Q: I wanted to apply for an American Express card but I have not seen any good balance transfer offers from them in 2012. Am I missing something?

A: Yes, that is correct. Back during the Great Recession, American Express got burned pretty badly and even though that is behind us and the economy has since recovered, I have not seen any good American Express balance transfer offers.

It seems that American Express has permanently shifted their strategy away from balance transfer deals and other offers geared towards people with debt.

The good news is that all the other big banks are offering balance transfer offers, sometimes quite lucrative and as long as 18 to 24 months with no interest. Go here to see the current offers: top rated balance transfer cards

While we’re on the topic, here a few things you will want to keep in mind when doing a transfer…

• Remember you can’t use 0% interest credit card offers within the same bank. For example, even if there were some nice AmEx balance transfer offers available, you still would not be able to use them if the balance you’re transferring comes from another AmEx card.

• You will rarely find a 0% balance offer that also gives a cash or points bonus. You can’t have your cake and eat it too (unfortunately). Yes there are plenty of offers that give cash/points/miles for signing up but rarely do they give you the best balance transfer offers; typically 0% for 6 months if it’s even offered. So when you have a big balance you need to transfer, don’t let the bonuses entice you because with them you will probably pay more in the long run.

• Expect to pay balance transfer fees. I hate to say it but as we all know, fees are the name of the game when it comes to banking these days. When you transfer a balance, expect to almost always pay a fee of 4% or 5% of the amount. This is why it’s so vital you pick an offer that’s long, so you can avoid paying this fee multiple times.

• Always make payments on time. I know this is common sense but I figure a friendly reminder never hurts. The last thing you want is to lose out on that long offer because of making multiple late payments.

• High balances on an AmEx might not be the best idea, anyway. A number of members on Credit Card Forum have reported having their credit limits cut when they carry a balance using too much of their AmEx card’s credit limit (like more than 50%). Even if there were enticing American Express balance transfer offers available, they probably wouldn’t be a good idea for those with high balances.

Check out the longest 0% balance transfer cards