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Should I cancel my American Express gold?

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SunriseEarth
Moderator Emeritus

Re: Should I cancel my American Express gold?

I think you should evaluate if the card fits your needs.   If the rewards don't justify the AF for your purposes, then either downgrade or cancel.   You could apply for the ED/EDP if you need the MR points and don't mind a revolver.  



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 11 of 19
Anonymous
Not applicable

Re: Should I cancel my American Express gold?

I definitely agree you should close one of the PRG or the CSP. Once AMEX adds the restaurant rewards to the PRG you'll pretty much be paying two AF's for redundant cards. My personal feelings are unless you use the fancy features of the PRG ($75 hotel credit,etc) you're probably better of with the ED since it probably won't generate enough rewards to justify its steep AF. 

Message 12 of 19
longtimelurker
Epic Contributor

Re: Should I cancel my American Express gold?


@Anonymous wrote:

im keeping it, if you had it with the current rewards why would you cancel it when itd getting a bump in the rewards system


That really doesn't make too much sense!   If the OP evaluates as "not worth the AF" even if it gets better it may still not be worth it (and maybe the OP was keeping it for a while to see and has now made this determination).   Also, if you are not travelling, the $100 credit isn't useful, whereas the increase in AF is real.

Message 13 of 19
Anonymous
Not applicable

Re: Should I cancel my American Express gold?


@jordanasm wrote:

Ive had the gold card for about 3 years now and only have about 22k points accumulated.


dump all of your AF cards. you do no spend enough to justify the fees. with chase ink/sapphire, you have to accumulate 7600 points a year just to break even on the AF, assuming you will use the points to buy a $95+ airline ticket though UR. 

 

with the AmEx gold, you have to accumulate 10,000 points a year to break even IF, and only if, you will actually use the $100 in airline fee credit you will be given. if not, you have to accumulate 20,000 points to break even on the AF, each year. 

 

sorry, but the math just does not make sense for you. 

 

i had a very hard time justifying my AmEx platinum even though i rack up 100k AmEx MR points a year. the only thing that made me stay is the annual $1000 credit AmEx give me to use as a down payment on my next Mercedes lease, so that covers 2 years of AF and I renew my lease every 2 years or so. 

Message 14 of 19
sdwalt
Regular Contributor

Re: Should I cancel my American Express gold?

I just cancelled mine, I was not using it much and why pay a AF on a not necessary card?

Message 15 of 19
SEBanker
Valued Member

Re: Should I cancel my American Express gold?

You should consider closing it.  Everyone gets so hung up on the AMEX card and have definitely bought into their marketing.  The card is just not worth the fee and many of their products will carry higher interest rates and diminished rewards in the years ahead. That's because the AMEX. company will need to take care of Wall Street and their shareholders before they take care of cardmembers. The brand has lost it's way over the years and is finding it more difficult to market itself as a premium card for the affluent and an everyday card for the common man. As a stand alone entity they are having a difficult time offering the kind of rewards packages that many of the traditional banks can offer.  You will have diehard AMEX fans tell you otherwise but the business behind the card is not as lucrative for the company as it once was because of their cost of capital vs a bank and because of the expense to benefits and cobranding. If you like AMEX products and they work for you then that's great but I just won't pay a fee for what has become a run of the mill credit product. 

Message 16 of 19
jordanasm
New Member

Re: Should I cancel my American Express gold?

I appreciate everyones help with this decision. It looks like most likely i will be canceling the card once i use up my remaining points balance. Ive always used the chase freedom card more then anything else, and since now i have the CSP card i will reap the benefits of using the freedom card. No point in paying for two AF cards. Especially when i dont use the Amex thay much. 

AMEX Gold PR (NPSL) Chase Sapphire Preferred (10k) Chase Freedom (5k) BOA Cash Rewards (8.2k)
Message 17 of 19
Anonymous
Not applicable

Re: Should I cancel my American Express gold?

 
Message 18 of 19
takeshi74
Senior Contributor

Re: Should I cancel my American Express gold?


@jordanasm wrote:

Should i keep my Amex card? And if you think I should why is that?


That's really for you to determine based on your needs/wants.  It's not a universal matter as some find the Gold useful and others do not.

 


@jordanasm wrote:

what do you guys think I should pair the card with to really help accelerate the points flowing in?


You don't need to pair it with anything.  If you want to retain your MR points then you need to ensure that you always have an MR card open.  Which card to use to accrue MR points all depends on what your major spend categories are and which card suits that spend.  You should also consider how useful MR points are to you.  I personally don't find them useful which is why I don't have any MR cards.  For best value you generally need to transfer to travel partners.

 


@jordanasm wrote:

No point in paying for two AF cards. 


Many have multiple AF cards.  There's no point in paying for an AF on a card that provides no benefit.

 


@SEBanker wrote:

The card is just not worth the fee


Doesn't sound worth it to the OP but worth is always a subjective matter regardless of topic.

Message 19 of 19
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