Amex BT

[Anonymous]

I just got approved for Amex Clear with $10600 CL. They have a promotion - 5.99% for life of the BT amt. I was thinking perhaps BT part of my $7K over to reduce the utilization % on my BoA card and plus my 0% promo rate will end in Oct. I'm not sure I want to do this b/c I always hear about Amex finicky nature. Anyone has experience with BT with Amex? Do they hate it if you take your time paying off the BT amt? I always hear PIF with them. Any advice is appreciated. Thanks.

[thrasher865]

I would say 3 months max payoff time, lol.  It's not worth the torment.  Don't do it!  Get a new card with another 0% intro rate on BTs when your BoA card promo expires.

[Anonymous]

IF you were looking for a BT card- I would have chosen a company besides AMEX. 

While I have heard people taking advantage of BT's though them- it locks up you card for as long as you have a BT balance.  Amex wants to see usage.

Congrats  on your new card!!!!!!!!

Message Edited by Timothy on 07-17-2008 06:04 AM

[FretlessMayhem]

I agree with Timothy. Don't use Amex for a BT. They hate carrying balances for indefinite periods of time and like to see a lot of usage. But, with usage you also lose your awesome rate because payments are allocated to low interest first, which means you end up accruing interest on the stuff you charge.

Besides, there are plenty of better BT offers out there.

Congrats on the awesome CL!

[Anonymous]

I don't have much advice to offer on the BT, other than that I'd be wary of using AmEx for that purpose unless you can pay it off PDQ, just based on everything I've heard/read about AmEx and their funny ways! But if you don't mind me asking... what kind of scores, credit history, utilization, number of inqs, etc, did you have when you got approved for the Clear? I'm thinking I might try for one in January, but have no idea what you need to get approved for one. I already have the Delta SkyMiles and Blue, and although I know it's theoretically possible to do a product change... I'd rather not risk that, AmEx being the funny beast it is!

[Creditaddict]

If you are talking part of your balance (3500?) out of 10600, I would say go for it, but I would keep your payoff to under a year.

Is this your first card with amex? if you have other cards and have a relationship with amex, then transfer all 7k, they won't care because they know you... they get finicky when your a new card member and you max your card out

[Anonymous]

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@Anonymous wrote:
I don't have much advice to offer on the BT, other than that I'd be wary of using AmEx for that purpose unless you can pay it off PDQ, just based on everything I've heard/read about AmEx and their funny ways! But if you don't mind me asking... what kind of scores, credit history, utilization, number of inqs, etc, did you have when you got approved for the Clear? I'm thinking I might try for one in January, but have no idea what you need to get approved for one. I already have the Delta SkyMiles and Blue, and although I know it's theoretically possible to do a product change... I'd rather not risk that, AmEx being the funny beast it is!

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Thanks everyone for your replies. I think I'll stay clear from the AmEx BT offer. fevmlo, I don't know my actual FICO score, but my PFICO with TU is 770 as of June. I have no inquiry with EX. My only utilization is $7K out of $15K on the BoA card. I did have some delinquencies with AmEx back in 1999 or so. They end up closing my acct, but I did pay off the balance. I was actually pretty nervous re-applying with them since it still shows "acct closed by grantor" on my EX report. I applied online and got approved instantly for the Clear.