Having a hard time whether to close Amex Gold

[pakman92]

I used to run everything through my Amex Gold card until I started using Chase Freedom and DW's Amex Costco instead for better rewards.  I pay $165 in AF for myself and DW as AU.  I feel like I'm wasting the AF since I don't use it anymore.  It is one of my oldest account showing opened in 1989.  It also shows the same date for my wife (AU).

I'm considering closing it, but, I have a couple of second thoughts.

1.  I know even if I close it will figure into AAoA for next 10 years.  My AAoA is 11 years and DW's 9.  In the event that I want to get Amex again, I understand that I would get back the member since date as well as backdating of CR.    However, everything I've read states that recent changes in Amex AU backdating policy will probably not allow my wife to get the backdating benefit.  Small thing... but, it's bugging me.

2.  I guess also have to use up the 220,000 ish rewards points before I close?  I don't need anything right now.  I guess, I could transfer them all into Jet Blue or Delta, but I have no plans for travel in near future.

Writing this post, I've convinced myself that I should just close it.   Can someone convince me out of it?

pakman

[FrugalRican]

So you want me to convince you to pay $165 for a card you aren't really using anymore?

[pakman92]

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@FrugalRican wrote:

So you want me to convince you to pay $165 for a card you aren't really using anymore?

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Frugal, I don't expect YOU to convince me.  That's for sure

[pizzadude]

You could always down grade to the ZYNC card, it has an AF of only $25, which you can easily recoup with a few promotions during the year.

[webhopper]

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@pizzadude wrote:

You could always down grade to the ZYNC card, it has an AF of only $25, which you can easily recoup with a few promotions during the year.

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I would ask them about PC to the Zync... its $25 per yr, and $15 for Additional Cardmembers

[FrugalRican]

So, with two additional opinions already posted, how about I echo their sentiments and you save yourself $140 a year.

[h4ldol]

If you were to open a new (no AF) AMEX CC account (like a BCE for instance), then for the account owner at least the new card will be backdated and effectively 'replace' the closed Gold card in terms of AAoA.  The only difference would be that you would have a new TL/account, which could result in a (small, short-term?) hit on your credit score.  Is this correct thinking?  I also have a Gold card and opened a BCE a few months ago for this exact reason, and I'm hoping that my score won't be hit too much after closing my Gold card (which I haven't closed just yet).

[pakman92]

Those recommending Zync.  Will my Reward points carry over to the Zync account?

[pizzadude]

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@h4ldol wrote:

If you were to open a new (no AF) AMEX CC account (like a BCE for instance), then for the account owner at least the new card will be backdated and effectively 'replace' the closed Gold card in terms of AAoA.  The only difference would be that you would have a new TL/account, which could result in a (small, short-term?) hit on your credit score.  Is this correct thinking?  I also have a Gold card and opened a BCE a few months ago for this exact reason, and I'm hoping that my score won't be hit too much after closing my Gold card (which I haven't closed just yet).

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Correct, except there is no "new account" hit when a backdated AMEX account appears on your credit reports, unless the new account with the backdated opening date happens to be younger then your current AAoA. 

[pizzadude]

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@pakman92 wrote:

Those recommending Zync.  Will my Reward points carry over to the Zync account?

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Not sure how that works since ZYNC earns MR Express points.   I'd send AMEX a message to inquire.   Hopefully they would remain as regular MR points.