do you have enough spend to comfortably meet the SUB without extra? even at .8c/point in cashback which you can get by just applying for their checking account (which also currently has a bonus) you get $320 for 40k points, well more than your $150 AF.
you can also do cool travel stuff for way more than $320 in value if you go places and do things and want to learn how points work
the harm is already done being approved for the account, except on the off chance that getting them to refund the AF causes them never to report the account, but I doubt that's going to happen, right @coldfusion?
I'd be more worried about making Amex not like me which they will not like you if you cancel, than the harm to my credit if I didn't want it
if you have the spend, earn the SUB, use the points or get cash back with a checking redemption to get $320 and cancel it after a year, after your second AF posts.
@jrosenbaum wrote:Hi all!
I just turned 30 this year and have been priding myself on trying to rebuild my credit after making a mockery of it during my 20s. (I only mention that because I'm proud of myself for finally getting myself out of my prior situation). Yesterday I decided to apply for the CapitalOne VentureX card, and I was approved for a $20K limit. A few hours later (and maybe a cocktail or two), I got trigger happy and applied for an AmEx blue card and a green charge card. I was approved for both (blue is $10K and no "limit" for the green).
I understand that there's no concrete answer, but generally speaking, would it "hurt" my credit to decide to cancel the Green card?
If it helps, AmEx did not pull my credit for either of the cards. My approval notice said it was "based on my history with Amex". And even a day later, I've still only received one credit pull (which was from Cap1).
Essentially, I would like to not have to pay the $150 fee. However, if my credit is going to suffer, I will suck it up and pay the fee and keep the card. Let me know what you think.
(Again, I understand that nobody knows the exact answer but any advice is greatly appreciated)
1. It has nothing to do with your credit scores; closing the card won't help or hurt.
2. You can close the card, but you can't cancel the fee. If you were able to close it and avoid the fee, you would probably have trouble with Amex down the road.
3. You should wait until a year passes, and if you still want to close it, close it then.
@ptatohed wrote:I personally don't see the value in the $150 AF Green card. I have no idea what a MR Point is worth but they better be worth something good for $150/yr! But, with that said, you must have applied for a reason? Are you interested in MR points? Can you use the LoungeBuddy or CLEAR credit? If it was me, I think I'd keep it, earn the 40,000 MRPs intro bonus (I assume this is worth more than $150), keep it for a year, and then cancel next year to avoid the second AF. Congrats on your credit comeback!
For me, the MR's are worth just a little more than a penny, something like 1.2 cents each. I know that some people have found more value in them, but I'm not one of those people.
