Canceling AMEX

[mjban]

My AMEX Gold is about to enter it's first year, meaning that I will be charged the regular annual fee. I don't usually use the card, I've only spent 5K this year with it and my rewards are just $86 (not even the annual fee).

This is my only charge card, I just got (activated today) a BCP with a CL of 7K, I may be able to transfer points and continue my relationship with Amex. But it is recommended to have a charge card on my credit? How AMEX will see this? This is my second older card (OCT 2012), after my Cap One (OCT 2011). And I prefer going ahead and paying the fee than having negative effects on my score or with AMEX. 

Thanks!

[myjourney]

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@mjban wrote:

My AMEX Gold is about to enter it's first year, meaning that I will be charged the regular annual fee. I don't usually use the card, I've only spent 5K this year with it and my rewards are just $86 (not even the annual fee).

This is my only charge card, I just got (activated today) a BCP with a CL of 7K, I may be able to transfer points and continue my relationship with Amex. But it is recommended to have a charge card on my credit? How AMEX will see this? This is my second older card (OCT 2012), after my Cap One (OCT 2011). And I prefer going ahead and paying the fee than having negative effects on my score or with AMEX. 

Thanks!

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IMHO it won't be a negative 

If you don't and won't use it cancel it 

[ezdoesit]

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@myjourney wrote:

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@mjban wrote:

My AMEX Gold is about to enter it's first year, meaning that I will be charged the regular annual fee. I don't usually use the card, I've only spent 5K this year with it and my rewards are just $86 (not even the annual fee).

This is my only charge card, I just got (activated today) a BCP with a CL of 7K, I may be able to transfer points and continue my relationship with Amex. But it is recommended to have a charge card on my credit? How AMEX will see this? This is my second older card (OCT 2012), after my Cap One (OCT 2011). And I prefer going ahead and paying the fee than having negative effects on my score or with AMEX. 

Thanks!

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IMHO it won't be a negative 

If you don't and won't use it cancel it 

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Before you close the account you do have a couple of options.  Open a Amex blue and transfer the point into that account that way you don't lose the points and it has no AF.  Or product change to the senior green with a $35 af.  The blue is a revolver and of course you know that the green is a charge card.

[frugalQ]

When I called to close my Green card earlier this year, they waived the $95 fee to keep it open. Maybe you can get them to credit the AF and keep it open for another year.

[Crashem]

No real negatives to closing, but use those rewards or get blue as suggested to save points. Given backdating, much less effect to closing and opening Amex. In fact you can reset your signup bonus timer.

[mjban]

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@frugalQ wrote:
When I called to close my Green card earlier this year, they waived the $95 fee to keep it open. Maybe you can get them to credit the AF and keep it open for another year.

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I will try that, but did they ask you wahy you wanted to cancell it? what did you tell them?