topic Re: Any Reason Not To Close American Express Gold? in Credit Cards

Any Reason Not To Close American Express Gold?

signaturecardmember — Sun, 23 Jul 2017 19:46:01 GMT

Hey Guys,

As the title says I am triyng to decide if there is any reason I should keep my American Express Gold card open? It was one of my first cards when I started on here and got it during my first application spree. I also have it backdated which as you all know, no longer happens any more.

Reasons I am considering closing it:

1)the Annual fee

2) i never use it

Reasons I am considering keeping it open:

1)able to product change if I wanted to/needed to

2)the back dating of it

Hopefully you guys might be able to point out some reasons I might not have considered either way.

Thanks!

Re: Any Reason Not To Close American Express Gold?

wasCB14 — Sun, 23 Jul 2017 20:33:27 GMT

How long a backdate are we talking about?

How much use would you expect to get out of the Platinum benefits if you PC'ed (ideally requesting or being targeted with a PC bonus)?

Re: Any Reason Not To Close American Express Gold?

red259 — Sun, 23 Jul 2017 22:18:07 GMT

If you are not using it or the associated benefits then its quite silly to pay the AF. You can PC IF you are able to PC to either a non-AF card or a card that you can use. Other than that or a great retention offer I would close it.

Re: Any Reason Not To Close American Express Gold?

K-in-Boston — Sun, 23 Jul 2017 22:25:26 GMT

The only PC options would be a lower AF to green or a higher AF to platinum. AmEx has no charge cards with no AF.

The age of the backdating could really be useful depending on the rest of your profile, though. Is it reporting as your oldest open card? How is the age compared to your average age? Are you able to recoup any of the annual fee with things like MR bonuses or airline credit? In full disclosure, I am considering closing my 15 year-old Gold card (actual age) that was my daily driver until about 18 months ago. I can get some value out of it, but not enough to recoup the AF and I no longer put any spend on it whatsoever. From 4-8k a month for years to zero spend may land me a retention offer though.

Re: Any Reason Not To Close American Express Gold?

odd_dog — Sun, 23 Jul 2017 22:56:40 GMT

If you can't recoup the AF and are not using it oust it, I just got rid of mine (from1984) a week or so ago, with the platinum AF going up I could not keep both and I use the platinum more....They did not even offer a retention just a "ok if you have any balance pay it off" WOW so much for customer service....I would have ousted it anyway so no biggie! Good luck on whatever you decide!

Re: Any Reason Not To Close American Express Gold?

Anonymous — Mon, 24 Jul 2017 01:37:52 GMT

Wouldn't hurt to ask for a retention bonus as well.... I know I got one on my personal platinum, 25k MRs after 3k spend in 90 days, which is really $500 in flights thanks to biz plat (at least until next feb). Paired with more uber credits and another $200 in flight incidentals... it was a win win win.

Re: Any Reason Not To Close American Express Gold?

Anonymous — Mon, 24 Jul 2017 01:51:35 GMT

@signaturecardmember wrote:
Hey Guys,

As the title says I am triyng to decide if there is any reason I should keep my American Express Gold card open? It was one of my first cards when I started on here and got it during my first application spree. I also have it backdated which as you all know, no longer happens any more.

Reasons I am considering closing it:
1)the Annual fee
2) i never use it

Reasons I am considering keeping it open:
1)able to product change if I wanted to/needed to
2)the back dating of it

Hopefully you guys might be able to point out some reasons I might not have considered either way.

Thanks!

The backdating only is cosmetic and also, it signifies your time as a customer of AMEX. If you PC'd to the PRG, although the AF is higher, you do get more MR points for travel, restaraunts and gas among other slightly higher perks. The Platinum card is a good go if you travel, but be ready for that $550 AF!!

Re: Any Reason Not To Close American Express Gold?

K-in-Boston — Mon, 24 Jul 2017 03:12:08 GMT

I don't think OP means the cosmetic "Member since" date, but the true "I opened my account January 21, 2015 and it reports to the CBs as being opened January 21, 1982 because that was the year when I had my first AmEx card" variety.

Re: Any Reason Not To Close American Express Gold?

