Blue by American Express... Credit Union transfer question

[svtcobra2k3]

I just applied for a blue by American express credit card because it says 0% APR on purchases and balance transfers for the first year. Now, I don't have any other credit card, and I tried to fill out the balance transfer for a Personal Loan that I have with 13% Interest. However, it only allowed me to put a Credit Card transfer in. So I just applied for the card.

So my question is, when I receive this card, could I actually go to my Credit Union and pay off my Loan and get the 0% APR on the American Express card and start paying it off to the credit card instead of my bank? Would that be considered Cash in Advance and would I need to pay interest on that? I just want to pay off my Personal Loan so I can get rid of the high 13% interest.

 

[FordSVTFan]

You should call and ask Amex if that transaction can be done as a balance transfer. I doubt it since it is an installment loan. I would guess they would tell you to take the cash advance.

 

[97WHITEVENOM]

it says 0% APR on purchases

If this is true it should be no problem, as long as your bank lets you pay your loan with a CC.

 

[Gringo185]

I work at a Credit Union. If you were to bring in a Credit Card to pay off a loan, it would show as neither a balance transfer nor a purchase. It would be done as a cash advance (which with the AMEX Blue is upwards of 20-30% APR). I would call AMEX and try to take care of it through them as a balance transfer. Good luck.

 

[97WHITEVENOM]

I work at a Credit Union. If you were to bring in a Credit Card to pay off a loan, it would show as neither a balance transfer nor a purchase. It would be done as a cash advance (which with the AMEX Blue is upwards of 20-30% APR). I would call AMEX and try to take care of it through them as a balance transfer. Good luck.

Good to know.

 

[RGrossman]

I've had several 0% CC offers that sent me a check that I could deposit into my bank and do as I please. Might want to look into this option.

 

[SVT F15O]

You need to make sure you get approved for the AMEX card first!

 

[PWORLDSTANG]

I have the Blue Card and I love it. It's definitely a good card. As far as the balance transfer stuff goes, I'm not sure.

You should definitely call Amex and check with them first. Cash advances from credit cards are a no no :nonono: . The interest is stupid high. Not worth trying IMO.

But they have good customer service. Call them and see what they say first.

 

[SVT F15O]

HaHa, this is funny, after reading this thread I was on the AMEX site checking my Gold card account and said what the hell, I'll apply for the Blue, you can't go wrong with 0%. Was approved in less than a minute and given my credit limit.
It is 4.99% on balance transfers FYI. All the specs are here: http://www201.americanexpress.com/a...undefined/undefined/undefined&mgmID=undefined
Your 0% term can be anywhere from 6 months up to 15. Seems like the best card I have gotten yet. -Mat-

 

[svtcobra2k3]

I actually got a letter from AMEX for the Blue saying I am pre-approved for 0% on New Purchases and Balance Transfers for 12 months. Then after that, it will be 13%. Thing is, when I tried applying for the card, I selected "Balance Transfer" to transfer my personal loan, but it would only allow a Credit Card Number transfer.

I called up AMEX and told them I just applied for the card and I want 0% APR for my bank loan. They just said when I receive the card, to call the number on the back, and they would cut a check to the bank. Hopefully, it's as easy as it sounds.