Blue and Blue Cash from American Express
They are not offering sign-up bonus. However, they are just perfect cards for those who need money. Blue from American Express is offering 0% APR on purchase for up to 15 months. Blue Cash/Blue Cash Business from American Express is offering 0% APR on purchase for 6 months. Another feature is they offer 4.99% fixed APR on balance transfer for the life of the balance! That the reason why I want to write a post about them. The fixed 4.99% APR for the life of the balance is just perfect for those who need money. For example, if you can’t get a better auto loan than 4.99%, you might think about this offer. At the same time, if you buy a car with auto loan, you have to pay premium auto insurance which will be a huge amount compared to the liability only insurance. So if you know how to use balance transfer, you can save a lot of money. Of course you can use the balance transfer offer to pay off other credit card balances or loans with higher interest rate. Don’t forget the balance transfer length is for the life of the balance! You don’t have to worry when you can pay the balance off as long as you can pay the minimum every month. 4.99% is already a very low rate for a loan not to mention the “for the life of the balance” feature.
How to take money out of the credit card via balance transfer?
Well, although officially you can’t get money/cash out of credit card through balance transfer, there are many direct or indirect ways to put them into your bank account.
Most credit card issuers will send you some checks with new card. Or Citi will even allow you to get a balance transfer check online! However, you should read carefully with the associated checks. Cash advance? You can also call the card issuer to confirm what you can do with the checks. I can deposit the checks from WaMu directly to my checking account with the checks received along with my new WaMu card. I call them up and confirmed that I can do this. I also wrote down the ID of the customer service representative.
Another way to do balance transfer is to transfer the balance to another credit card (This card doesn’t have to carry balance.). For example, you have new card A with balance transfer offer, and another card B. You can request to transfer balance from A to B. Once your request gets approved, you can see the balance on card B is negative. Then just go ahead and request a balance refund check from card B. You can deposit the check to you personal account. Again, Citi is most friendly with credit refund!
I have a special page about high rate saving accounts. You may check out there to find one for you to earn free money.
If you need money and don’t know where to find low rate loans, the balance transfer offer from the above mentioned cards might be worth considering.
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You can request to transfer your balance online in your account. You should click “see all account services” and then go to “credit & balance transfer”. There you can submit your balance transfer request. You can also increase your line of credit there. I got my new blue from amex and request to increase my credit limit online. I got approved immediately. Another way is to request balance transfer by calling the customer service. They are very helpful and the process is very simple. I called them up to do balance transfer because I wanted to confirm the APR with them.
AMEX BT can only be requested at your application, right? Because I don’t see BT service from my existing AMEX account.
Thank you and I found the link. But it seems the APR will only be 4.99% when you request BT with the application. Otherwise it is standard purchase APR.
Well. I’m sorry to hear that. AMEX is generally very generous on the line of credit. You can increase your credit limit in a short time. I was approved for only $2100 and then I requested to increase the credit limit to $8100 in a month.It’s easy to do balance transfer with them.
Hi liaosea.When did you get your card? It should be within 2~3 months after you get approved. I got the card in July, 2007, and they told me that I can get 4.99% fixed APR if I requested to transfer balance before Oct.21, 2007. You’d better read the welcome package.
I have used it for several months, so I think it has expired.
info from.. http://www.cardlister.com/CreditCards_det.asp?pdid=5&id=23
Blue from American Express® is an ideal credit card for those with good credit who already have an established credit history and are looking for a card with access to a reward program.
Various American Express® services and benefits are provided with this card, such as purchase protection, auto rental insurance, a year-end financial statement, and various travel and emergency assistance services.
Cardholders also have access to Blue’s Membership Rewards Express® program, which offers members the chance to earn points that can be redeemed for various services and products. The rewards program is by far one of the best reward programs offered in the credit card industry, due in part to the variety of rewards offered with no yearly limit and no expiration policy for earned points.
This card has no annual fee and a reasonably low interest rate for purchases (for those who qualify), which makes it ideal for those who plan to occasionally carry a balance. The card has a 0% introductory rate for up to 12 months of membership that can be applied towards purchases. A 2.99% introductory rate is available on balance transfers for 12 months. It is important to note that the balance transfer introductory rate only applies to those who initiate a transfer when applying for the card.
Therefore, those who qualify for the lowest rate offered and plan to take advantage of the additional benefits and discounts available by American Express®, especially frequent travelers who can take advantage of the Membership Rewards Express® program with earned points that can be combined with various frequent flyer accounts, will benefit most from what the Blue from American Express® card has to offer.