AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

[Anonymous]

So, in a practically uncharacteristic display of freewheeling card applying...I idiotically applied for and was approved for both the AMEX Green Card and the AMEX Cash Magnet Card.

I knew the Green Card was a charge card, and I realized there was a 95 dollar fee after the first year, but the more and more I research, the more it appears I was mistaken about the Green Card's real benefit--given that it reports not card limit to the bureau, and given the 'rewards' which leave something to be desired.  The Cash Magnet card seems more useful, honestly.

Question:  Should I simply ditch the Green Card? Can I do so now (I've only had the card 1 day and haven't used it at all) without it really impacting more credit score?  

Thoughts generally?  Is the Green Card really worth it??

Thanks

[PointsBonus]

Depending on which benefits you are looking for, AMEX has a lot of great options.

Green card is to really get your foot in the door with AMEX, Green is where I started.

[Ardecko]

There's isn't much to that card except the sign-up bonus.

I don't know how we feel as a forum about AskSebby, but I think his thoughts on the Green card are at least plausible: Get the Green after you've received all the other sign up bonuses, and hope for an upgrade offer with some other kind of bonus. This offer would get around the once in a lifetime rule.

[K-in-Boston]

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@Anonymous wrote:

So, in a practically uncharacteristic display of freewheeling card applying...I idiotically applied for and was approved for both the AMEX Green Card and the AMEX Cash Magnet Card.

I knew the Green Card was a charge card, and I realized there was a 95 dollar fee after the first year, but the more and more I research, the more it appears I was mistaken about the Green Card's real benefit--given that it reports not card limit to the bureau, and given the 'rewards' which leave something to be desired.  The Cash Magnet card seems more useful, honestly.

Question:  Should I simply ditch the Green Card? Can I do so now (I've only had the card 1 day and haven't used it at all) without it really impacting more credit score?  

Thoughts generally?  Is the Green Card really worth it??

Thanks

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The Green Card really doesn't make sense for most people, other than perhaps someone who no longer finds value in one of the higher tier charge cards but doesn't want to lose the account age.  Or bonus chasers, of course.

I'd evaluate whether the Gold Card or Platinum Card make better sense for you.  If not, close the card after a year.  If they do, then consider whether it makes sense to upgrade or get a higher welcome offer for a new application.  Any damage to your account ages has been done, but don't close the card right away.  Whatever the welcome offer was, even if you redeem Membership Rewards in a poor value situation like checking out at Amazon, you should still be able to make a net profit.

As for AskSebby, in this case that's good advice.  I consider him to be like a broken clock since he is rarely right, but is usually quite wrong with the information he gives out.  Unfortunately, SEO and views count for a lot more than accurate information these days.

[AverageJoesCredit]

I wouldnt close the green until you finish your first year. Closing a Amex card after only a day might leave a bad taste in Amex's mouth in regards to offering you more cards. Just a thought

[UncleB]

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@AverageJoesCredit wrote:
I wouldnt close the green until you finish your first year. Closing a Amex card after only a day might leave a bad taste in Amex's mouth in regards to offering you more cards. Just a thought

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+1

I'll add that even if they let you get more cards, closing one quickly definitely can impact your ability to be eligible for future sign-up bonuses, even if the card you're closing didn't have one. 

I know this first-hand, unfortunately. 

[kdm31091]

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@AverageJoesCredit wrote:
I wouldnt close the green until you finish your first year. Closing a Amex card after only a day might leave a bad taste in Amex's mouth in regards to offering you more cards. Just a thought

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This would be my thought too. Banks seem to be coming up with more algorithims (and/or creating reward abuse departments) who will frown on this behavior.

The damage is done; the card is going to report regardless. I don't know if closing it is really going to hurt you per se, but you then are taking the new account ding with nothing to show for it.

At this point, I'd just keep it for a year, and then at that point evaluate whether it's worth upgrading, or else closing it altogether.

[Anonymous]

+1 on keeping it for a year. Take it from someone with a long history with Amex, who is currently on their SUB *blacklist* for, I believe, closing a card within a year of a SUB, which was prior to their new rules.

Another point - am I the only one who loves the design of the Amex green? It’s so classic! I had the Amex green student, along with the spg in college as some of my first cards. They should offer the green design on the new gold card ... I’d consider getting it lol.

[Anonymous]

Sadly...I suspect the card aesthetic was in part why I got it lol

[UpperNwGuy]

OP, you got the two worst cards in the Amex lineup.  Green is the worst of the charge cards, only earning 1x points.  Cash Magnet is the worst of the cash cards, only earning 1.5% when most competing cards earn 2%.  I recommend you do more research before applying for any more credit cards.  After a year passes you might be able to upgrade Green to Gold and Cash Magnet to Blue Cash Everyday.