A few years ago, I never thought I’d see the day, but alas, American Express now has a no fee balance transfer with 0% APR available!
I assumed they’d be the least likely company to offer such as deal, seeing that they barely offered 0% APR on balance transfers on any of their cards with fees, but times have changed.
Chalk it up to an improved economy and lots of credit card debt, and perhaps the need to increase their credit card business.
Amex EveryDay Credit Card No Fee Balance Transfer Offer
- 0% APR for 15 months on balance transfers and purchases
- If you make the request within 60 days of account opening
- No balance transfer fee!
- No annual fee
The offer is available on the popular Amex EveryDay Credit Card, which offers bonuses to those who make 20 or more purchases each month.
The irony is that you’ll want to make zero purchases and simply transfer your existing credit card debt to the card.
One common pitfall with a balance transfer is mixing up transferred balances and new purchases, assuming the purchase APR isn’t set at zero.
In this case, the card offers 0% APR on both new purchases and balance transfers, so it is possible to actually use the card without getting into a mess.
But if your goal is to pay off a credit card balance, then it’s probably best to simply place the card in your sock drawer after making the balance transfer request.
Act Fast on This Amex Balance Transfer Deal
- American Express rarely offers deals like this
- Especially a no fee balance transfer with 0% APR
- So run don’t walk if you want to take advantage of this offer
- Only works for non-American Express credit card debt
As noted, American Express hasn’t been too big on balance transfers for a long time now, so this is definitely a surprise offer.
If you do have credit card debt with a different issuer, say Chase or Citi, this is an excellent opportunity to shuffle it over to Amex and pay no interest for a year and three months.
And I would do so without delay because this offer may be a limited-time deal. It’s being referred to as a “New Welcome Offer,” which typically means it only lasts for a short period of time before it disappears.
Overall, it’s a good credit card too, so once you transfer a balance and pay it off in full, you can actually hang onto this card for the long run, especially since there’s no annual fee.