MrDisco99 — Mon, 24 Jul 2017 04:00:56 GMT

I don't see them offering a retention bonus for a product that is no longer being marketed. They might offer an upgrade bonus for the PRG though.

Re: Any Reason Not To Close American Express Gold?

Anonymous — Mon, 24 Jul 2017 20:42:31 GMT

I really really want to keep mine but I have a huge feeling that I will be closing mine come AF time in December.. I'm just not utilizing the benefits..

Re: Any Reason Not To Close American Express Gold?

mkhan1093 — Tue, 25 Jul 2017 01:18:49 GMT

I don't have the card, but it seems to be the best card out there to use for gas and grocery stores. It gets beaten in the airline game by the new Platinum, and in the dining category by the Chase Sapphire Reserve. There is also the Citi DC but I believe 2x MR points can be more valuable than 2% cashback. The only time the PRG seems to be beaten in the gas and grocery store categories is during those quarters when the Chase Freedom and/or Discover it have it as special categories.

Contrary to the sentiments in this thread, I was actually thinking of getting a PRG for these categories. But I would like to hear what others have to say about it. I don't know if I could spend enough in those categories to exceed the AF come year 2, but I was thinking of giving it a shot during the free year.

Re: Any Reason Not To Close American Express Gold?

K-in-Boston — Tue, 25 Jul 2017 01:28:04 GMT

The value of the MR points vary drastically depending on how they're used. Transferring to partners is really one of the only ways to get more than $0.01 per MR unless you have it paired with a premium business card. For most people, they'd do better on restaurants and gas with a revolving card than a PRG. I would guess that most consumers cash out MR points at $0.01 for gift cards or travel, or even worse by getting statement credits or using them toward Amazon purchases.

Re: Any Reason Not To Close American Express Gold?

mkhan1093 — Tue, 25 Jul 2017 01:39:40 GMT

Yes, I know transferring is pretty much the only way to get value out of MR points at greater than 1cpp. That being said, however, would you say that it's more valuable to use something like the SPG or Chase Freedom Unlimited for gas and groceries?

Re: Any Reason Not To Close American Express Gold?

K-in-Boston — Tue, 25 Jul 2017 01:53:37 GMT

Again it all comes down to what's important to the cardholder for rewards and how savvy/flexible they are with transfers. For me, the SPG is more valuable since I'm just converting everything to Marriott points these days - 1 SPG per $ = 3 Marriott points, better than Chase's own Marriott cards. I would say that as long as you are getting at least $0.01 per MR, the PRG beats the 1.5% CFU for those categories (basically any redemption other than statement credit or using toward Amazon purchases at checkout would net at least $0.01). If one values cash back, the AmEx BCP is 6% for groceries and 3% for fuel, so that easily beats the PRG unless you are getting serious partner transfer value. I've been getting about 1.5-2 cents per MR converting to Marriott with a connecting flight through Starwood, and since most of my Platinum spending is multiplied (airfare or AmEx Offers) these days, I'm really getting back quite a lot compared to the spend.

MRs can be valuable if you put the work into it. PRG can be a great card if your spend fits, you can use some of the perks, and you can make MRs work for you.

Re: Any Reason Not To Close American Express Gold?

MrDisco99 — Tue, 25 Jul 2017 14:33:02 GMT

@mkhan1093 wrote:
I don't have the card, but it seems to be the best card out there to use for gas and grocery stores. It gets beaten in the airline game by the new Platinum, and in the dining category by the Chase Sapphire Reserve. There is also the Citi DC but I believe 2x MR points can be more valuable than 2% cashback. The only time the PRG seems to be beaten in the gas and grocery store categories is during those quarters when the Chase Freedom and/or Discover it have it as special categories.

Contrary to the sentiments in this thread, I was actually thinking of getting a PRG for these categories. But I would like to hear what others have to say about it. I don't know if I could spend enough in those categories to exceed the AF come year 2, but I was thinking of giving it a shot during the free year.

The Citi TY Premier outperforms the PRG on gas (3X) and restaurants (2X). TY Points are more useful than MR points IMO because they get 1.25 cpp on their travel portal vs. Amex 0.7 cpp, though they transfer to FlyingBlue and a few other airlines at the same rate.

