Need advice about my AMEX accounts

[Smooth_J]

So I just made my last payment to my AMEX Financial Relief Program. It has been a long several years, and I really like the feeling of not having this burden. Based on the AMEX CSR, I will be unenrolled from the program tomorrow (since all payments have been made), and then I am free to use the cards. While I have a feeling that some of the cards might be nerfed soon with reduced credit limits, or just straight up cancelled, I believe that some will live on. That being said, I am not sure if I want to pay all these annual fees and crazy high APR anymore as my APRs will be in the upper 20s close to 30s range. Obviously I don't want to keep any balances, but crap happen.

I currently have:

Blue Cash Preferred 
American Express Gold

Hilton Honors Aspire
Delta SkyMiles Reserve 
Marriott Bonvoy Brilliant
American Express Platinum Card

I tried to find one, maybe two that will suite my needs but its hard since they all have their pros and cons.  I would be able to use some of the benefits and rewards, but not all, and I doubt it could cover the full annual fee.

The reason why I am also having a hard time is because these cards are nearly 10 years old (on average), and them being an "older" account, I would like to keep my credit in decent shape. 

[pizzadude]

First, congrats on making your final payment and completing the program.  Were all of these cards in "suspended" status for the past several years ?

Maybe let the dust settle first and see how your cards are going to be affected by closing out the program, and decide if the travel related cards will fit your lifestyle first ?

[Smooth_J]

---

@pizzadude wrote:

First, congrats on making your final payment and completing the program.  Were all of these cards in "suspended" status for the past several years ?

Maybe let the dust settle first and see how your cards are going to be affected by closing out the program, and decide if the travel related cards will fit your lifestyle first ?

---

Thank you... it took me working multiple jobs, and not having weekends in order to get ahead and pay this burden off.

Yes, they were all suspended and could not be used. Pertaining to waiting and see what happen... I was thinking the same, however my annual fee will be due for 2 cards in the next few months so I would really need to think long and hard if I really want them (or if I will even use them at all). I guess in some ways I have a PTSD of getting a balance again, and while I know I can pay it off, I fear that something could happen and I would need to use it. Therefore starting this cycle all over again.

[pizzadude]

Yeah it's understandable to be worried about AMEX opening the floodgates for your cards, but I suspect they'll be keeping you on a short leash for a while to make sure you're paying early & often.  

I'd start with your charge cards, consider if you need both Gold & Platinum ?   For the hotel cards, do you travel / stay at both Hilton & Marriott properties enough to justify both of these also ?

[KatzNDawgs]

I would highly consider downgrading each "family" of cards to a lower or no AF, such as the Delta Reserve to a Delta Blue (no AF). That way, you can keep the age on account and some card benefits.

[Smooth_J]

---

@KatzNDawgs wrote:

I would highly consider downgrading each "family" of cards to a lower or no AF, such as the Delta Reserve to a Delta Blue (no AF). That way, you can keep the age on account and some card benefits.

---

That's a good option and I didn't think of that. My credit limit on these cards isn't much (less than 5K) so I doubt they will lower my CL much, if any, since I am not paying a higher annual fee.

[Smooth_J]

---

@pizzadude wrote:

Yeah it's understandable to be worried about AMEX opening the floodgates for your cards, but I suspect they'll be keeping you on a short leash for a while to make sure you're paying early & often.  

I'd start with your charge cards, consider if you need both Gold & Platinum ?   For the hotel cards, do you travel / stay at both Hilton & Marriott properties enough to justify both of these also ?

---

I switch properties when it's convenient to the place I goto. While I enjoy the perks and status, I find it difficult to digest the annual fee when I may only go 2-3 times a year needing a hotel, and only spending 1-2 nights per time. Yes I use my free night but I am not sure if I am really "saving" anything.

There was one time I spent 1.5 weeks in a hotel, but I would consider that rare since it was for a funeral.

[FicoMike0]

You do have some high priced af cards! I wouldn't pay the fees if I didn't get cash value back from usage. If you travel a lot, I suppose you might. I helped a friend a while back, she stays somwhat frequently at hilton. We found that she gets better value from the $150 Hilton surpass, than the $550 aspire. 

So, if you want to keep the cards, consider downgrading to a less expensive, or even free, versions of hilton, Marriott and delta. Ditto bcp to bce. Maintains the tradeline.  Also, a closed account continues to report and age for about 10 years.

As to the plat and gold, you'll have to decide if they are worth the fee.

[NoMoreE46]

Congrats on the last payment @Smooth_J !

I would wait to see what AMEX decides to do as mentioned.  You have time before those AF kick in.

Regarding your anxiety about spending on your cards- the four credit cards may get reduced to very low CL  (if they haven't been reduced already...)   

Can you see what the CL are on those cards?  Those CL maybe a deciding factor on which card(s)  to  possibly close.

[ktm]

I would downgrade the Blue Cash Preferred to Blue Cash Everyday, unless you spend between $4417-$6000 / year on groceries - because to get more value out of Preferred than Everyday, you have to spend more than $4417 AND not more than $6000 / year on groceries. And if you stop at EXACTLY $6000, you only make an additional $85 with Preferred. Too much for me to keep track of for a potential $85 / year!

IF you are staying at hotels anyway - prepaying for one night / year with AF makes sense. I also agree with downgrading Hilton and Marriott to no annual fee versions. Same with Delta - IF you are flying Delta anyway, prepaying with AF makes sense. IF NOT - downgrade to no AF. 

Unless you are using the TRAVEL benefits of Platinum, I would close that. I personally don't like the coupon part of Platinum and would rather pick vendors in those categories organically when needed.

good luck