Amex Platinum cancellation

[villemiami]

I got my Amex Platinum 1 year ago, and I just got my annual fee of $695.99 in my last statement. My next payment due date is on February 19.

I want to cancel. I usually pay on the 13th of each month. Should I call now and ask to cancel, or should I pay on February 13th, then call to cancel, and wait for the AF refund?

[wasCB14]

Have you considered Green or Gold? You might also be able to get a retention offer on Platinum. You may also want to take advantage of calendar year 2023 credits.

But there's no need to wait for Feb to call.

[FinStar]

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@villemiami wrote:

I got my Amex Platinum 1 year ago, and I just got my annual fee of $695.99 in my last statement. My next payment due date is on February 19.

I want to cancel. I usually pay on the 13th of each month. Should I call now and ask to cancel, or should I pay on February 13th, then call to cancel, and wait for the AF refund?

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If you're not going to PC/downgrade the card, you have 30 days from the date the AF posted to cancel the card for a full refund. If you decide to PC/downgrade, the AF will be prorated.

[mfinsmi1]

i dont mean to sound ignorant but why do people open up amex charge cards and plan to close them down a year later to avoid the annual fee? whats the reason to bother opening the card in the first place? (literally just curious no judgement at all ) 

[SouthJamaica]

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@villemiami wrote:

I got my Amex Platinum 1 year ago, and I just got my annual fee of $695.99 in my last statement. My next payment due date is on February 19.

I want to cancel. I usually pay on the 13th of each month. Should I call now and ask to cancel, or should I pay on February 13th, then call to cancel, and wait for the AF refund?

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Wait until a full 13 months have passed since opening, then call to cancel.  Be prepared for the possibility of them making a retention offer.

[SouthJamaica]

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@mfinsmi1 wrote:

i dont mean to sound ignorant but why do people open up amex charge cards and plan to close them down a year later to avoid the annual fee? whats the reason to bother opening the card in the first place? (literally just curious no judgement at all ) 

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I've had several Amex charge cards which I later closed. I didn't "plan to close them", I just determined after a while that they weren't worth it.

[wasCB14]

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@mfinsmi1 wrote:

i dont mean to sound ignorant but why do people open up amex charge cards and plan to close them down a year later to avoid the annual fee? whats the reason to bother opening the card in the first place? (literally just curious no judgement at all ) 

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Bonus chasing

Changes in travel frequency

Changes in favored airports/airlines/hotels

Changes to card fees, perks, protections, rewards earn rates, and redemption options

New cards that compete with it

Getting a Business version of the Platinum and no longer needing the personal card

Experiencing unexpectedly low spending power

Using some feature less than you expected, or not finding it as valuable as you expected

[TMDSCT]

I love the benefits from that card, but the AF is just way too high, I just can't do it.

[villemiami]

Before you, someone else replied "there's no need to wait for Feb to call", so I cancelled it and I was told that my annual fee would be removed                 after 5 business days. I wonder what the impact on my credit score will be because I cancelled as soon as I saw my annual fee posted, versus waiting a full 13 months.

[CreditCuriosity]

No impact to you credit score for approx 10 years... impact with AMEX possibly