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Closing new AMEX

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Established Contributor

Re: Closing new AMEX


@UncleB wrote:

@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¢.


You continue to piss me off. The truth hurts.

Message 11 of 16
Valued Contributor

Re: Closing new AMEX

The no annual fee card you can allocate limit except for $500.

The $95 AF like Delta Gold and Hilton Ascend, you have to leave $1,000.

It's something like $1,400 for the $195 AF card and $3,100 for the $450 AF card.






Message 12 of 16
Community Leader
Super Contributor

Re: Closing new AMEX

Keep it open, no need in pulling off a @Saeren Smiley Wink. Opening and immediately closing any card just doesnt seem right even though its our prerogative, same as its theirs to be cautious with a person who does that to themSmiley Wink. I suufered the 1k deal on my Bonvoy/Spg, it sits idly by in my cc Detention Center currently awaiting bailSmiley Wink
#ChaseCreditCardHobby Enthusiast
Message 13 of 16
Established Contributor

Re: Closing new AMEX

I have 3 AMEX cards and two of those are only $1,000. I've been trying to move $500 over to my BCP (which has the most CL at $1,800), but they deny me every single time. I even tried moving over $100 and they denied that. So, good luck moving any limits if all your cards are stuck at $1,000 right now. It's frustrating because they say the lowest limit a card can have is $500, so why not let me move the other $500?? Hopefully you'll be able to... 

 

Ok never mind, I just read some other comments that the donor card needs to be at least 12 months old. That's obviously why I haven't been able to do it!

I’m probably never finding that garden everyone keeps talking about.



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Message 14 of 16
Super Contributor

Re: Closing new AMEX

It's going to report regardless so you really gain nothing by closing it. Just keep it open for a year and then close it, even if you never use it. I'm usually a proponent of closing unwanted accounts, but when they have just been opened it doesn't make you look good.

Message 15 of 16
Regular Contributor

Re: Closing new AMEX

Thanks for all the responses guys. I'll let the card sit and maybe throw an occasional charge on there to let AMEX know it's alive. 

 

I'll try for the wait and see method for a while and see if that makes the overlords at AMEX happier Smiley Very Happy

Message 16 of 16
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