Credit card balance transfer - American Express

maryleerk06

Hi all,

Quick questions - I have a balance on an American express cashback platinum credit card. I will have held it for a tear come August. I want to transfer the balance as the cash back offer is no longer any good. I have however managed to accumulate £195 total cash back on the card.

Can anyone tell me if I balance transfer the amount from this card to another card will I lose the casback I have made ( AE only pay the cash back out on a yearly basis ) so does the whole card get closed down or would I still be able to use the card and have a £0 balance.

Thanks,

Mary

grumbler

A BT is no different from a normal payment to a CC. The account remains active, and there are no reasons for you to lose the cashback.

than_prutt

maryleerk06 wrote: »

Hi all,

Quick questions - I have a balance on an American express cashback platinum credit card. I will have held it for a tear come August. I want to transfer the balance as the cash back offer is no longer any good. I have however managed to accumulate £195 total cash back on the card.

If you are paying interests on the balance then you are losing money despite the cashback as the interests are quite high on cashback cards. Over the course of the year, the interest paid would have far outweighed the cashback. If you plan to run a balance, try cards with lower APR. AND don't forget to BT the Amex balance to another card..