Credit Cards

How To Transfer Balance To American Express

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 6 minute read

American Express (a Money Crashers partner) offers the Amex EveryDay® Credit Card, a cash-back credit card with a complex but flexible point structure. It has a high rate of return at supermarkets (2 points for every $1 spent) and a standard rate of return anywhere else (1 point for every $1 spent).

Credit cards from other issuers, such Capital One’s Quicksilver and Chase’s Freedom Flex, as well as American Express’s own Blue Cash Everyday and Blue Cash Preferred, are among EveryDay’s main rivals.

Important Characteristics

Features like this are what make the American Express EveryDay Credit Card so useful.

Welcome Bonus

You will receive 10,000 Membership Rewards points after making a purchase for $1,000 or more during the first three months of account setup. This can be redeemed for up to $100.

Earning Membership Benefits

You may earn double the Membership Rewards points on grocery purchases made in the United States with your Amex EveryDay Card, up to a maximum of $6,000 in purchases per year.

The maximum number of points you may get for grocery purchases in the United States is 1,000. Additional bonus points of 1 point per $1 can be earned on any other purchases. Please be aware that American Express does not consider warehouse clubs like Costco or big-box superstores like Walmart to be “supermarkets.”

In addition, American Express’s travel portal’s Double Membership Rewards program doubles the points you earn on most prepaid travel transactions (excluding auto rentals). In addition, a 20% bonus is added to all points earned in a billing month if you make at least 20 transactions (retroactive to the first day).

Redeeming Membership Benefits

The Membership Rewards portal is where you may redeem your points, beginning at just 1,000 points for various rewards. You may get whatever you want, from gift cards to store credits to a statement balance.

At redemption, a single point is worth anything from $0.005 to $0.01. Statement credits are worth around $0.006 each point, or 6% of their original value, whereas Uber credits are worth about $0.01 per point, or 100% of their original value.

APR Introductory

Buying with a balance transfer from For the first 15 months after account opening, your annual percentage rate will be zero. Transfers of qualifying balances are limited to the first 30 days after an account is opened.

Important Charges

This card does not have an annual fee. The same applies to balance transfers, which are free of charge. The percentage of the transaction amount that is charged as a fee when making a foreign exchange is 2.7 percent. The fee for a cash advance is $5 plus 3 percent of the amount borrowed, with a maximum of $39 added for payment delays or rejections.

Advantages of Shopping

The extended warranty coverage on all products with original warranties lasting less than five years, as well as purchase protection against accidental damage and theft for 90 days from the purchase date, are just a few of the shopping perks that come with the Amex EveryDay card.

Travel Benefits

In addition to the Double Membership Rewards promotion described above, other cardholder benefits for travel with Amex EveryDay include 24/7 roadside assistance, 24/7 global assistance for those traveling more than 100 miles from home, and loss and damage coverage for rental cars at no additional cost.

Credit Required

In order to qualify for this card, a high credit score is required.

Benefits

  1. There is no recurring cost. The absence of an annual charge is a nice perk for frugal cardholders like myself.
  2. Benefits for Those Who Make Repeated Purchases. When you spend $20 in a single month, you’ll get 20% more reward points. Good news for those who use their EveryDay card for everyday purchases. Chase Freedom, a popular option, doesn’t provide you a points bonus every month.
  3. 0% Intro Rate Offer. Among cash back credit cards, the 0% purchase and debt transfer APR for 15 months is exceptionally long. Do not assume that you will find anything that can compare to it anywhere, at least not on a regular basis.
  4. Travel purchases earn double points. Prepaid travel booked through American Express’s travel portal earns 2 points per $1 spent, which is a great incentive for regular fliers who don’t want to carry a separate travel rewards credit card but still want to take advantage of EveryDay’s double-points U.S. grocery shopping category.
  5. Perfect for those who may not have the best credit. You need good credit to qualify for most American Express cards, or any high-end cash-back credit card. Even though EveryDay is aimed for those with excellent credit, this card is for those with less-than-perfect credit, since Amex does not disclose the specifics of its application screening process or if a minimum credit score test is applied. To put it another way, this is an excellent “first American Express card.”
  6. 0% Balance Transfer Fee. You won’t pay a penny to transfer a debt from your old credit card to this one, making it one of the few rewards cards that provide this perk. With the high interest rates charged by other credit card companies, Amex EveryDay should be on the top of your list.

Drawbacks

  1. Not a very good introduction. The introductory bonus for the EveryDay Card isn’t the finest you’ll find. Depending on how you choose to redeem your points, it’s worth between $50 and $100. To top it all off, you’ll need to shell up a cool grand in only three months. Chase Freedom gives a $150 incentive for $500 in shopping, while the BankAmericard Cash Rewards MasterCard and Capital One Quicksilver both offer $100 bonuses for $500 in spending.
  2. Rewards Points Are Rarely Worth Their Cost. Membership Rewards points earned with the EveryDay Card can be redeemed for anywhere from $0.005 to $0.01 in cash. That’s a lot less than you’d get with any number of other credit cards that provide cash back, even American Express’s own Blue Cash Everyday card ($0.01).
  3. Bad Choice for Redeeming Credits on Account Statements. Membership Rewards points are worth only $0.006 each when redeemed for statement credits. That’s a lot less than the 0.01 cents you’d pay for the Chase Freedom or the Capital One Quicksilver. Consider one of these options if you’d rather have your collected credit card points applied to a future bill.
  4. We found the point-based reward system to be quite perplexing. It’s not as clear cut with the EveryDay Card’s points-based reward scheme as it would be with a cash back rewards program how much you can get for your points. Capital One Quicksilver pays out cash back in the form of cash or cash equivalents (such gift cards) at a flat rate of $0.01 per cash back point. Chase Freedom’s cash back points are always worth $0.01 whether used for shopping or travel instead of cash.
  5. Contains Fees for Foreign Transactions. The 2.7% charge assessed on all overseas transactions made with this card is a major drawback for frequent fliers. For example, the USAA Cash Rewards American Express Card has a low international transaction cost of 1%, whereas the Capital One Quicksilver does not impose any such tax on its cardholders.
  6. Carrying a Penalty Annual Percentage Rate. The hefty penalty APR will catch up with you if you miss a payment on this card.

Bottom Line

When compared side-by-side, the points-based Membership Rewards system on The Amex EveryDay® Credit Card from American Express and Chase’s Ultimate Rewards scheme, which underpins cash-back cards like the Chase Freedom and travel-rewards cards like the Chase Sapphire Preferred, are not that dissimilar. Membership Rewards, like Ultimate Rewards, gives you several options for using your accrued points, including items, travel, and cash equivalents like gift cards and account credits.

Membership Rewards, on the other hand, seems more difficult than it actually is because of one little but crucial distinction: Some items cost $0.01 per point to redeem, while others are fixed at merely $0.005 per point. Ultimate Rewards redemptions, on the other hand, are nearly always worth $0.01 per point, with the very publicized exception being trip bookings ($0.0125). Never discount the efficacy of brevity in a complex and noisy environment.

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