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Frequent Contributor
Posts: 455
Registered: ‎06-08-2008
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Cancel AMEX, What Happens To the Fee

 

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?

 

 

Senior Contributor
Posts: 3,382
Registered: ‎04-04-2013
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Re: Cancel AMEX, What Happens To the Fee


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.



TU-8: 771 EX-8: 775 EQ-8: 772    EX-8 Bankcard: 817    TU-9 Bankcard: 795 EQ-9: 822    EX-98: 740 EQ-04: 754 Total $437,800
Epic Contributor
Posts: 29,452
Registered: ‎10-23-2007
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Re: Cancel AMEX, What Happens To the Fee


Themanwhocan wrote:

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.


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.

Senior Contributor
Posts: 3,382
Registered: ‎04-04-2013
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Re: Cancel AMEX, What Happens To the Fee

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



TU-8: 771 EX-8: 775 EQ-8: 772    EX-8 Bankcard: 817    TU-9 Bankcard: 795 EQ-9: 822    EX-98: 740 EQ-04: 754 Total $437,800
Super Contributor
Posts: 31,000
Registered: ‎02-07-2013
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Re: Cancel AMEX, What Happens To the Fee

IIRC the AF is prorated for a refund 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Senior Contributor
Posts: 11,485
Registered: ‎10-21-2012
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Re: Cancel AMEX, What Happens To the Fee

[ Edited ]

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.

Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: Cancel AMEX, What Happens To the Fee

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.

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Valued Contributor
Posts: 1,920
Registered: ‎10-24-2013
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Re: Cancel AMES, What Happens To the Fee

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

Regular Contributor
Posts: 153
Registered: ‎09-09-2012
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Re: Cancel AMES, What Happens To the Fee

Yes, AFAIK, AMEX will do a pro-rated refund of the annual fee when you cancel or downgrade their cards.
Age: 25 | FICO: TU 802, EQ 782, EX 801 | FAKO: TU 778, EX 769 | Garden: 6/2015 | Total History: 7yr 6mo | AAoA: 4yr 2mo | Util: 4%
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Valued Contributor
Posts: 1,715
Registered: ‎03-07-2013
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Re: Cancel AMEX, What Happens To the Fee

+1



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LAST APP: 08/20/2013
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