Amex offer lifetime fixed rates on balance transfers (updated with extra info) (American Express)

Member Name: sgreenland

Product:	American Express
Date:	28/09/01 (420 review reads)
Rating:

Advantages: lifetime fixed APR

Disadvantages: not as widely accepted as some other cards

American Express have recently started an offer to members of British Airways' Executive Club. Since the latter is free to join, I thought it would be well worthwhile signing up to get the better deal on offer from Amex.

There are several advantages - the most important one being that Amex count membership of BA as a bonus to your credit scoring reference (as far as I could see - given that I've had problems on that count recently and yet had no queries on my application!). In other words, applying for a BA Executive Club card is a way of improving your credit rating - and you don't even need to fly BA to get the card! And once you've got Amex to offer you the card, they're offering fixed rates for balance transfers until the sum is paid off...so no need to transfer it all back off again four months down the line to avoid a whopping interest charge! The rates I got were 4.9% APR guaranteed for the lifetime of the balance. Comparing this, I have seen better rates on offer, but only for limited periods (e.g. 5 months), and the best other lifetime rate I've seen was 7.9% APR.

Furthermore, the customer relations people really are excellent. There have been two occasions when I've missed a payment, mainly due to my own incompetence and/or being away on holiday, but each time they've accepted my excuses and have waived the late payment charges! Much, much better than Natwest (for example), with whom I've been waging an ongoing battle over similar issues...

Lastly, BA Executive Club give you one BA mile for every £1 you spend on the card (not including balance transfers, interest repayments, etc). To give you an idea, you need 13,000 BA miles to get a return economy class ticket to most European destinations, which would mean spending £13,000 on the card...so it's probably not going to get you free flights all on its own, but it would be a useful addition if you are already earning BA miles elsewher
e.

OK, so this may above all just be a way to drop the APR you're paying on a debt, but it's also a neat way of getting a credit card if you've got reference problems. Mind you, if the latter is the case, I'd recommend reading some of the comments here on dooyoo about how to get yourself back on your feet easily!

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