Hey, MyFico members!
I will try to make this quick, but I am looking for guidance on applying for the Platinum card. I know this might be a "YMMV" topic, and the answers I am looking for might be more subjective than anything else, but I figured it wouldn't hurt to ask you all.
So I have had the Gold card for almost a year; it will be one year this August. Yes, I used my SUB already for that card. I have a HUGE purchase coming up within the next month or so and a ton of traveling to follow. It looks like if I apply for the Plat card, I will definitely get it. But I am definitely not interested in paying for BOTH the Gold and Platinum card separately.
My question is, what are your thoughts on getting the Platinum card, and canceling the Gold card? I want to take advantage of the SUB for the plat card and travel benefits. There are a few threads where many have mentioned that canceling might not be the best idea? Could anyone elaborate on how this process works or if it's possible for me to do what I want to do? I can't afford any more bad blood with AMEX; I have grown a pretty good relationship with them since my screw-up in my early 20s.
All your thoughts and opinions are DEEPLY appreciated!
@cashorcharge wrote:Don't do it...
Have you looked to see if you have an UPGRADE path/SUB from Gold to Plat? Getting the Plat and meeting the SUB and then cancelling the Gold that is less than a year old will flag your account with AMEX and potentially cause them to revoke both SUB bonuses and certainly won't keep you free of the "bad blood" your trying to avoid.
Your best option to look to UPGRADE not apply for #2 then cancel #1 because you don't want two AF's
Yeah, I figured that would be the answer: 1) Apply and keep both (at least until the Gold card anniversary and the next AF hits) or 2) Don't apply at all for #2 and wait for the upgrade.
My only issue is I have a major purchase coming up within the month and my AF for Gold won't hit until August.
Ugh, I will keep pondering this.
Will you not see enough value in the credits based on your current spend to offset most if not all of the annual fees? I'm in the same boat and I was able to carve out enough value between the credits on both to make sense of having both. Also I think if I had to have only one it would be the Gold. I wouldn't trade Gold for Plat.. Just based on the points earnings.
@coldfusion wrote:If you won't find value in holding onto both a Gold and a Platinum card then by all means don't worry about closing the Gold...but do it right.
Apply for the Platinum now. Also hold onto the Gold card...for now.
After the annual fee for the Gold card reports in August (it will post just as that month's statement closes and will be reported on that months statement) go ahead and close the Gold card within 30 days. If you do that the entire AF will be refunded back to you.
Closing the card this way won't generate bad blood, just don't make a practice of closing AMEX cards after holding them for just 1 year.
Thank you all very much for your input! And yes, I do see a tremendous amount of value in the Gold and see some value in the Platinum card; again my goal is the use the Plat for a big purchase for the SUB and traveling coming up. In terms of everyday use, the Gold would be my daily driver. As I think about it more, I might just keep my Gold and call it a day until next time especially as AMEX just increased my POT on the Gold card. So my relationship with them seems to be on the up and up, so yeah, I may hold off.
Thanks again!!!
@SPChaser wrote:Have you looked at other travel cards? The Chase Sapphire Preferrd with 80K in-branch or referral offer, or the Cap One Venture X. I agree that getting the Gold and Platinum wouldn't be the soundest idea, yet if it has to be Amex and you don't want any latter issues, then you may have to bite the bullet and get both. With a lot of travel coming, I too would want to make the most of that spend towards a new SUB.
Lol I knew that question was coming but....Blacklisted with Chase and could I go for Cap1 Venture X...yeah but the experience with them is hit or miss and I would rather avoid wasting my time with them.....oh sigh.....I will just keep what I have for now and find another opportunity in the future where it makes sense. It's just too soon for me to upgrade now it seems.