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Amex cancels "balance transfer" (likely Personal Loan) program

Amex cancels "balance transfer" (likely Personal Loan) program

Old Jul 5, 20, 2:40 pm
  #1  
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Join Date: Jan 2007
Location: Nashville, TN - BNA
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Amex cancels "balance transfer" (likely Personal Loan) program

In this case I suspect the article refers to the Personal Loan program, since I've never received a balance transfer offer from Amex and have been a cardholder since 1988. I ran across this article while doing a search on why the offers which would pop up every once in a while on my Gold account have disappeared.

https://www.cnbc.com/2020/06/27/cred...-defaults.html

(It stinks; I planned to use one to pay off another credit card but didn't put it through in March b/c the other card had a couple months left before the promo rate expired. Luckily my penalty rate on the other card isn't too onerous.)

I suppose you can't blame them since almost half the U.S. population is currently unemployed and likely at high risk of default.
divemistressofthedark is offline  
Old Jul 5, 20, 3:09 pm
  #2  
 
Join Date: Sep 2014
Posts: 704
Originally Posted by divemistressofthedark View Post
In this case I suspect the article refers to the Personal Loan program, since I've never received a balance transfer offer from Amex and have been a cardholder since 1988. I ran across this article while doing a search on why the offers which would pop up every once in a while on my Gold account have disappeared.

https://www.cnbc.com/2020/06/27/cred...-defaults.html

(It stinks; I planned to use one to pay off another credit card but didn't put it through in March b/c the other card had a couple months left before the promo rate expired. Luckily my penalty rate on the other card isn't too onerous.)

I suppose you can't blame them since almost half the U.S. population is currently unemployed and likely at high risk of default.
Was getting those Amex "personal loan" offers each time logged into my gold card account for a few years now. Never bothered with them but plenty of others apparently took up offer.

https://www.americanexpress.com/us/personal-loans/

It wasn't a balance transfer per se; Amex called it a personal loan and you simply told them which accounts you wanted them to pay. IIRC early on Amex was offering to send people checks or direct deposit funds (if approved) into bank account, but that soon stopped (I wonder why? *LOL*). Amex then went with they would only pay bills as requested.

We have another thread on this already; all banks, charge/credit card issuers are tightening things up in terms of new account approvals, credit limits and marketing. People are seeing their credit limits slashed overnight even though they've never had an issue.

For their credit cards, yes Amex did have straight forward balance transfer offers: https://www.comparecards.com/blog/ho...rican-express/

FWIW saw something in my May or June bill that Amex is scrapping part of their "Pay Over Time" program as well.
BugsyPal is offline  
Old Jul 5, 20, 7:59 pm
  #3  
 
Join Date: Dec 2006
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Originally Posted by divemistressofthedark View Post
I suppose you can't blame them since almost half the U.S. population is currently unemployed and likely at high risk of default.
Not too many unemployed babies and toddlers with Amex cards that are at risk, I would guess. I think Amex is looking at other numbers.
notquiteaff is offline  
Old Jul 6, 20, 11:11 am
  #4  
Formerly known as stellertony
 
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Amex is still advertising personal loans on their website, i donít see any reason to think that balance transfer refers to anything else. A 0% balance transfer has long been part of the welcome offer for the Blue Business Plus, for example. I think Amex just never marketed them as aggressively as other banks; their FAQ simply directs customers to the appropriate section of online banking.
tonei is offline  

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