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Closing Amex PRG

Established Contributor

Closing Amex PRG

The only reason I was going to leave this card open was for the primary rental ins coverage, but I just found out that my JP Morgan Select offers it as well - with no additional cost. Amex charges $23 per rental...winning! I will be closing it right before the annual fee hits...
TU FICO: 772 (Discover) • Exp FICO: 772 (Citi)

Amex BCE $13K | Amex Costco TE $10.4K | Amex SPG $5K | Chase Freedom Visa Signature $15K | Chase Sapphire Preferred Visa Signature $15K | Chase Ink Plus World Elite MC $5K | Citi TY Preferred World MC $10.1K | Citi Forward $10K | Citi Diamond Pref $7.6K | Discover IT $9.9K | JP Morgan Chase Select Visa Signature $9.2K | NFCU CashRew Visa Sig $25K | NFCU LOC $15K | NFL Visa Signature (Saints) $8.1K | USAA Amex $11.3K | USAA World MC $11.5K
7 REPLIES
Valued Contributor

Re: Closing Amex PRG


searchingfor67 wrote:
The only reason I was going to leave this card open was for the primary rental ins coverage, but I just found out that my JP Morgan Select offers it as well - with no additional cost. Amex charges $23 per rental...winning! I will be closing it right before the annual fee hits...

I do agree, the ins. coverage charge is a bit high, but I didn't think it was $23. Thought I was paying like $18 (not that much diff, I know)

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Senior Contributor

Re: Closing Amex PRG


Repo-ed wrote:

searchingfor67 wrote:
The only reason I was going to leave this card open was for the primary rental ins coverage, but I just found out that my JP Morgan Select offers it as well - with no additional cost. Amex charges $23 per rental...winning! I will be closing it right before the annual fee hits...

I do agree, the ins. coverage charge is a bit high, but I didn't think it was $23. Thought I was paying like $18 (not that much diff, I know)


 

IIRC, there are two tiers that you can purchase.  One is slightly more expensive.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Established Contributor

Re: Closing Amex PRG

What do you guys think? Given my stated reasons, would you close this card? I do plan on possibly upgrading it to a Mercedes Benz plat card in a couple of years. If I keep it open, then it's a simple upgrade. If I close it, I would have to reapply. I really would like to know your thoughts...
TU FICO: 772 (Discover) • Exp FICO: 772 (Citi)

Amex BCE $13K | Amex Costco TE $10.4K | Amex SPG $5K | Chase Freedom Visa Signature $15K | Chase Sapphire Preferred Visa Signature $15K | Chase Ink Plus World Elite MC $5K | Citi TY Preferred World MC $10.1K | Citi Forward $10K | Citi Diamond Pref $7.6K | Discover IT $9.9K | JP Morgan Chase Select Visa Signature $9.2K | NFCU CashRew Visa Sig $25K | NFCU LOC $15K | NFL Visa Signature (Saints) $8.1K | USAA Amex $11.3K | USAA World MC $11.5K
Valued Contributor

Re: Closing Amex PRG

I am thinking of closing mine too. AF is High, and Because I have many other rewards cards, I don't really use it enough to take advantage of it's advantages. I have been researching the card, and it looks like it can be PC's only to another charge card, or to Blue, which is a credit card with no AF, but is a Membership Rewards card. I believe the Blue card has Membership Rewards Express points (like Zync) that don't transfer to airline partners. I only have about 4500 MR points, so I would probably just cash them out on small gift cards before I close it.

 

I have a lot of cards (as do you) and there is no sense keeping one around that is not really serving a purpose. Plus, if I close it before the AF hits, I can reapply 90+ days later for another charge (if I decided I wanted to) and get the sign-up bonus again Smiley Tongue Just somthing I was thinking about. The Benz card seems to be one with many perks for a Benz driver, but I am more of a BMW type of person...LOL. 

 

By the way (and most importantly for the reason you were thinking of keeping it open) the Premium Car Rental Coverage can be added to any enrolled AMEX card, not just PRG. It is 24.95 per rental period (17.95 in California).


