Question:

Balance transfer question..AMEX?

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"For every balance transfer transaction or convenience check transaction you make in response to this offer, you will be charged a transaction fee equal to 3% of the transaction, with a minimum of $5 and a maximum of $99 (no maximum for checks considered Cash Advances). These fees are Finance Charges."

Can someone spell that out for me? And I'm transferring $2891.00 froma US Bank to a AmEX (hopefully). Thanks!!

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2 ANSWERS


  1. That means they are going to charge you $86.73 to transfer the balance.  That is VERY typical.  Actually, it is better than most - most cards charge the 3% transfer fee with NO maximum at all.  Anyway, you would be hard pressed to find any card that will transfer your balance for free or for less than 3%.

    After you transfer the 2891.00, you will see another charge for 86.73, making your balance 2977.73.


  2. For the convenience of transferring your balances from other cards (or loans) to their card, they are giving you the option of a "balance transfer transaction" - you calling and giving the outstanding debt info and they transfer to their card -or "convenience checks" where you write a check for the balance owed elsewhere to x company. However, this comes at a fee of at least $5 but calculated at the amount of the transaction times 3%. Say you pay off another credit card at $500. This would cost you $15. This would apply to new balances (whether by transfer transaction or convenience checks) you put on the American Express card after you receive it.

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