American Express announced a new valuable feature for its Amex Everyday Credit Card on Thursday. One of the credit card issuers now offers a $0 balance transfer fee for transfers new cardholders make in the first 60 days after opening their account.
This isn’t the first balance transfer credit card to offer no upfront fees on balance transfers. The Chase Slate, BankAmericard Credit Card, and Barclaycard Ring also offer the feature.
That said, the Amex Everyday Credit Card is the first major credit to offer this feature on a rewards credit card.
“American Express believes customers should not have to compromise between getting rewarded for everyday purchases and saving on interest,” said Kunal Madhok, vice president of product and acquisitions at American Express, in a statement.
About the Amex Everyday Credit Card
The Amex Everyday Credit Card’s rewards structure works as follows:
- Get 10,000 Membership Rewards points after you spend $1,000 in the first three months.
- Earn 2 points per dollar spent at U.S. supermarkets on up to $6,000 spent per year, and on AmexTravel.com.
- Earn 1 point per dollar spent on all other purchases.
- Get 20% more points when you use your card at least 20 times in a billing period.
You can use your points to get gift cards and cash back. You can also use your points to pay for travel or transfer them to one of American Express’ many hotel and airline partners.
The card’s 0% APR promotion also matches the other cards that offer no balance transfer fee. You’ll get a 0% APR on both purchases and balance transfers for 15 months, giving you plenty of time to move your debt from another card and pay it off.
Should you apply for this card?
If you’ve been considering getting a balance transfer credit card, seriously consider applying for this card. Not only is it essentially a get-out-of-debt-free card with no balance transfer fee and a 0% APR promotion, but the card’s rewards program also gives it long-term value, which you won’t get with the other no-balance-transfer-fee cards.
So, once you pay off your debt, you can keep using the card and enjoy the benefits rather than having to apply for a new card that offers rewards.
What’s more, the card has no annual fee, making this balance transfer credit card one of great value. To learn more about this and other balance transfer cards, check out SuperMoney’s credit card review page.
Ben Luthi is a personal finance writer and a credit cards expert who loves helping consumers and business owners make better financial decisions. His work has been featured in Time, MarketWatch, Yahoo! Finance, U.S. News & World Report, CNBC, Success Magazine, USA Today, The Huffington Post and many more.