American Express Blue?

Question

I'd like to conslidate my current credit card debt and do a balance transfer on the American Express blue card

1st card = $4,600 18.99% apr
2nd card = $3,800 15.99% apr
3rd card = $700 21.00% apr

Now the blue card has a 4.9% fixed rate on balance transfers for the life of the transfer amount. Just wondering what my chances of approval to transfer these 3 amounts on that one card... (I plan to cut up those high rate cards asap once that happens) Are there any hidden fees or anything I should be worrying about, regarding this card, and what can I expect to be paying monthly? Credit score of 691, my take home pay each month is about $3,000 after taxes. I was also thinking of personal loans but the rates are between 10-13%. Is this the best move to go to a blue card or do I have any other alternatives?

Answer 1

4.9 percent seems very good. Your plan sounds good to me.

Answer 2

Why not find a card with a 0% balance transfer rate? There are balance transfer fees, usually a $50 minimum or like 3% of the total amount being transferred. Depending on how close you are to your limits on your current cards you should get approved. But if not for the full amount, at least do the 2 higher APR's...or just pay the 3rd card off with your next 2 checks (only $350/check).

Answer 3

Blue Cash from American Express®

This credit card issued by the credit card giant American Express has No annual fee. Coming to balance transfers, the Blue Cash from American Express has a low balance transfer rate. The APR for balance transfer is 4.99% fixed for the life of balance. Another good feature of the Blue Cash from American Express is that it is a 0 Intro APR credit card. It has a 0% intro APR rate for 6 months. The reward program of Blue Cash from American Express gives Up to 5% Cash Back with Unlimited Cash Rewards. This entitles the credit card holder to earn an unlimited cash back on his spendings. Apply online at: http://www.credit-card-gallery.com/American_Express.html

Answer 4

American Express charges me 25.99%, they are worse than the mafia.

If you go for that 4.99% rate and you miss one payment I suspect they will crank you to 25.99% also.

I missed a payment because I was in Thailand and the Taiwan earthquake made their website (always slow, down or hard to connect at the best of times) inaccessible, I went from 8.99% to 25.99% and for the undisclosed future.

Additionally, my credit limit was originally $10 000, first they lowered it to $5100 and now $4600. They will keep lowering it as you pay them back and then that money will be inaccessible to you to do balance transfers and manage your debt. My card can only be used for purchases, no cash advances, no balance transfers, even if I'm paid on time and the card is valid.

Find another credit card company, I repeat, American Express is no better than loan sharks or the mafia, take my word on this.

Visa is much, much, much better.

And no, I don't own Visa! ;)

Cheers!

Answer 5

Apart from no annual fee feature of the American Blue Express it also gives cash returns on specific purchases. Users of the American Blue Express also enjoy protection against fraud for online credit card transactions. This card tries to right the various wrong notions about the American Express credit cards, one of which is that it is a credit card only for rich or those who have money to keep a credit card.

Getting this card will also give you access to various other cards from American Express. American Express targets people of different styles and tastes. There is an appropriate American Express card for everybody in the family. The company also wants to target a niche market for credit cards, especially women and the youth. With this aim in mind, the American Blue Express was created.
http://www.complete-debt-info.com/category/American-Blue-Express-Credit-Card.html

Answer 6

Balance transfer at 4.9% is attractive. Speak with Amex and have them work-up the repayment plan for you. As to how much are you allowed to transfer will be at Amex's discretion.