Typically you should wait until the AF is charged for the second year before cancelling. There have been reports of being blocked from new subs if you even close it before the third year, but I believe that's pretty uncommon.
Agreed with @Brian_Earl_Spilner, I just added my SO on the Gold as AU and will kill the Gold in June when I’ll add her to the Platinum in June. The Centurion Lounge benefit is key in my decision as my SO now retired will be traveling, (once COVID has settled down) and I will fell better about her alone in International airports!
As far as a claw back, we have not experienced that, but we have waited till the AF to make changes with AMEX to maintain any rewards we were offered. Best of luck @Anonymous and know that the support of the Senior Members are the crux of this Community.
@Anonymous wrote:
@FinStar wrote:As an option, if you decide to keep Green, they can downgrade to a couple versions if your account is eligible at renewal time. It is not widely advertised, but just something to think about so that when you cross the bridge, you're not 'perceived' as a churner. There's the Traditional (or Classic) Green (formerly known as Senior Green), it's $55 AF, but no MRs. For an extra $40 you get MREs.
Otherwise, if the option isn't viable, then you can cancel once the AF posts. But, just be aware there's always that potential possibility where AmEx can restrict earning a SUB on any future card you apply for.
You say canceling once the AF posts, do you mean for the 1st renewal in March? I've already had it for a while and paid the first AF. I don't have any intention of churning. I do plan to change my Platinum to a Schwab though. I figure I will keep the Schwab and Gold going forward.
Wasn't aware of that option with the Green so will keep that under my hat. I appreciate the reply!
You have to wait until the year anniversary af posts then cancel within 30 days. You can't PC to Schwab, it needs to be applied for through them.
@Brian_Earl_Spilner wrote:
@Anonymous wrote:
@FinStar wrote:As an option, if you decide to keep Green, they can downgrade to a couple versions if your account is eligible at renewal time. It is not widely advertised, but just something to think about so that when you cross the bridge, you're not 'perceived' as a churner. There's the Traditional (or Classic) Green (formerly known as Senior Green), it's $55 AF, but no MRs. For an extra $40 you get MREs.
Otherwise, if the option isn't viable, then you can cancel once the AF posts. But, just be aware there's always that potential possibility where AmEx can restrict earning a SUB on any future card you apply for.
You say canceling once the AF posts, do you mean for the 1st renewal in March? I've already had it for a while and paid the first AF. I don't have any intention of churning. I do plan to change my Platinum to a Schwab though. I figure I will keep the Schwab and Gold going forward.
Wasn't aware of that option with the Green so will keep that under my hat. I appreciate the reply!
You have to wait until the year anniversary af posts then cancel within 30 days. You can't PC to Schwab, it needs to be applied for through them.
I have to wait for the first renewal to post, then cancel after it does? I believe you, it just seems counter-intuitive. I'd have guessed to cancel before hand would be best. I will definitely follow that guideline.
I figured already paying for the Gold renewal would show I'm here for the long haul, but I definitely don't want to be "that guy" and they think I'm just trying to churn them.
Does that also mean I need to hold on to the Platinum as well? With it being a separate product vs the Schwab, I would need to carry both for a while? 
Thanks for the info!
Yeah wait for the fee to show up on your statement. If you cancel within 30 days they will reverse the fee and close the account.
If you cancel before the fee posts, you run the risk of getting points clawed back or other adverse action like being blacklisted for signup bonuses on other products.
I closed my Hilton Surpass just 1 week before the statement posted with the AF, and not only did they put me in the no-bonus penalty box for several months, but they refused to credit the signup bonus on the Delta card I'd just gotten. Eventually months later they gave me the bonus anyway (glad I didn't cancel like I almost did) and I was able to get other bonuses again, but I learned their 12-month rule is pretty strict.
