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Closing new AMEX

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Regular Contributor

Closing new AMEX

I was wondering if anyone had any experience with opening a new AMEX (via SP) just to close it to move that limit to a different card. I have a BCP and a Bonvoy both of which get good use but I opened the HH because I was pre-approved. I was hoping they'd give me a useable limit. Since that idea didn't pan out I have no use for 3 cards at 1K and I don't have a real use for the HH anyway. Can I close it right away and move the limit or is there a waiting period? 

Message 1 of 16
15 REPLIES 15
Established Contributor

Re: Closing new AMEX

Go for it if you're not going to collect the bonus on the new card and willing to never collect the bonus due to the lifetime language.  Donor cards need to be 12 months old to move the CL as well and you won't be able to move 100% of the CL either.

500K+ TCL / 800+ FCOs
Message 2 of 16
Super Contributor

Re: Closing new AMEX

No, you won’t be able to harvest some of the $1k HH Limit because this card is not close to 12 months age.. I’m not sure if that response is sarcasm. Typically Obscure Expert is providing quality advice. Not here, unfortunately.

OP you have a chance to earn the Hilton points, which can be useful. The concern with closing too soon is you likely affect ( hurt ) your chances for future AMEX SUB. Since there’s no cost, keep the card and see if it grows on you.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 3 of 16
Regular Contributor

Re: Closing new AMEX


@Obscure-Expert wrote:

Go for it if you're not going to collect the bonus on the new card and willing to never collect the bonus due to the lifetime language.  Donor cards need to be 12 months old to move the CL as well and you won't be able to move 100% of the CL either.


That's interesting that you can't move 100% of the CL. I wasn't eligible for welcome bonus so no loss there.

Message 4 of 16
Regular Contributor

Re: Closing new AMEX


@NRB525 wrote:
No, you won’t be able to harvest some of the $1k HH Limit because this card is not close to 12 months age.. I’m not sure if that response is sarcasm. Typically Obscure Expert is providing quality advice. Not here, unfortunately.

OP you have a chance to earn the Hilton points, which can be useful. The concern with closing too soon is you likely affect ( hurt ) your chances for future AMEX SUB. Since there’s no cost, keep the card and see if it grows on you.

I guess if it risks future SUBs it might be better to let it age to a year then harvest some of the CL and then close it down

Message 5 of 16
Moderator

Re: Closing new AMEX

Personally, I would keep it so that your future relationship with AmEx isn't soured with any other prospective cards that may have a SUB.  If the card remains at $1K or doesn't grow in a 12-month span, the most you could harvest would be $500 IIRC.

Message 6 of 16
Established Contributor

Re: Closing new AMEX


@NRB525 wrote:
No, you won’t be able to harvest some of the $1k HH Limit because this card is not close to 12 months age..

I mentioned that in my OP response.... 

500K+ TCL / 800+ FCOs
Message 7 of 16
Super Contributor

Re: Closing new AMEX


@awg420 wrote:

@Obscure-Expert wrote:

Go for it if you're not going to collect the bonus on the new card and willing to never collect the bonus due to the lifetime language.  Donor cards need to be 12 months old to move the CL as well and you won't be able to move 100% of the CL either.


That's interesting that you can't move 100% of the CL. I wasn't eligible for welcome bonus so no loss there.


You can move all, but $500, if I remember correctly.








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Message 8 of 16
Established Contributor

Re: Closing new AMEX

So, there seems to be an issue with Amex SUB's in general right now where it's looking like there's a flaw in the pop-up or Amex is switching gears and looking at external accounts like Chase to deny bonuses.  

 

https://ficoforums.myfico.com/t5/Credit-Cards/UPDATE-Amex-questions-moving-limits-and-CLI-s/td-p/568...

 

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Should-I-request-a-CLI-on-an-existing-Amex...

 

 

500K+ TCL / 800+ FCOs
Message 9 of 16
Moderator

Re: Closing new AMEX


@awg420 wrote:

I was wondering if anyone had any experience with opening a new AMEX (via SP) just to close it to move that limit to a different card. I have a BCP and a Bonvoy both of which get good use but I opened the HH because I was pre-approved. I was hoping they'd give me a useable limit. Since that idea didn't pan out I have no use for 3 cards at 1K and I don't have a real use for the HH anyway. Can I close it right away and move the limit or is there a waiting period? 


It's going to be YMMV.

 

I actually tried that myself... I wasn't happy with the $1k limit on my BCP, so I opened a Delta Gold with the intent to later move some of the limit from the Delta Gold to the BCP.

 

The Delta Gold was also approved with a $1k credit line. Smiley Indifferent

 

I heard everyone say that you could reallocate as long as you leave $500 on the old card, so I figured that at least I would get $500 out of it.  Before closing the Delta Gold (just before the AF was due - the 'pop-up' wasn't around yet) I tried to do a reallocation but it was't allowed; for some reason it was requiring $1k to be left on the Delta which of course killed my plan, so I went ahead and closed the card.

 

Fast-forward a year and Amex installed the infamous 'pop up', and I was denied the bonus on the Cash Magnet.  So, not only did the Delta Gold not allow me to reallocate to my BCP, now the useless card had cost me a bonus.  (Making matters worse, the Delta bonus was only 30k SkyMiles... which turned out to be quite expensive).

 

Fast-forward again to April 2019; before I closed my BCP I tried to reallocate all but $500 to my Everyday card, but it was denied.  I tried again, the second time moving all but $1k, and the request was instantly approved. ¯\_(ツ)_/¯

 

I know some are able to reallocate all but $500, but there are some (like myself) who were required to leave $1k behind.  If you're getting low approvals from Amex anyway it might be best to just let things grow organically, which does happen.  Since you already have the card(s) and it's just a question on if it's OK to close or not, I would definitely wait until after the card has passed the one year anniversary before closing.

 

Just my 2¢.

Message 10 of 16
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