topic Re: AMEX Green Downgrade in Credit Cards

AMEX Green Downgrade

Citylights18 — Tue, 24 May 2022 03:39:51 GMT

A few days ago I downgraded to the AMEX Green but now I am considering closing all together. My annual fee comes out next month. Would AMEX prevent me from closing my card since I just downgraded? Am I burining AMEX by trying this?

Re: AMEX Green Downgrade

SouthJamaica — Tue, 24 May 2022 04:29:44 GMT

@Citylights18 wrote:
A few days ago I downgraded to the AMEX Green but now I am considering closing all together. My annual fee comes out next month. Would AMEX prevent me from closing my card since I just downgraded? Am I burining AMEX by trying this?

If you've just had the card 1 year, and received a sign up bonus, it would be wise to wait until a month after the annual fee hits, and then close it.

Re: AMEX Green Downgrade

Citylights18 — Tue, 24 May 2022 04:41:45 GMT

@SouthJamaica wrote:
@Citylights18 wrote:
A few days ago I downgraded to the AMEX Green but now I am considering closing all together. My annual fee comes out next month. Would AMEX prevent me from closing my card since I just downgraded? Am I burining AMEX by trying this?
If you've just had the card 1 year, and received a sign up bonus, it would be wise to wait until a month after the annual fee hits, and then close it.

I've had it almost 2 years. My anniversary is in a week.

Looking at Chase Credit Journey it appears they consider it a Credit Card over Charge Card. I have a couple of Charge Cards I keep using just to keep up my credit mix. Maybe it doesnt matter for credit mix whether they are classified Credit Card or Charge Card.

Re: AMEX Green Downgrade

Tomatoshadow2 — Tue, 24 May 2022 08:25:35 GMT

I would also make sure you have an Amex everyday open, so you can always keeep your MR points.

Re: AMEX Green Downgrade

AverageJoesCredit — Tue, 24 May 2022 11:52:04 GMT

@Citylights18 wrote:
A few days ago I downgraded to the AMEX Green but now I am considering closing all together. My annual fee comes out next month. Would AMEX prevent me from closing my card since I just downgraded? Am I burining AMEX by trying this?

I'm curious what can you downgrade a Green to? I thought Green was the bottom of the charge cards? Also thought can only downgrade/ upgrade in same family. Thanks

Re: AMEX Green Downgrade

Lucifer — Tue, 24 May 2022 13:03:18 GMT

@AverageJoesCredit wrote:
@Citylights18 wrote:
A few days ago I downgraded to the AMEX Green but now I am considering closing all together. My annual fee comes out next month. Would AMEX prevent me from closing my card since I just downgraded? Am I burining AMEX by trying this?
I'm curious what can you downgrade a Green to? I thought Green was the bottom of the charge cards? Also thought can only downgrade/ upgrade in same family. Thanks

I'm thinking he had gold or Plat... My gold costs the same as the green (because I make use of the 10/month food credit) so I keep the gold. Green card lacks a true identity. If I had to go to Green - I'd cancel but after the fee so as not to tick off AMEX. Like stated above - grab a credit card that uses MR points first to save those MRs.

Re: AMEX Green Downgrade

NRB525 — Tue, 24 May 2022 13:19:25 GMT

What was your downgrade from?
What is your overall AMEX card app / downgrade / close history?

If you still have 142k MR, yeah, good advice to have an ED to keep that $1,500 alive.

Re: AMEX Green Downgrade

Citylights18 — Tue, 24 May 2022 13:29:51 GMT

@NRB525 wrote:
What was your downgrade from?
What is your overall AMEX card app / downgrade / close history?

If you still have 142k MR, yeah, good advice to have an ED to keep that $1,500 alive.

I downgraded from Gold to Green.

I have a BBP so I don't need an ED.

Re: AMEX Green Downgrade

ficosuave — Tue, 24 May 2022 16:02:29 GMT

@AverageJoesCredit wrote:
@Citylights18 wrote:
A few days ago I downgraded to the AMEX Green but now I am considering closing all together. My annual fee comes out next month. Would AMEX prevent me from closing my card since I just downgraded? Am I burining AMEX by trying this?
I'm curious what can you downgrade a Green to? I thought Green was the bottom of the charge cards? Also thought can only downgrade/ upgrade in same family. Thanks

That's what I thought, too, until reading this thread a few months ago. Seems there are the un-publicized "Senior Green" and "Traditional Green" as possible lower-fee downgrades from even the currently available Green card.

https://ficoforums.myfico.com/t5/Credit-Cards/Can-the-Amex-platinum-be-down-graded/m-p/6492735/highlight/true#M1808517

Re: AMEX Green Downgrade

SouthJamaica — Tue, 24 May 2022 19:53:25 GMT

@Citylights18 wrote:
@SouthJamaica wrote:
@Citylights18 wrote:
A few days ago I downgraded to the AMEX Green but now I am considering closing all together. My annual fee comes out next month. Would AMEX prevent me from closing my card since I just downgraded? Am I burining AMEX by trying this?
If you've just had the card 1 year, and received a sign up bonus, it would be wise to wait until a month after the annual fee hits, and then close it.
I've had it almost 2 years. My anniversary is in a week.

