topic Re: Thinking about closing Visa Black for AMEX Platinum in Credit Cards

Thinking about closing Visa Black for AMEX Platinum

Anonymous — Mon, 24 Sep 2012 23:51:30 GMT

I have had my visa black for 6 months now but debating cancelling it while it's still a new card so I can get the platinum. Since they are roughly the same annual fee it seems the platinum offers more for a little less annual fee.

My one worry is that my visa black is my highest credit limit.

Visa Black :14,900

Capital One: 4,750

Bank of America: 4,400

Fifth Third: 3,900

Discover: 2,900

Chase: 2,700

Macy's: 2,000

I don't have any extreme balances on any of my cards so my utlization will still be below 10%. I was just considering closing it while it was still only 6 months old since closing an older card has more impact. I called a credit specialist today (a service I pay for) and they informed me closing my visa black will not harm me at all even though its my highest balance. Not sure if I want to believe this.

Also. Will I even get accepted for Amex Platinum. I heard they only check experian and that score is 740 for me.

Assuming I get accepted. How will it help my credit limit utilization on my credit report since their is no preset spending limit since it's a charge card.

Thanks

Re: Thinking about closing Visa Black for AMEX Platinum

Jlu — Tue, 25 Sep 2012 00:03:59 GMT

Closing an older card has no impact since it stays on your report for 10 years following the closure. The impact is from utilization which won't be a major factor in your case but with a 15k limit (3x your next highest) it is still a difficult choice nonetheless.

I don't know. The Platinum is definitely a better card but affording two high AF cards may be an issue. I'd make sure you get a pro-rated refund of your AF before you decide to close it. I'd also secure your Platinum approval before closing it too.

Re: Thinking about closing Visa Black for AMEX Platinum

Anonymous — Tue, 25 Sep 2012 00:07:33 GMT

You could always try to open a new account with barclays and see if they will transfer some or even all of the credit limit on the visa black to another no/low af credit product that they underwrite and close the black card after. That way you might get to keep at least some of your revolving credit with barclays.

Re: Thinking about closing Visa Black for AMEX Platinum

Jlu — Tue, 25 Sep 2012 00:08:49 GMT

^This is excellent advice.

Re: Thinking about closing Visa Black for AMEX Platinum

Anonymous — Tue, 25 Sep 2012 00:09:00 GMT

Thanks for the input. Yes I agree about the limit factor making it a tough decision. I would only close the black if I got approved for platinum. I would not want both AF's. The only thing I like about Visa Black is that I could carry a balance if I decide too. In the 6 months I have had it I have charged 42k on the card but never carried a balance luckily. But you never know. One day I might need to carry a balance and do not want to be forced to pay it in full like the AMEX.

Re: Thinking about closing Visa Black for AMEX Platinum

Jlu — Tue, 25 Sep 2012 00:13:49 GMT

I believe AMEX allows you to revolve a balance on their charge card in some circumstances. Of course I am not sure about the APR or terms but I know they have the option.

Re: Thinking about closing Visa Black for AMEX Platinum

Anonymous — Tue, 25 Sep 2012 00:14:07 GMT

The Amex Platinum is the far better card and I definitely recommend switching. I don't think there's any need to worry about utilization since the Amex won't be factored in in any way, unless you carry high balances on your other cards. Also, a 740 score is more than enough to get approved. Honestly, the Platinum is not a hard card to qualify for, anything above 680-700 should be fine (people have gotten approved with less). Also, they'll probably extend you the Select & Pay Later option after some time, I got it after 8 months.

Re: Thinking about closing Visa Black for AMEX Platinum

CreditScholar — Thu, 27 Sep 2012 05:18:38 GMT

@Anonymous wrote:
The Amex Platinum is the far better card and I definitely recommend switching. I don't think there's any need to worry about utilization since the Amex won't be factored in in any way, unless you carry high balances on your other cards. Also, a 740 score is more than enough to get approved. Honestly, the Platinum is not a hard card to qualify for, anything above 680-700 should be fine (people have gotten approved with less). Also, they'll probably extend you the Select & Pay Later option after some time, I got it after 8 months.

Re: Thinking about closing Visa Black for AMEX Platinum

Anonymous — Thu, 27 Sep 2012 12:30:14 GMT

I don't know if the Select and Pay Later rate is standard, but mine is 15.24%.

Re: Thinking about closing Visa Black for AMEX Platinum

Anonymous — Fri, 28 Sep 2012 06:08:01 GMT

Coincidentally Visa Black just raised my limit 2k this week after I just hit my 6th month mark of being with them. Now the limit is 16,900. Since it more than tripples all my other credit cards in terms of limits I will just hold on to it to help further improve my score since it will help my utilization percentage as well as keep my overall spending power to 37k among my cards. Although I will never charge that much at a given time I figure it's better for me since in case I do end up charging around the 10k mark, I will still not be over the 30% utilization mark.

AMEX Platinum I still would agree is better. Only advantage visa has is its legal title "Black Card" which is more attractive in terms of physical card aesthetics. And I do not even consider that an advantage. More of a wasted factor because everytime somebody comments on the card I explain to them they are probably thinking AMEX Black Centurion and this is nothing like that.

One of the reasons that initially attracted me to it was they gauranteed me more spending power. Also the fact that they said carbon fiber card seemed catchy. Ended up being a lighter form of plastic.

Re: Thinking about closing Visa Black for AMEX Platinum

Creditaddict — Fri, 28 Sep 2012 07:18:00 GMT

@Anonymous wrote:
I have had my visa black for 6 months now but debating cancelling it while it's still a new card so I can get the platinum. Since they are roughly the same annual fee it seems the platinum offers more for a little less annual fee.

