topic Re: Balance Transfer from AMEX Charge card to a Credit Card? in Credit Cards

Balance Transfer from AMEX Charge card to a Credit Card?

Anonymous — Sat, 08 Nov 2014 16:41:14 GMT

Stupid question: Can you use a balance transfer from AMEX charge card to a credit card?

Explaination:

I currently have an AMEX Gold Rewards charge card and a USAA AMEX Cash Rewards Credit Card. I am now virtually debt free with the exception of my house and a timeshare loan (I was young and dumb but I have learned from my mistakes...). I make my monthly payments for that loan with my AMEX Gold. I dont carry a balance on this card, it is only used for points. My USAA AMEX is just used for gas purchases and I avoid carrying a balace on that as well.

I am planning to pay off the remaining $6,000 of the timeshare loan with my annual bonus (April '15). I was planning to pay off the balance with the AMEX Gold for the points and then pay the balance on the card immediately. However, I just noticed a promotion with the USAA AMEX for 12 month 1.9% APR balance transfer. Instead of paying the 18% APR on that loan until April, I was thinking I could go ahead and pay it off with the AMEX Gold and then take advantage of the USAA AMEX balance transfer promotion to carry it on that card at the lower APR until I pay it off the balance in April. That would give me the AMEX Gold Card points and save me on the monthly interest I am currently paying.

Any obvious flaws in that plan?

Re: Balance Transfer from AMEX Charge card to a Credit Card?

daybreakgonesXe — Sat, 08 Nov 2014 16:44:09 GMT

@Anonymous wrote:
Stupid question: Can you use a balance transfer from AMEX charge card to a credit card?

Explaination:

I currently have an AMEX Gold Rewards charge card and a USAA AMEX Cash Rewards Credit Card. I am now virtually debt free with the exception of my house and a timeshare loan (I was young and dumb but I have learned from my mistakes...). I make my monthly payments for that loan with my AMEX Gold. I dont carry a balance on this card, it is only used for points. My USAA AMEX is just used for gas purchases and I avoid carrying a balace on that as well.

I am planning to pay off the remaining $6,000 of the timeshare loan with my annual bonus (April '15). I was planning to pay off the balance with the AMEX Gold for the points and then pay the balance on the card immediately. However, I just noticed a promotion with the USAA AMEX for 12 month 1.9% APR balance transfer. Instead of paying the 18% APR on that loan until April, I was thinking I could go ahead and pay it off with the AMEX Gold and then take advantage of the USAA AMEX balance transfer promotion to carry it on that card at the lower APR until I pay it off the balance in April. That would give me the AMEX Gold Card points and save me on the monthly interest I am currently paying.

Any obvious flaws in that plan?

1.99% will garner you less interest in the long run, so I don't see a problem with it! I'm assuming when you pay your timeshare loan, it is charged as a purchase and not a cash advance on your AMEX gold, no?

Otherwise, you should be good to go, good luck!

Re: Balance Transfer from AMEX Charge card to a Credit Card?

Anonymous — Sat, 08 Nov 2014 17:16:36 GMT

Thanks. Yeah, it just shows up as a purchase under Travel > Lodging.

Re: Balance Transfer from AMEX Charge card to a Credit Card?

jamesdwi — Sat, 08 Nov 2014 17:31:17 GMT

@Anonymous wrote:
Stupid question: Can you use a balance transfer from AMEX charge card to a credit card?

Explaination:

I currently have an AMEX Gold Rewards charge card and a USAA AMEX Cash Rewards Credit Card. I am now virtually debt free with the exception of my house and a timeshare loan (I was young and dumb but I have learned from my mistakes...). I make my monthly payments for that loan with my AMEX Gold. I dont carry a balance on this card, it is only used for points. My USAA AMEX is just used for gas purchases and I avoid carrying a balace on that as well.

