AMEX and balance transfers

[dizzier]

so i needed to do a balance transfer and AMEX sent me a 0% offer. I took them up on said offer and was approved.

I read all of the negative comments regarding AMEX and FR, I'm just wondering if this balance transfer is going to cause me any problems? It is probably going to take me over 6 months to pay the balance transfer off.

[Anonymous]

man, amex is a strange beast. why offer cc if they like pif? why offer sweet bt rates when they don't like revolvers? i hope it works out for you, but i wouldn't be brave enough to try it.

[Anonymous]

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dizzier wrote:
so i needed to do a balance transfer and AMEX sent me a 0% offer. I took them up on said offer and was approved.

I read all of the negative comments regarding AMEX and FR, I'm just wondering if this balance transfer is going to cause me any problems? It is probably going to take me over 6 months to pay the balance transfer off.

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Six months or so is probably going to be OK on a BT from an offer they sent you.  I wouldn't go much longer than that, though.  They really don't like it when you revolve a balance from purchases for more than 3 months or so.

I say probably because they are unpredictable, and YMMV.

[Anonymous]

Make much more than min payments-

Keep your other creditors happy-

Is this you only AMEX?

Saving $ is always a good thing-

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dizzier wrote:
so i needed to do a balance transfer and AMEX sent me a 0% offer. I took them up on said offer and was approved.

I read all of the negative comments regarding AMEX and FR, I'm just wondering if this balance transfer is going to cause me any problems? It is probably going to take me over 6 months to pay the balance transfer off.

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[dizzier]

yeh i know it was a risk, but it was a good offer so i figured i'd give it a try. If anything goes wrong i have 2 other CC at $0 i can transfer back to. I don't plan to make purchases on the Amex so no embarrassing public declines for me. lol

[Anonymous]

Just to add a couple of points:

1) Make sure your balance on the card is $0 before you do the BT.

2) Do NOT use your card for additional purchases while you still have the BT balance.

3) Always pay significantly more than the minimum, even though it is at 0%.  I would not advise making only minimum payments for 5 months and then PIF in the 6th month.  They will not be happy with that.

[dizzier]

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@Anonymous wrote:

Make much more than min payments-

Keep your other creditors happy-

Is this you only AMEX?

Saving $ is always a good thing-

---

@dizzier wrote:
so i needed to do a balance transfer and AMEX sent me a 0% offer. I took them up on said offer and was approved.

I read all of the negative comments regarding AMEX and FR, I'm just wondering if this balance transfer is going to cause me any problems? It is probably going to take me over 6 months to pay the balance transfer off.

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yes this is my only amex but i have 2 other major cards.

[Anonymous]

dizzier,

I think it is OK to do the BT.  (If you trust my opinion.)

Just be sure to make large monthly payments and stay on your schedule of paying it off in six months.  I don't think Amex will flinch based on your scores.  I would only be concerned if your Amex account was recently opened.

[dizzier]

it is recently opened. i guess i didn't make that clear. this was an offer for a new AMEX with BT offer. this makes a difference?

Message Edited by dizzier on 02-23-2008 09:55 AM

[Anonymous]

dizzier,

Does the BT max out the Amex card?