longer periods of time will allow you to pay down the balance faster. Although you can lower your monthly payment by transferring the Amex balance to an introductory offer card, you will still pay a fee. This fee can be paid or waived if you maintain an excellent credit rating after the transfer.
You can also protect yourself by comparing different offers from different banks. Because the Amex balance transfer fee varies from bank to bank, it pays to shop around for the lowest possible fee. You can find out which banks offer the lowest balance transfer fee and best terms by using the online resources provided by banking experts.