Cancel AMEX, What Happens To the Fee

[Scuba]

I am thinking of canceling my Platinum AMEX, I am just not getting the value out of that high annual fee.

They refund the pro-rated unused part of the fee back to you, don't they?

[Themanwhocan]

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@Scuba wrote:

I am thinking of canceling my Platinum AMEX, I am just not getting the value out of that high annual fee.

They refund the pro-rated unused part of the fee back to you, don't they?

---

I assume you would be refunding the sign up bonus points and all rewards and benefits you gained from having the card, including the credit history on all credit bureau reports and any fico score improvements. And any other credit cards you may have qualified for because of all that...

On second thought, no, they don't refund annual fees.

[Creditaddict]

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@Themanwhocan wrote:

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@Scuba wrote:

I am thinking of canceling my Platinum AMEX, I am just not getting the value out of that high annual fee.

They refund the pro-rated unused part of the fee back to you, don't they?

---

I assume you would be refunding the sign up bonus points and all rewards and benefits you gained from having the card, including the credit history on all credit bureau reports and any fico score improvements. And any other credit cards you may have qualified for because of all that...

On second thought, no, they don't refund annual fees.

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Umm, YES they usally do pro-rate back.

but it's been a while since I asked for such a thing and when I have it wasn't my only Amex and I was PC so they always issued credit.. usually for the full amount not pro-rated... if this is your only account and you are not interested in being a cardholder not sure what they do but I really do think they at least pro-rate.

[Themanwhocan]

The cardmember agreement document doesn't say a partial refund is possible:

Cancelling or suspending your Account

We may:

● cancel your Account,

● suspend the ability to make charges,

● cancel or suspend any feature on your Account,

and

● notify merchants that your Account has been

cancelled or suspended.

If we do any of these, you must still pay us for all

charges under the terms of this Agreement

[myjourney]

IIRC the AF is prorated for a refund 

[FinStar]

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@Themanwhocan wrote:

The cardmember agreement document doesn't say a partial refund is possible:

Cancelling or suspending your Account

We may:

● cancel your Account,

● suspend the ability to make charges,

● cancel or suspend any feature on your Account,

and

● notify merchants that your Account has been

cancelled or suspended.

If we do any of these, you must still pay us for all

charges under the terms of this Agreement

---

Pro-rated AF adjustments can usually be done at the discretion of AMEX.  It would depend on the overall AMEX relationship.  To myjourney and Creditaddict's points, AMEX has done this in the past for individuals (PC, product discontinuation, etc); however, it is not covered in explicit detail within their cardmember agreement.  The OP would need to contact them to see if they can pro-rate it.

[Crashem]

Charge Card AFs are refunded on pro-rated basis.  That text being cited in this thread is referring primarily to charges on your card.  In other words, if you cancel your card, you still need to pay for the outstanding charges and balance.

[juggalo9er]

Does this mean your filing for emancipation from the American express family?

[broseph23]

Yes, AFAIK, AMEX will do a pro-rated refund of the annual fee when you cancel or downgrade their cards.

[djc1puno]

+1