My one worry is that my visa black is my highest credit limit.

Visa Black :14,900
Capital One: 4,750
Bank of America: 4,400
Fifth Third: 3,900
Discover: 2,900
Chase: 2,700
Macy's: 2,000

I don't have any extreme balances on any of my cards so my utlization will still be below 10%. I was just considering closing it while it was still only 6 months old since closing an older card has more impact. I called a credit specialist today (a service I pay for) and they informed me closing my visa black will not harm me at all even though its my highest balance. Not sure if I want to believe this.

Also. Will I even get accepted for Amex Platinum. I heard they only check experian and that score is 740 for me.

Assuming I get accepted. How will it help my credit limit utilization on my credit report since their is no preset spending limit since it's a charge card.

Thanks

Few thoughts:

1. You don't get to speak to a Credit Specialist because you pay to have the Black Card - A Person that has no credit with Barclay can call and speak with these specialists (That's how we all got Barclay Cards or instant CLI on approvals and Recons on denials.)

2. If you have had the Barlay for 6 months, How long have you had these other cards?

3. Call back into this number and ask about PC to something with no AF or you are considering to close or if you can can take the INQ on TU I would apply for a different Barclay card and then move the CL of Black Card over.

4. If you have had these other credit cards more than 6 months I would call Discover, Chase (Executive offices asking for CLI with no HP to match Barclay so you could use it more) Macy's for sure now that they are reporting limits again.... I would call and ask for $6k at least (Should be SP too even though they will probably say HP)

Bank of America also use to be really good about CLI but think they HP now, Fifth Third I have not had in many years but feel like they use to be good about nice CL's.

I would apply for an Amex Revolver like Blue Cash Preferred or Delta if you travel a lot.... Lets say they started you at $5k, in 62 days especially if you started charging your black card stuff on it you could see that CL go to $15k in 62 days and then in 6 months up to $25k (Not for sure, but I would think if you did use it same way as Barclay... and if you are working on doing these things then you can decide if you even want the Platinum Charge.

Re: Thinking about closing Visa Black for AMEX Platinum

Anonymous — Fri, 28 Sep 2012 08:08:45 GMT

Thank you for the great info. I must have worded it wrong. The credit service isn't through black card, it is through Bank of America privacy assist. It's identify theft protection and credit monitoring I pay 12.99 a month for and I have access to credit specialists that can assist me in my credit decisions etc as well as give me my credit scores every 3 months. Similar services all banks offer for small monthly fee.

I will follow what you suggested. Thanks again

Re: Thinking about closing Visa Black for AMEX Platinum

Creditaddict — Fri, 28 Sep 2012 08:15:34 GMT

@Anonymous wrote:
Thank you for the great info. I must have worded it wrong. The credit service isn't through black card, it is through Bank of America privacy assist. It's identify theft protection and credit monitoring I pay 12.99 a month for and I have access to credit specialists that can assist me in my credit decisions etc as well as give me my credit scores every 3 months. Similar services all banks offer for small monthly fee.

I will follow what you suggested. Thanks again

While tons of us use one service or another for monitoring, that's about all I would trust out of it... Never heard of talking to a specialist, might have to look into that tomorrow and give it a whirl and see if I trust them to know anything... and scores from that monitoring service are pretty useless... those are vantage, or plus score, etc... called Fako Scores around here. You need FICO Scores suually obtained here for TU and EQ.

Re: Thinking about closing Visa Black for AMEX Platinum

jsucool76 — Fri, 28 Sep 2012 18:30:52 GMT

Wells fargo offers something similar. They try to sell it to me everytime i am there or on the phone.

All closing your visa black card will do is drop 15k from your available credit, and the card will continue to report for 10 years for aaoa. If you have no issues with your util I wouldn't worry about it, especially if you plan on putting the bulk of your spending on the plat, since it doesnt affect utilization.

I would just apply for plat before you close your black.

Re: Thinking about closing Visa Black for AMEX Platinum

SuperKirby — Fri, 12 Apr 2013 20:55:04 GMT

"everytime somebody comments on the card I explain to them they are probably thinking AMEX Black Centurion and this is nothing like that."

^^ I bet that gets soooo annoying, huh! So what did you end up doing?

Re: Thinking about closing Visa Black for AMEX Platinum

Anonymous — Fri, 12 Apr 2013 21:27:06 GMT

AMEX Platinum > Visa Black. App for AMEX & if approved, cancel the visa.

Re: Thinking about closing Visa Black for AMEX Platinum

webhopper — Fri, 12 Apr 2013 21:55:51 GMT

@Jlu wrote:
I believe AMEX allows you to revolve a balance on their charge card in some circumstances. Of course I am not sure about the APR or terms but I know they have the option.

APR is around 18% and the feature is called "Pay Over Time"

Large purchases and Amex travel purchases are automatically enrolled in "Pay over Time"

Its smart to PIF every time, but if you have to revolve a balance, the "Pay over Time" feature would let you do so.

Do not abuse the "Pay Over Time" feature... Amex no likieee.

I will suggest an option that no one else has suggested. Why don't you pick up a lesser Amex charge card.. Maybe one with no rewards like the Senior Green. If you decide you want to cancel Visa Black later on, then you can just ask to have your Senior Green upgraded to Platinum.

Better yet, PRG has no annual fee for the first year, and amazing rewards. If you get the PRG, you can rack up MR points and then decide later on if you want to upgrade it or downgrade it!