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, UMB Visa, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (4), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 801; TU MyFico: 799; EX (My Fico): 797
Frequent Contributor

Re: Closing Amex PRG

I have closed two Amex cards in the past year, a Green that I used for business expenses and a Gold that was for personal. For the Green I was within two months of the next AF and the CSR refunded the pro-rata share of my AF. For the Gold the AF had just hit my statement and the CSR processed a credit for the full amount. Thus, in my experience there is no reason to cancel before the AF hits.

 

I chose to apply for the Mercedes Platinum instead of doing a product change for the sign on bonus. I also didn't mind the fact that my account would be backdated to 1984. Well worth the INQ.

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Established Contributor

Re: Closing Amex PRG


OhioCPA wrote:

I have closed two Amex cards in the past year, a Green that I used for business expenses and a Gold that was for personal. For the Green I was within two months of the next AF and the CSR refunded the pro-rata share of my AF. For the Gold the AF had just hit my statement and the CSR processed a credit for the full amount. Thus, in my experience there is no reason to cancel before the AF hits.

 

I chose to apply for the Mercedes Platinum instead of doing a product change for the sign on bonus. I also didn't mind the fact that my account would be backdated to 1984. Well worth the INQ.


Good point...I think I'm going to go ahead and close it...If I decide to apply for the Mercedes Benz plat in a couple of years, backdating and bonus points make it a win/win...
TU FICO: 772 (Discover) • Exp FICO: 772 (Citi)

Amex BCE $13K | Amex Costco TE $10.4K | Amex SPG $5K | Chase Freedom Visa Signature $15K | Chase Sapphire Preferred Visa Signature $15K | Chase Ink Plus World Elite MC $5K | Citi TY Preferred World MC $10.1K | Citi Forward $10K | Citi Diamond Pref $7.6K | Discover IT $9.9K | JP Morgan Chase Select Visa Signature $9.2K | NFCU CashRew Visa Sig $25K | NFCU LOC $15K | NFL Visa Signature (Saints) $8.1K | USAA Amex $11.3K | USAA World MC $11.5K
Highlighted
Established Contributor

Re: Closing Amex PRG


emptypockets wrote:

I am thinking of closing mine too. AF is High, and Because I have many other rewards cards, I don't really use it enough to take advantage of it's advantages. I have been researching the card, and it looks like it can be PC's only to another charge card, or to Blue, which is a credit card with no AF, but is a Membership Rewards card. I believe the Blue card has Membership Rewards Express points (like Zync) that don't transfer to airline partners. I only have about 4500 MR points, so I would probably just cash them out on small gift cards before I close it.

 

I have a lot of cards (as do you) and there is no sense keeping one around that is not really serving a purpose. Plus, if I close it before the AF hits, I can reapply 90+ days later for another charge (if I decided I wanted to) and get the sign-up bonus again Smiley Tongue Just somthing I was thinking about. The Benz card seems to be one with many perks for a Benz driver, but I am more of a BMW type of person...LOL. 

 

By the way (and most importantly for the reason you were thinking of keeping it open) the Premium Car Rental Coverage can be added to any enrolled AMEX card, not just PRG. It is 24.95 per rental period (17.95 in California).


Concur!
TU FICO: 772 (Discover) • Exp FICO: 772 (Citi)

Amex BCE $13K | Amex Costco TE $10.4K | Amex SPG $5K | Chase Freedom Visa Signature $15K | Chase Sapphire Preferred Visa Signature $15K | Chase Ink Plus World Elite MC $5K | Citi TY Preferred World MC $10.1K | Citi Forward $10K | Citi Diamond Pref $7.6K | Discover IT $9.9K | JP Morgan Chase Select Visa Signature $9.2K | NFCU CashRew Visa Sig $25K | NFCU LOC $15K | NFL Visa Signature (Saints) $8.1K | USAA Amex $11.3K | USAA World MC $11.5K