Advice on closing Amex Gold

[zeusta20]

I’m currently 27 and ever since I started my credit journey, my goal was to obtain an AMEX. I felt like if I received an Amex, I had “made it” in a sense. Back in June 2012, i was approved for the Amex Green and had upgraded to the Amex Gold since then. Now, I don’t utilize my Amex often anymore since I have the CSR and paying an annual fee of $160 (when it used to be $125) for no major usage doesn’t seem logical. Would anybody advise on closing my Amex or should I keep it open? My AAoA is currently 5 yrs. If i could convert to a revolving card, i would but i don’t want to add another HP and lower my AAoA as well. If I were to close, would it affect my AAoA? It’s such a hard decision since I had worked hard to obtain an Amex in the first place.

[simplynoir]

Unfortunately, you cannot PC charge cards to another product like revolvers. My advice is if you don't want to pay the AF then call customer service to see what retention offers they can give you like MR or a reduced AF perhaps. If the offers are not to your liking then close the card out. Closed cards wil stay on your report up to 10 years so the AAoA should see no impact. I do not know how that will affect future apps with AMEX if you're no longer holding a card as far as whether it will be a SP or HP. If that's not an issue than it's one less thing to worry about.

[Kforce]

If a card has AF, and you do not need or use it enough.

Close the card.

[Anonymous]

Imo it might make sense to have a revolver account open with Amex before closing your charge account. Preferably one with no annual fee. As others have noted they seem to be lenient about getting stuff done with just a soft pull (YMMV). That reason alone may make it worthwhile to be an active Amex member

[mkhan1093]

I would apply for something like the Everyday or Everyday Preferred so that you have another card that earns MR points. Since the issue is the annual fee, the Everyday might be more preferable for you since it doesn't have one. However I would personally recommend you apply for the EDP since it usually has a superior signup bonus and that you then downgrade to the no-AF card the second year. Anyway, once you have that card then I would suggest calling about retention offers on the Gold card. If nothing makes it worth it, then closing the card would at least save the points you've earned.

[Anonymous]

---

@zeusta20 wrote:
I’m currently 27 and ever since I started my credit journey, my goal was to obtain an AMEX. I felt like if I received an Amex, I had “made it” in a sense. Back in June 2012, i was approved for the Amex Green and had upgraded to the Amex Gold since then. Now, I don’t utilize my Amex often anymore since I have the CSR and paying an annual fee of $160 (when it used to be $125) for no major usage doesn’t seem logical. Would anybody advise on closing my Amex or should I keep it open? My AAoA is currently 5 yrs. If i could convert to a revolving card, i would but i don’t want to add another HP and lower my AAoA as well. If I were to close, would it affect my AAoA? It’s such a hard decision since I had worked hard to obtain an Amex in the first place.

---

Why did you keep the regular Gold when the PRG was introduced? 

[zeusta20]

I’m sorry, I’m a little confused on your response. I was never introduced the PRG.

[Anonymous]

I meant why didn't you product change to the PRG once it came out?

[zeusta20]

The PRG has an even high annual fee, right? I’m not using Amex so much anymore since I have the CSR. The rewards are better. My goal is to kee Amex, but have a non annual fee card (revolver) since I’m not going to be using the charge card as much.

[Anonymous]

---

@zeusta20 wrote:
The PRG has an even high annual fee, right? I’m not using Amex so much anymore since I have the CSR. The rewards are better. My goal is to kee Amex, but have a non annual fee card (revolver) since I’m not going to be using the charge card as much.

---

Since I'm sure you have MR points I would personally open an Amex ED (the no AF card) and then close the Gold.