I am planning to pay off the remaining $6,000 of the timeshare loan with my annual bonus (April '15). I was planning to pay off the balance with the AMEX Gold for the points and then pay the balance on the card immediately. However, I just noticed a promotion with the USAA AMEX for 12 month 1.9% APR balance transfer. Instead of paying the 18% APR on that loan until April, I was thinking I could go ahead and pay it off with the AMEX Gold and then take advantage of the USAA AMEX balance transfer promotion to carry it on that card at the lower APR until I pay it off the balance in April. That would give me the AMEX Gold Card points and save me on the monthly interest I am currently paying.

Any obvious flaws in that plan?

do it early in your billing cycle, so that the balance transfer completes before you must pay the AMEX card. You don't want to get a late fee on the charge card and damage your relationship with AMEX. BT's always take longer than you think they will. 2 weeks is not unusual for a BT to complete.

Re: Balance Transfer from AMEX Charge card to a Credit Card?

Anonymous — Mon, 10 Nov 2014 04:58:34 GMT

@jamesdwi wrote:
@Anonymous wrote:
Stupid question: Can you use a balance transfer from AMEX charge card to a credit card?

Explaination:

I currently have an AMEX Gold Rewards charge card and a USAA AMEX Cash Rewards Credit Card. I am now virtually debt free with the exception of my house and a timeshare loan (I was young and dumb but I have learned from my mistakes...). I make my monthly payments for that loan with my AMEX Gold. I dont carry a balance on this card, it is only used for points. My USAA AMEX is just used for gas purchases and I avoid carrying a balace on that as well.

I am planning to pay off the remaining $6,000 of the timeshare loan with my annual bonus (April '15). I was planning to pay off the balance with the AMEX Gold for the points and then pay the balance on the card immediately. However, I just noticed a promotion with the USAA AMEX for 12 month 1.9% APR balance transfer. Instead of paying the 18% APR on that loan until April, I was thinking I could go ahead and pay it off with the AMEX Gold and then take advantage of the USAA AMEX balance transfer promotion to carry it on that card at the lower APR until I pay it off the balance in April. That would give me the AMEX Gold Card points and save me on the monthly interest I am currently paying.

Any obvious flaws in that plan?
do it early in your billing cycle, so that the balance transfer completes before you must pay the AMEX card. You don't want to get a late fee on the charge card and damage your relationship with AMEX. BT's always take longer than you think they will. 2 weeks is not unusual for a BT to complete.

Not sure how long USAA takes but citi was quick and painless on a BT

I BT'd $1,000 from the wife's PRG over to a CDP since they were offering a 0 fee 0% transfer so I wasn't tying up our main checking account with 2 $2,000 PRG bills and a $1,000 ED bill at the same time.

Re: Balance Transfer from AMEX Charge card to a Credit Card?

NRB525 — Mon, 10 Nov 2014 05:04:59 GMT

@Anonymous wrote:
Stupid question: Can you use a balance transfer from AMEX charge card to a credit card?

Explaination:

I currently have an AMEX Gold Rewards charge card and a USAA AMEX Cash Rewards Credit Card. I am now virtually debt free with the exception of my house and a timeshare loan (I was young and dumb but I have learned from my mistakes...). I make my monthly payments for that loan with my AMEX Gold. I dont carry a balance on this card, it is only used for points. My USAA AMEX is just used for gas purchases and I avoid carrying a balace on that as well.

I am planning to pay off the remaining $6,000 of the timeshare loan with my annual bonus (April '15). I was planning to pay off the balance with the AMEX Gold for the points and then pay the balance on the card immediately. However, I just noticed a promotion with the USAA AMEX for 12 month 1.9% APR balance transfer. Instead of paying the 18% APR on that loan until April, I was thinking I could go ahead and pay it off with the AMEX Gold and then take advantage of the USAA AMEX balance transfer promotion to carry it on that card at the lower APR until I pay it off the balance in April. That would give me the AMEX Gold Card points and save me on the monthly interest I am currently paying.

Any obvious flaws in that plan?

It may work, the suggestions here to go ahead may be correct, however, in the interest of "YMMV"...

I would suggest getting all the paperwork details, and your magnifying glass out, to read through the fine print of the offer. There may be something buried in there about not picking up amounts from other AMEX cards, any AMEX issued cards. The banks are technically different, so there may not be a restriction, but if there is, you are going to find yourself with $6k on a rather short clock.