PRG gets better points return on groceries (2x vs. 1x) but the Amex revolvers have them all beat (4.5x points or 6% cash).

I'll be getting the PRG in a few months to get the signup bonus and probably use the $100 airline credit. I don't see myself keeping it past the first year, though.

Re: Any Reason Not To Close American Express Gold?

Anonymous — Tue, 25 Jul 2017 15:24:28 GMT

Hi OP, just wanted to give you an idea of why I kept my PRG for two years.

1. 2x $520/month on groceries - (remember, some months have 5 weeks) so for those months you can add another $130 (in my case) - 1,040 MR

2. 2x $200/month on gas - (remember, some months have 5 weeks) so for those months you can add another $50 (in my case) - 400 MR

3. 2x $200/month on dining out - 400 MR

4. 1x $1,580/month on bills - Car insurances, home owners, cell, water bill, electricity, timeshare payment, etc - 1,580

Total MRs/Month = 41,040 - This does not include other expenses such as our dog food, our bird's food, oil changes, other things you ALWAYS spend on here and there that are not budget related such as (buying lunch one day, beer, a new water bottle, a cellphone case, maybe a new pillow etc.)

Let's leave it 40,000 MR/year.

Here is the breakdown for some populars transfers with 40,000 MRs

British Airways - 250 MRs = 350 Avios = 56,000 Avios

Delta - 1000 MRs = 1000 Skymiles = 40,000 Skymiles

Hilton - 1000 MRs = 1,500 Hilton Honnors Points = 60,000 Hilton Honnors Points

Hawaii Airlines - 1000 MRs = 1000 Hawaiin Miles = 40,000 Hawaiin Miles

Aeromexico Airlines - 1000 MRs = 1,600 Hawaiin Miles = 64000 premier points

*This above does not include any travel you do through AMEX website, which is 3x / $1

*$100 air credit - not much, but better than $0

*LOVE the offers! most common ones i use are the Exxon Gas (spend $50 get $5 back), Petco ( spend $50 or more get $15 back), i try to use the Hilton offers as well. For things I'm already going to spend, i like to save a few bucks where i can, and the offers are great for that.

*Some offers give you $$ back AND 2X the points.

I usually use the offers such as 15% off and 5,000 Hilton Honors for a weekend getaway. Or the spend $200 and get $40 back from 1800 contacts (wifey).

Like everyone else, it has to make sense for you and so it made sense for me. Only spend on what you actually would spend. Last week i upgraded to Platinum as we have a trip to Spain and will be given 60,000 MRs after spending $4k in 3 months (working on it), then i will be downgrading back before the AF hits on Sep/2018.

Re: Any Reason Not To Close American Express Gold?

Anonymous — Tue, 25 Jul 2017 16:24:06 GMT

@Anonymous wrote:
Hi OP, just wanted to give you an idea of why I kept my PRG for two years.

1. 2x $520/month on groceries - (remember, some months have 5 weeks) so for those months you can add another $130 (in my case) - 1,040 MR
2. 2x $200/month on gas - (remember, some months have 5 weeks) so for those months you can add another $50 (in my case) - 400 MR
3. 2x $200/month on dining out - 400 MR
4. 1x $1,580/month on bills - Car insurances, home owners, cell, water bill, electricity, timeshare payment, etc - 1,580

Total MRs/Month = 41,040 - This does not include other expenses such as our dog food, our bird's food, oil changes, other things you ALWAYS spend on here and there that are not budget related such as (buying lunch one day, beer, a new water bottle, a cellphone case, maybe a new pillow etc.)

Let's leave it 40,000 MR/year.

