Amex BT question

[Anonymous]

I recently opened an Amex ED card to xfer over a Discover card balance. The ED card has a an $11k SL and the total balance on the DC card is $5300. I've read that Amex can be a little wary of people carrying balances, so now I'm rethinking moving the entire balance over to Amex.

The DC still has 0% on a portion of it's balance, so I am thinking of just xfering over $3k at first, and then deciding later if I need to xfer over the rest. Before I do this: will it make any difference to Amex if I make more than one BT from the same card to the ED card, as long as it's within the 0%/$0 fee promotional window? 

Thanks!

[Anonymous]

I've made multiple transfers from one card to my Magnet and it hasn't raised any concern with them that they've acted on. I wouldn't worry about it at all.

[CreditInspired]

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@Anonymous wrote:

I recently opened an Amex ED card to xfer over a Discover card balance. The ED card has a an $11k SL and the total balance on the DC card is $5300. I've read that Amex can be a little wary of people carrying balances, so now I'm rethinking moving the entire balance over to Amex.

The DC still has 0% on a portion of it's balance, so I am thinking of just xfering over $3k at first, and then deciding later if I need to xfer over the rest. Before I do this: will it make any difference to Amex if I make more than one BT from the same card to the ED card, as long as it's within the 0%/$0 fee promotional window? 

Thanks!

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Doing 2 separate BTs mean 2 separate fees or is the fee 0%?  48%UT is pretty high and AmX doesnt like being paid back in puny monthly payments even though it’s 0%. Something to think about. 

[Anonymous]

There are no balance transfer fees on the ED, which is why I picked that card. I always make at least 3X the minimum payment on my Amex cards, and have had similar balances in the past on other Amex cards and paid them off, so they know I can, but that is why I was considering moving only the $3K over and leaving the rest on the discover.

I'd prefer to get everything off the disco so I can maximize my cash back max, but it's more important to me to maintain a good relationship with Amex.

[NRB525]

When was the last time you had a Discover 0% Purchases promotion? If it has been more than six months since that expired, you can call them to ask if there is a 0% Purchase APR available, usually for 12 months.

[dlister70]

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@Anonymous wrote:

I recently opened an Amex ED card to xfer over a Discover card balance. The ED card has a an $11k SL and the total balance on the DC card is $5300. I've read that Amex can be a little wary of people carrying balances, so now I'm rethinking moving the entire balance over to Amex.

The DC still has 0% on a portion of it's balance, so I am thinking of just xfering over $3k at first, and then deciding later if I need to xfer over the rest. Before I do this: will it make any difference to Amex if I make more than one BT from the same card to the ED card, as long as it's within the 0%/$0 fee promotional window? 

Thanks!

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I did this very thing not too long ago.  I was at the end of my Discover 0%, so I transferred the remaining balance to the AMEX ED.  Then I made a big purchase on ED card too since I had the 0% for awhile.  This pushed my utilization to 68% or so, which I know AMEX is not fond of.  However, my experian score didn't really move much (maybe a few points if I recall correctly), and so far AMEX hasn't taken any adverse action (that I'm aware of!).

It's worth noting that I still pay in full my Blue Cash Everyday card each month, and I've been making 5-10x the minimum payment on the ED card with the high balance percentage.  My first minimum payment was like $52, but I paid $500, for example.  I'm making sure to pay it down to where it's gone before the 0% is over.

I also just realized that I could easily switch some of my available credit from the Blue Cash card to the ED to make the utilization look better.  I had like 12k available credit on the BCE, but I only ever use a few hundred a month on that card.  So I moved a few thousand over to the ED and now utilization is down to 25%.  It's getting there!

[CreditInspired]

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@dlister70 wrote:

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@Anonymous wrote:

I recently opened an Amex ED card to xfer over a Discover card balance. The ED card has a an $11k SL and the total balance on the DC card is $5300. I've read that Amex can be a little wary of people carrying balances, so now I'm rethinking moving the entire balance over to Amex.

The DC still has 0% on a portion of it's balance, so I am thinking of just xfering over $3k at first, and then deciding later if I need to xfer over the rest. Before I do this: will it make any difference to Amex if I make more than one BT from the same card to the ED card, as long as it's within the 0%/$0 fee promotional window? 

Thanks!

---

I did this very thing not too long ago.  I was at the end of my Discover 0%, so I transferred the remaining balance to the AMEX ED.  Then I made a big purchase on ED card too since I had the 0% for awhile.  This pushed my utilization to 68% or so, which I know AMEX is not fond of.  However, my experian score didn't really move much (maybe a few points if I recall correctly), and so far AMEX hasn't taken any adverse action (that I'm aware of!).

It's worth noting that I still pay in full my Blue Cash Everyday card each month, and I've been making 5-10x the minimum payment on the ED card with the high balance percentage.  My first minimum payment was like $52, but I paid $500, for example.  I'm making sure to pay it down to where it's gone before the 0% is over.

I also just realized that I could easily switch some of my available credit from the Blue Cash card to the ED to make the utilization look better.  I had like 12k available credit on the BCE, but I only ever use a few hundred a month on that card.  So I moved a few thousand over to the ED and now utilization is down to 25%.  It's getting there!

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Excellent strategy.