Amex with balance transfers

Bman70 · ‎06-07-2014

So, thinking of transferring the remainder of my BofA Visa (~$550) to my BCP which I activated today. Are they picky about doing that so soon? Or about BT in general? Have heard some weird things since browsing credit forums, but I'm thinking they offer the 0% BT for a reason.

Also prominently displayed when I set up my BCP online was this perk:

"You have the option to carry a balance.

Whether you’re managing monthly expenses or making a large purchase, your Card gives you the flexibility to pay your charges over time or pay in full each month."

So their revolvers should be pretty much the same as any other revolver for balance carrying? Just not familiar with Amex so covering my bases.

EX 822
TU 834
EQ 820

enharu · ‎06-07-2014

Amex generally prefers customers who pay in full. However, based on recent press releases, they seem to be slightly more receptive towards customers who leave balances as they are trying to increase their interest income.

For just a $550 BT, you should be fine. I doubt it's going to make any significant difference to your account standing.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).

takeshi74 · ‎06-08-2014

@Bman70 wrote:
Are they picky about doing that so soon? Or about BT in general? Have heard some weird things since browsing credit forums, but I'm thinking they offer the 0% BT for a reason.

You always have to consider the source. People mistakenly assume causality and draw broad, sweeping conclusions all the time and many forum users seem especially jumpy about AmEx for some reason. It's not just about whether one does a BT or not. It's whether or not the specific situation (including other factors than just the BT itself) presents itself as a risk and not all BT's are identical. Assuming you have no balance on your BCP $550/$10,000 is nothing whereas someone transferring $2,700/$3,000 and just paying the minimum over long period of time with possibly other risky factors (balances on other cards, etc) would be perceived differently. Just keep utilization and the usual factors in mind just as with any creditor.

k-s · ‎06-08-2014

I've had no issues carrying a balance with Amex. I have two cards each with a few thousand on them at the moment (very expensive dental procedure and an unexpected tuition expense) that we will have to carry for awhile, unfortunately and we have had no adverse action. I wouldn't be too concerned about it.