Existing Balance and AMEX

StuMcBill

Hi,

I currently have 3 active credit cards, two with zero balance and one with +/-£2.5k on it. 

I have a friend who has an AMEX card who enjoys the points etc he gets with it. 

I asked him for a referral code, which he has sent me and I can get 6000 Avios points if I spend £2k in the first 3 months. 

Couple of questions from me:

1. Would transferring the £2.5k to the AMEX card count as spending £2k in the first 3 months?
2. Does AMEX do zero percent balance transfers?
3. Should I close one or more of my other credit card accounts if I were to open the AMEX card. 

Once the £2.5k is paid off, I’d be in a position to pay off the balance each month (normal monthly spending. Food shopping etc)

Thanks
Stew

Voyager2002

No to the first two questions.

I don't think your dormant credit card account makes much difference to anything.

WillPS

I'm pretty sure Amex don't offer balance transfers at all?

lr1277

Should you wish to tranfer your balance on Amex to another card, be wary that not every card accepts a balance transfer from Amex. Every so often on these boards, a thread appears words to the effect of which cards accept a balance transfer from Amex.

Not saying it can't be done, just that you might be limited in your cards to which the balance can be transferred.

Edited to add: If you are specifically interested in earning Avios, have a look at this web page and the site it sits on:

https://www.headforpoints.com/2024/06/06/what-is-the-best-avios-credit-card-9/ 

Whilst the article is dated from last year, it shows the the uptodate offers available in terms of points/avios (at time of writing).

This post has multiple edits.

MrFrugalFever

Hi,

The AMEX card offering is somewhat different to a 'standard credit card' by way of most will have many perks/benefits tied in to it and often an Annual fee attached. Because of this, it is vital that you DO NOT pay interest on these cards because that would, in one month alone, completely undo all of the benefits the cards offer.

My advice for what it is worth would be to clear the £2.5k balance ASAP, before even considering an AMEX card. If you cannot clear in full each month then an AMEX card just simply isn't for you.

There are no offers, ever, to transfer IN to an AMEX. It is possible to transfer out but not every lender will and often it has to be done over the phone (Santander & NatWest as an example).

The above link supplied (headforpoints) is a great starting point to read up about maximising the benefits of AMEX and would really help you to understand their purpose.

DullGreyGuy

StuMcBill said:

I currently have 3 active credit cards, two with zero balance and one with +/-£2.5k on it. 

I have a friend who has an AMEX card who enjoys the points etc he gets with it. 

I asked him for a referral code, which he has sent me and I can get 6000 Avios points if I spend £2k in the first 3 months. 

Couple of questions from me:

1. Would transferring the £2.5k to the AMEX card count as spending £2k in the first 3 months?
2. Does AMEX do zero percent balance transfers?
3. Should I close one or more of my other credit card accounts if I were to open the AMEX card. 

Once the £2.5k is paid off, I’d be in a position to pay off the balance each month (normal monthly spending. Food shopping etc)

Up until a few years ago AmEx only offered chargecards which are similar to a credit card other than the balance must be cleared every month in full. Whilst they have now fully transitioned to credit cards in the consumer space a fair amount of their processes/mentality is still there from the chargecard days

1. No, not for amex or any other card issuer, BT isnt spend

2. No

3. Depends, what are your limits -v- your free income

Traditionally AmEx didnt like standing balances but dont know if thats changed since moving to CCs themselves.