I got Approved For the AMEX Platinum Card last night!!! Woohoo!! But....

[lurk2mem1]

Ok, I was approved for an Amex Green and BCE back in January. I was able to get them backdated to 2000 (had a blue card though my Mom)! I recently got engaged, in Paris, and we're deciding to do a destination wedding early next year. This year however, I will be traveling quite a bit and felt like I should have app'd for the Amex Plat instead of the Green due to more rewards etc... Possibly traveling quite a bit next year as well. I called Amex up and asked when I could upgrade from Green (even though I already knew the answer from the myFico family) and of course the rep said you have to wait 13 months before upgrading. She said, you can just app for the Plat, so I did (I'm not applying for anything else this year) and got approved!

Now, the question is what should I do with the Green? Do I hold on to it for 11.5 months then cancel? Should I just cancel it now? How with this affect my credit?

FYI, I will have them backdate the Plat as well, so that should help.

Any thoughts?

[armywifey85]

Amex must be in the giving mood, I got approved also. I love them.

[Skinnyminnie]

Hmmm, not too sure what I'd do in your case either.  But there's two possibilities I would juggle if they were mine.  One would be to keep both cards, just because of the nice AAoA, and if you don't mind paying the annual fees for both cards.  The other is cancel the green and when you're done with all your travels in the next few years you can change the platinum back to the green if it doesn't suit your needs.

[pizzadude]

Congrats on the Platinum approval !

You could always downgrade your Green into a Zync if you want to keep the card open ~ Zync only has $25 AF.

Open or closed it will continue to help your AAoA ~ the only thing that is different is that is will drop from your reports 10 years from the date closed.

[Skinnyminnie]

True dat!  

[lurk2mem1]

I thought about this as well. Thanks for the tip Skinny!

[lurk2mem1]

"You could always downgrade your Green into a Zync if you want to keep the card open ~ Zync only has $25 AF.

Open or closed it will continue to help your AAoA ~ the only thing that is different is that is will drop from your reports 10 years from the date closed."

This is one idea I have not thought of. This would make a lot of sense especially with the lower AF. Thanks Pizzadude!

Now my fiancee tried to get an Amex Costco and Zync with in that last few month but was denied. She paid off all of her debt in late December, but she has a few dings and a two satisfied Liens from 2 years ago which could be the reason why she's being declined. Now, should I had her as an addtional Green member or downgrade to the Zync and add her then?

Obviously the AFs play a big part of this decision.

[pizzadude]

I believe that Zync additional cardmembers are $15 each.    Green charges $30 for up to 5 additional cards.  

[pizzadude]

Also, I forgot to add, once your are downgraded to Zync I don't think that you can PC back to green or anything else, unless AMEX specifically extends you an offer to do so.

[Smerri1029]

I would just cancel the green. When I first got AmEx (back before I knew anything) I applied for a green then realized the PR Gold would be much better for my spending. They said couldn't upgrade, so I canceleld the green and opened the PR Gold. There was no need or reason for me to hold onto it. It stays and ages for the next 10 years open or closed. If you have the platinum, points earning is the same as the Green but you get your added benefits. I'd just cancel the Green so it's one less thing to worry about.