topic AMEX Premier Rewards Annual Fee in Credit Cards

AMEX Premier Rewards Annual Fee

SeattleBorn — Wed, 18 Jul 2018 15:54:30 GMT

I got this card a year ago and knew there would be no AF for the year. I just got billed for the $195. I got the card to build credit and paid off balances well before due date. I have used it very little and haven't redeemed what little rewards earned.

Besides AMEX I have Cap 1 Quicksiver, BECU VISA, and Discover IT. BECU and Discover have cl of $15k each and Cap 1 is at $5k.

Should I keep the AMEX and pay the fee or drop it and get a better card?

Re: AMEX Premier Rewards Annual Fee

K-in-Boston — Wed, 18 Jul 2018 16:03:20 GMT

If you're not using the card, there would be little reason to keep it. Did you use the $100 airline credit to help offset the annual fee? You stated that you had little in rewards; did you not have a welcome bonus?

You can call to cancel and see if they offer you a retention bonus, but keep in mind that if you do close it you will lose all Membership Rewards earned unless you either use them for gift cards (bad value), as payment when checking out at Amazon, Newegg, etc. (worse value), applied as a statement credit (worst value), transfer them to a travel partner (ideal), or open another Membership Rewards-earning card prior to account closure.

Re: AMEX Premier Rewards Annual Fee

sdsoccerdad — Thu, 19 Jul 2018 03:55:09 GMT

Just like K mentioned, if you don't receive any benefits from this card i'd dump it. Try to get the Everyday Preferred or the Everyday so at least you can keep all your points.

Do you prefer travel or cash back rewards? There are other cards out there to suit your lifestyle. I like to travel and find for me and my family, the PRG gives us way more benefits from the membership rewards than most of the cash back cards that are out there.

Re: AMEX Premier Rewards Annual Fee

SeattleBorn — Thu, 19 Jul 2018 23:12:35 GMT

I got the card to help build credit but have used it sparingly. I have accumulated 4300 points in the year I have had it. I don't want to drop the card if it will hurt my scores. I have been farming since I got a 65k auto loan in January and my credit scores keep going up. What to do?

Re: AMEX Premier Rewards Annual Fee

Anonymous — Thu, 19 Jul 2018 23:55:37 GMT

@SeattleBorn wrote:
I got the card to help build credit but have used it sparingly. I have accumulated 4300 points in the year I have had it. I don't want to drop the card if it will hurt my scores. I have been farming since I got a 65k auto loan in January and my credit scores keep going up. What to do?

4300? So you didn't meet the SUB requirement?

Generally, a closed card will stay on your report for up to ten years, so closing it won't hurt your score. Whereas spending $195 on AF for a card you don't want, will waste real money.

Re: AMEX Premier Rewards Annual Fee

K-in-Boston — Fri, 20 Jul 2018 00:16:52 GMT

I agree with @Anonymous, it's probably best to just close it. Your 3 revolving credit cards are fine for credit scoring. I'd just cash out your points for as close to $40 in gift cards as possible, or at least use points as partial payment at Amazon, Best Buy, Newegg, etc. to zero out your rewards, then call to cancel. They may offer you a retention bonus; it doesn't sounds like the card is a good fit for you.

Re: AMEX Premier Rewards Annual Fee

bodyboy1 — Fri, 20 Jul 2018 01:56:26 GMT

@SeattleBorn wrote:
I got this card a year ago and knew there would be no AF for the year. I just got billed for the $195. I got the card to build credit and paid off balances well before due date. I have used it very little and haven't redeemed what little rewards earned.
Besides AMEX I have Cap 1 Quicksiver, BECU VISA, and Discover IT. BECU and Discover have cl of $15k each and Cap 1 is at $5k.

Should I keep the AMEX and pay the fee or drop it and get a better card?

> I just got my card PRG (classic gold card) 2 months ago and a new Cash Mag 2 weeks ago. I’m keeping my PRG past the 1st year and paying the steep $195.. because I heard AMEX frowns on card holders cancelling accounts within the first 12 Months of any Account. ( i’m Just saying) > and yes, AMEX has a memory. Did you get/ did they offer you POT/pay over time? > IMO i would keep the account.

Re: AMEX Premier Rewards Annual Fee

Anonymous — Fri, 20 Jul 2018 01:59:47 GMT

@bodyboy1 wrote:
my card PRG (classic gold card) 2 months ago and a new Cash Mag 2 weeks ago. I’m keeping my PRG past the 1st year and paying the steep $195.. because I heard AMEX frowns on card holders cancelling accounts within the first 12 Months of any Account. ( i’m Just saying) > and yes, AMEX has a memory. Did you get/ did they offer you POT/pay over time? > IMO i would keep the account.

Why should OP keep a card for $195 that there is no need for? IMO POT hardly changes the equation, it just allows you to pay off at a fairly high interest rate.

Re: AMEX Premier Rewards Annual Fee

arkane — Fri, 20 Jul 2018 02:50:18 GMT

@bodyboy1 wrote:
@SeattleBorn wrote:
I got this card a year ago and knew there would be no AF for the year. I just got billed for the $195. I got the card to build credit and paid off balances well before due date. I have used it very little and haven't redeemed what little rewards earned.
Besides AMEX I have Cap 1 Quicksiver, BECU VISA, and Discover IT. BECU and Discover have cl of $15k each and Cap 1 is at $5k.

Should I keep the AMEX and pay the fee or drop it and get a better card?

> I just got my card PRG (classic gold card) 2 months ago and a new Cash Mag 2 weeks ago. I’m keeping my PRG past the 1st year and paying the steep $195.. because I heard AMEX frowns on card holders cancelling accounts within the first 12 Months of any Account. ( i’m Just saying) > and yes, AMEX has a memory. Did you get/ did they offer you POT/pay over time? > IMO i would keep the account.

Yes they recently added a SUB clawback provision in their T&C where they can take away your SUB if you cancel within the first 12 months. However since they offer an AF refund within 30 days of it posting, you could always call in and cancel during month 13. No they won't be too happy about it, but it's better than literally wasting money if you truly can't find a use for the card.

Re: AMEX Premier Rewards Annual Fee

Anonymous — Fri, 20 Jul 2018 13:19:52 GMT

You should have gotten 50k signup bonus and you should have gotten two 100 dollar airline gift cards. I don't think the card is very useful unless you fly Delta frequently I would close it. I plan to close mine as soon as the annual fee hits. If you actually used the card I would suggest calling them up and trying to get a retention offer but as you get no use out of it close it down.