Balance Transfer AWAY from Amex

[scientifics]

I am thinking about doing a balance transfer away from Amex to a new great 0% offer I got. I always PIF on Amex, but doing this transfer will help my finances nicely. It will be a transfer of about 10% of my CL. Anyone have any experience with doing this? Will it trigger any AA?

[pizzadude]

I wouldn't think that there would be any issues with doing this ~ as long as AMEX gets their $$$$ on time.

Balance Transfers can sometimes take more than one billing cycle to process, so just make sure you check on the timing.

Of course this is AMEX we are talking about, so who knows if they would decide to invoke some AA on you.

[SevenNEW]

Stupid question -- would they know it's a balance transfer? After all, they get a check and that's it! Or would they actually pay attention to where the check comes from and write it in their little black book?

[HoldingOntoHope]

AMEX puts everything in their little black book. In fact, that guy standing behind you when you ordered lunch yesterday, he was working for AMEX.

[Anonymous]

I have transfered large balances from my American Express to at first Capital one and then onto Citi, never had any issues.

[jdogi]

I paid my very first statement for my new Amex Zync with a transfer to my even newer Citi Visa.  I had made 3 other payments to Amex during that first cycle, but the final one, to pay of the statement balance, was that xfer.  Anyway, long story short, I applied for a Blue Cash Preferred card before I had even received my 2nd Zync statement and was approved.  If anything should scare Amex, I would think that someone paying their first statement balance with an xfer to another brand new card and then applying for yet another Amex card a few weeks after that should do it.

You get a good/decent credit score by being responsible and not getting into trouble.  If you've done that and have good scores and haven't lied on your application, I don't see that you have anything to worry about.  And what's the worst that could happen? Amex does a FR?  Fine, assuming that you've not lied on your app, you either give them your tax returns or you say screw it and let them close your account.  Amex revokes your charging "privileges"?...fine let them, I can't imagine that you "need" their card to survive.  If you could get the Amex in the first place then there are other places that you can go.  You are their customer, they are not yours.  As long as you don't screw them over, they are making money on your card usage.

We need to remember that, generally speaking, we don't need these cards.  They are a convenience and offer some rewards that make them worth using.  That's why we use them (hopefully).  Amex has some nice rewards and some nice consumer protections, and that's why I decided to get their cards.  But they're not that much better than some other cards.  It's not worth tippy-toeing around for.  Creditors over the long run reward those who manage their finances wisely and responsibly.  It sounds like doing this xfer is the right financial decision for you.  So that's what you should do.

And for those wondering why I found it necessary to app for that many cards in rapid succession, it's because I only just decided that perhaps these reward programs might be worth taking advantage of.  I had plenty of decent credit lines, but only one offered any rewards (I think) and it was just a 1% cash back card.  I finally decided that I should do the research (thanks MyFico) and take advantage of what is out there.  I guess I finally realized that leaving money on the table was just stupid.

Anyway, it's possible that the guy looking over my shoulder at lunch will see this post and trace these details back to my accounts and shut me down.  Somehow I don't think that's going to happen.  The customers that the CC companies should want most are the customers that don't really need their products and have proven that they will reliably pay for their debts.

Like I said, I really like the Amex products (now that I've taken the time to learn about them) and until they give me a reason not to, I will use them and recommend them (or at least educate friends and family about their benefits).  I will NOT keep my Amex in my wallet when buying a nice bottle of wine at the liquor store out of fear that their agents will somehow infer that said purchase means that I just lost my job or reach some otherwise oulandish conclusion from that purchase.

I like to think that I earned my good credit scores and reputation as a good credit risk.  It isn't some gift bestowed by the gods of the prime lenders...It's mine and I'll take it with me to whatever bank provides the best products and services.

</rant>

[Odiseous]

---

@jdogi wrote:

I paid my very first statement for my new Amex Zync with a transfer to my even newer Citi Visa.  I had made 3 other payments to Amex during that first cycle, but the final one, to pay of the statement balance, was that xfer.  Anyway, long story short, I applied for a Blue Cash Preferred card before I had even received my 2nd Zync statement and was approved.  If anything should scare Amex, I would think that someone paying their first statement balance with an xfer to another brand new card and then applying for yet another Amex card a few weeks after that should do it.

You get a good/decent credit score by being responsible and not getting into trouble.  If you've done that and have good scores and haven't lied on your application, I don't see that you have anything to worry about.  And what's the worst that could happen? Amex does a FR?  Fine, assuming that you've not lied on your app, you either give them your tax returns or you say screw it and let them close your account.  Amex revokes your charging "privileges"?...fine let them, I can't imagine that you "need" their card to survive.  If you could get the Amex in the first place then there are other places that you can go.  You are their customer, they are not yours.  As long as you don't screw them over, they are making money on your card usage.

We need to remember that, generally speaking, we don't need these cards.  They are a convenience and offer some rewards that make them worth using.  That's why we use them (hopefully).  Amex has some nice rewards and some nice consumer protections, and that's why I decided to get their cards.  But they're not that much better than some other cards.  It's not worth tippy-toeing around for.  Creditors over the long run reward those who manage their finances wisely and responsibly.  It sounds like doing this xfer is the right financial decision for you.  So that's what you should do.

And for those wondering why I found it necessary to app for that many cards in rapid succession, it's because I only just decided that perhaps these reward programs might be worth taking advantage of.  I had plenty of decent credit lines, but only one offered any rewards (I think) and it was just a 1% cash back card.  I finally decided that I should do the research (thanks MyFico) and take advantage of what is out there.  I guess I finally realized that leaving money on the table was just stupid.

Anyway, it's possible that the guy looking over my shoulder at lunch will see this post and trace these details back to my accounts and shut me down.  Somehow I don't think that's going to happen.  The customers that the CC companies should want most are the customers that don't really need their products and have proven that they will reliably pay for their debts.

Like I said, I really like the Amex products (now that I've taken the time to learn about them) and until they give me a reason not to, I will use them and recommend them (or at least educate friends and family about their benefits).  I will NOT keep my Amex in my wallet when buying a nice bottle of wine at the liquor store out of fear that their agents will somehow infer that said purchase means that I just lost my job or reach some otherwise oulandish conclusion from that purchase.

I like to think that I earned my good credit scores and reputation as a good credit risk.  It isn't some gift bestowed by the gods of the prime lenders...It's mine and I'll take it with me to whatever bank provides the best products and services.

</rant>

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I doubt that would trigger a FR. 

On the other hand; if you suddenly went from buying $100+ bottles of wine, to buying a bottle of Thunderbird, or MD 20/20; that may raise a flag or 2.