I've been out of the loop for a minute. Hauling, are you leaning towards keeping the Gold card nowadays?
* pauses, fishes quarter out of purse, flips it *
It will come down to whether I want to cough up the fee, but since it's $0.39726 per day, I probably will. Unless I don't. (dither, dither)
How about this...if you have an AMEX charge card and they are going to charge your annual fee after one year, since they back-date new accounts, couldn't you call up and cancel your card, then after it is cancelled, apply for a new one using one of the "first year free" apps, and after you get it call them to back-date. So the end result is that every year you get a new amex account that does not show as a new account because of the back-dating it actually would make your report stronger because every year you would be adding another "old account" that has the original card open date? The cost of doing this would be one hard INQ on Experian per year, but wouldn't your credit report get stronger and stronger as the years went by and you added more and more "old accounts"? And you would never pay an annual fee. Has anyone ever tried this? Any reason why it wouldn't work?
I thought I would show a different point of view for the "I hate Amex" crowd with this little story. It seems that crowd either was not around when MBNA was in full swing or have convienently forgotten about them since Bank of America took over in January 2006.
I used to have a Wachovia Visa card with a $20000 credit limit. It was originally a First Union credit card and was managed by First Union before First Union sold off their credit card division to MBNA. Well, in 2005, AAA sent me a preapproved form for a AAA Visa Diamond Advantage card. I completed the form, mailed it back, and received a letter two weeks later from MBNA saying that I was approved for the card, but MBNA was cutting my Wachovia Visa CL to $8000 credit limit because the AAA Visa Diamond Advantage card would have a $14000 credit limit.
Now, last year, I received a preapproved form for an American Express Blue Cash. I already had a American Express Blue with a $27000 credit limit, but I forgot about what happened with my former AAA and Wachovia cards until I got a packet from American Express for the Blue Cash. Fearing the worst, I saw that I got a Blue Cash card with a $14000 credit limit, so I thought my Blue credit limit was cut in half.
Nope - that didn't happen at all. My Blue remained at a $27000 CL and my almost-year-old Blue Cash with a $14000 CL. With the two AMEX cards, I have $41000 in credit, unlike the two MBNA cards that I went from 20000 to 22000, but at the cost of my Wachovia card's credit limit.
I won't even go into how MBNA would let you pay your card over the phone for a fee and a 48 hour waiting period and how trying to pay your credit card online was an absolute misadventure along with the two-cycle phantom finance charges that would appear from time to time and fighting on the phone with a CSR to get them removed.
At the risk of jinxing myself, I have had nothing but great experiences dealing with American Express and a good business relationship with them. For those who are complaining about America Express rate jacking during this recession, AMEX dropped my Blue APR to 7.99 three months ago, so go figure.