Here is the breakdown for some populars transfers with 40,000 MRs
British Airways - 250 MRs = 350 Avios = 56,000 Avios
Delta - 1000 MRs = 1000 Skymiles = 40,000 Skymiles
Hilton - 1000 MRs = 1,500 Hilton Honnors Points = 60,000 Hilton Honnors Points
Hawaii Airlines - 1000 MRs = 1000 Hawaiin Miles = 40,000 Hawaiin Miles
Aeromexico Airlines - 1000 MRs = 1,600 Hawaiin Miles = 64000 premier points

*This above does not include any travel you do through AMEX website, which is 3x / $1
*$100 air credit - not much, but better than $0
*LOVE the offers! most common ones i use are the Exxon Gas (spend $50 get $5 back), Petco ( spend $50 or more get $15 back), i try to use the Hilton offers as well. For things I'm already going to spend, i like to save a few bucks where i can, and the offers are great for that.
*Some offers give you $$ back AND 2X the points.

I usually use the offers such as 15% off and 5,000 Hilton Honors for a weekend getaway. Or the spend $200 and get $40 back from 1800 contacts (wifey).

Like everyone else, it has to make sense for you and so it made sense for me. Only spend on what you actually would spend. Last week i upgraded to Platinum as we have a trip to Spain and will be given 60,000 MRs after spending $4k in 3 months (working on it), then i will be downgrading back before the AF hits on Sep/2018.

You Sir, have this down to a science!!

Re: Any Reason Not To Close American Express Gold?

signaturecardmember — Wed, 26 Jul 2017 22:10:51 GMT

Thanks for all the great responses guys!

I will try to answer as many questions as possible from the thread

1)it will be tied with my BOA card and 2 other American Express cards for date opened, about 15 years. It is the true reported back dating, not the cosmetic

2)it is a regular gold card, not premier rewards. i know this will keep reporting for 8 years even if I close the account.

3)as far as catagories go my other cards equal or are better then PRG would be anyways. I get 3% gas no limit with AARP (yes only % not points), i dont buy groceries really, eating out is most frequent also 3% no limit with aarp or 3X UR with Reserve, normal bills go to Freedom Unlimited 1.5X UR when transferred and I have Freedom and Discover 5% rotating I take advantage of

4) I do have seperate accounts for all 3 cards and keep an eye on the spend offers for cahs back like coupons

5) I do not use travel portals to redeem points for stays, I would rather use the points by transfer direct or pay cash. the only exception to this is capital one points are redeemed this way.

6)I had a BCP Card by accident during sign up meant to apply for regular BC, As stated above I rarely go to grocery stores so it was a waste for me after the annual fee

7)When I have time to star traveling a lot more I could see myself getting a Platinum card because between the benefits and credits plus 5X airfare if I wanted to stack MR Points I could get value out of it. I would also consider a PRG for a high sign up bonus, just reviewed the catagories and unless trying to stack MR points it wouldnt be worth much to me.

8)I Have a small amount of MR points but could transfer them to Everyday to save them

I could see myself possibly focusing on MR down the road but right now I do mostly UR as I feel they will be more valueable, I only redeem for premium cabin international air travel which seems to give the max value. right now im at 4/24 and probably going to get another CSP sign up bonus and then move on to other sign up bonuses for a year or two until im eligible for more chase

Hmmm tough decision, they did offer me a $75 retention bonus or offer to switch to PRG or Platinum

Re: Any Reason Not To Close American Express Gold?

Anonymous — Wed, 26 Jul 2017 22:17:23 GMT

@mkhan1093 wrote:
I don't have the card, but it seems to be the best card out there to use for gas and grocery stores. It gets beaten in the airline game by the new Platinum, and in the dining category by the Chase Sapphire Reserve. There is also the Citi DC but I believe 2x MR points can be more valuable than 2% cashback. The only time the PRG seems to be beaten in the gas and grocery store categories is during those quarters when the Chase Freedom and/or Discover it have it as special categories.

Contrary to the sentiments in this thread, I was actually thinking of getting a PRG for these categories. But I would like to hear what others have to say about it. I don't know if I could spend enough in those categories to exceed the AF come year 2, but I was thinking of giving it a shot during the free year.

If you utilize the full $100 airline credit, it is pretty easy to come up on top of the $195 AF. However if you don't, I woud pass as a free 2% CB card could be better..

Re: Any Reason Not To Close American Express Gold?

drboxing — Thu, 27 Jul 2017 00:30:17 GMT

If you don't use the AMEX Gold and aren't benefiting from the benifits then why pay the annual fee for nothing.