Looking at Chase Credit Journey it appears they consider it a Credit Card over Charge Card. I have a couple of Charge Cards I keep using just to keep up my credit mix. Maybe it doesnt matter for credit mix whether they are classified Credit Card or Charge Card.

A closed account counts in credit mix, so there's never a reason to keep an account open just for that.

Since you've had the card for 2 years I don't think there's any harm in closing it. You might want to do it by phone, though, as Amex often makes great retention offers.

Re: AMEX Green Downgrade

Citylights18 — Tue, 24 May 2022 22:22:27 GMT

@ficosuave wrote:
@AverageJoesCredit wrote:
@Citylights18 wrote:
A few days ago I downgraded to the AMEX Green but now I am considering closing all together. My annual fee comes out next month. Would AMEX prevent me from closing my card since I just downgraded? Am I burining AMEX by trying this?
I'm curious what can you downgrade a Green to? I thought Green was the bottom of the charge cards? Also thought can only downgrade/ upgrade in same family. Thanks
That's what I thought, too, until reading this thread a few months ago. Seems there are the un-publicized "Senior Green" and "Traditional Green" as possible lower-fee downgrades from even the currently available Green card.

https://ficoforums.myfico.com/t5/Credit-Cards/Can-the-Amex-platinum-be-down-graded/m-p/6492735/highlight/true#M1808517

Wow. Did not know about no AF alterntatives. I guess you have to call and ask because the CSR's likely have never heard of them either.

Re: AMEX Green Downgrade

Citylights18 — Tue, 24 May 2022 23:25:57 GMT

@SouthJamaica wrote:
@Citylights18 wrote:
@SouthJamaica wrote:
@Citylights18 wrote:
A few days ago I downgraded to the AMEX Green but now I am considering closing all together. My annual fee comes out next month. Would AMEX prevent me from closing my card since I just downgraded? Am I burining AMEX by trying this?
If you've just had the card 1 year, and received a sign up bonus, it would be wise to wait until a month after the annual fee hits, and then close it.
I've had it almost 2 years. My anniversary is in a week.

Looking at Chase Credit Journey it appears they consider it a Credit Card over Charge Card. I have a couple of Charge Cards I keep using just to keep up my credit mix. Maybe it doesnt matter for credit mix whether they are classified Credit Card or Charge Card.
A closed account counts in credit mix, so there's never a reason to keep an account open just for that.

Since you've had the card for 2 years I don't think there's any harm in closing it. You might want to do it by phone, though, as Amex often makes great retention offers.

That is also a good potential tip.

For me I have 21 open reporting accounts. The question is do I want to prune a few that I am 100% not using? From what I read accounts only report for 10 years afer they close. For example I have an auto loan that I closed 20+ years ago that doesn't report to the credit bureaus anymore. In contrast I have a mortgage that I opened 16 years ago but closed 3 years ago that still reports as my longest reporting account.

I have a Macy's card though I've had for 14 years and the are counting it as 2 charge cards, both the store and AMEX. But I will say from past experience I will use my Macy's card. They are also classifying it as a charge card and I've had applications for loans where they like to see a few store cards in the mix.

My opinion it good to have 3-4 quality top of the wallet cards and then another 3-4 quality sock drawer cards that in the event the cards are stolen you still have something to work with. I'm at 11 cards counting my BT cards. The most I would want to drop is maybe 3 cards.

Re: AMEX Green Downgrade

jamesdwi — Wed, 25 May 2022 03:03:52 GMT

Since it's 2 years old, make sure you have the ED card that others have mentioned, and close it. The card is too new to benefit from the number benefit they had unto about 4-5 years ago, new card back dating. Where the year of the first AMEX card was the date, and the month is the current month when you applied on all the AMEX cards you get. My 2nd AMEX card is 11 months older than my first AMEX card on my report, it was a very powerful tool for credit scoring purposes. But with the latest change, I really don't have much interest in getting another AMEX card. The BCP and Amex Cash card, and the rarest of the charge cards, the Zync card are all I need. For the foreseeable future.