- Credit card and loan statements
Managing your credit card finances requires an understanding of how to make balance transfers that lower your interest rates. American Express credit cards often offer lower interest rates for balance transfers. To transfer a balance to American Express, observe these steps.
Pick the highest interest rate department store cards, credit cards and other loans for the balance transfer to American Express.
List your credit card and other debt from the highest interest rate cards and loans to the lowest interest rate cards and loans. Make sure the highest rate is transferred first followed by the next highest and so forth.
Have the recent billing statement for the cards and loans you want to transfer the balance. Locate the credit card number and the amount that needs to be to transferred.
Go to the American Express website and read and review the terms and conditions of the balance transfer. Often, American Express provides discounts, such as balance transfer offers for 0 percent interest for the first 15 months.
Make the balance transfer with the understanding that there will be a 3 percent fee or minimum $5 or maximum $95 per transfer of balance.