Thinking about closing my Amex Gold, and get a BCP.

[Anonymous]

When I opened up the Gold card in May I was on top of the world. First card with amex, and basically my first prime card.

Now many approvals later my only spend that goes to this card is basically dining (wich I can use Sam's club 3% for dining and for travel) supermarkets, and grubhub.(for 120$ credits).
I also have a couple other cards with AF'S. Another reason I want to rid the 250 af from my life. Cap1 Venture(VS), wich I'm unsure if I'll be allowed to downgrade, after 1 year but if I can I will most likely since it's a very similar card to my BBP. My DW has delta gold(most likely get her the delta(no af card). Then close her Delta gold.
I plan to keep my Citi aadvantage (Wemc) open and not downgrade until 24 months.(citi 24 month rule).
I obviously don't want amex to think I'm abusing the system. My plan is after I pay the 250 af in may. Let them know I'm only using the card for groceries, and dont see myself making up for the 250 af second year,and BCP would be a better fit. This is where I'm not sure how to proceed. Should I apply for the BCP before I call amex? Or should I tell them my plan, and see what they say before adding that card? I really love the GOLD card, but like I said I have other cards giving close or same rewards. And I'd get more value out of BCP( for groceries plus i guess I can use the 6% cb on streaming services, and lower af.) My BBP alone gets 2x MRs so I'll still have a card to hold MRs.
With my discover card covering groceries for 3 months( more if I play gc game) and the Bcp 6% up to 6000$, is more than enough since I do shop at bj's Sam's club, and walmart enough so I would not reach the 6k cap. Only have to spend 1600$/yr to make up 95$ fee.(most likely spend like 4k)
Or I could shop exclusively at bjs, and get the bjs credit card 5% for most purchases. (Mixed reviews on this card).
I'm not applying for anything until May when I figure this out. That would be 7 months since my latest approval, and wouldn't have many scorable inquiries so of course I'd expect to be approved.
Any opinions, different ideas or scrutiny is appreciated! Ty

[Anonymous]

Im gonna assume you did your math and came to the decision. I can't see myself switch GOLD to BCP which has an AF of 95 that cannot be cut down.

I would call them and hear them out, maybe they will give you an offer (like 20k MR) you can't refuse .

[lmhenry1]

OP Can product change from BCP To BCE if their spending patterns change to dodge the $95AF lower benefits but you get what you pay for . I would personally call them up and apply for the BCP seven months of saving 6% on groceries add up and explain your reasoning for canceling the gold card several months later . Keep in mind that if you use your future BCP at bj's Sam's club, and walmart you only earn 1% back not 6% as they are considered Warehouse Clubs and not coded as groceries by Amex.

[Anonymous]

@FortifiedHM- Yes I've done the math. My issue is I already have two cards that pay for checked bags, and unless we plan to get very drunk on flight I dont see much use for the 100$ credit. Since gcs aren't an option. I definitely have some more thinking and research to go. I could downgrade my aadvantage, and my dw delta gold, avoid those fees, and use the gold cards 100 airline credit for checked bags...
I'm hopeful they give me a retention offer.

[Anonymous]

Yes I understand the warehouse clubs wouldn't get 6%. I was just saying even 1600$/ year spent on groceries cover 95 a.f. I probably spend 4-5× that at regular supermarkets. I wont be even hinting at closing card until 1 year mark.
I value the 4x MRs = to 6% cb. So I basically have to figure if the airline credit is worth it. I do not want to close this card. I'm just trying to max my rewards. I'm completely unsure what I'll do at. Have until May to figure it out.

[Anonymous]

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@Anonymous wrote:
Yes I understand the warehouse clubs wouldn't get 6%. I was just saying even 1600$/ year spent on groceries cover 95 a.f. I probably spend 4-5× that at regular supermarkets. I wont be even hinting at closing card until 1 year mark.

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Well, not really, or rather that's the wrong calculation.   Yes, $1600 at 6% is more than $95, but with the free BCE you would be getting $48 more net (and with a random free 2% you would get $32 more).   So the break-even point is about double.   And remember BCP is capped at $6000 so you don't want to use that to spend 5x that (whereas the gold would continue to give full rewards at that level)

[Anonymous]

Yes I understand and im saying i definitely put enough spend through the gold card now probably 4k annually that would go to BCP but I'm not sure wich card makes more sense. I might just keep gold unless I can think of more reasons to change.

[JNA1]

I was recently faced with the decision of what AMEX card to get, and we decided on the BCP because we easily spend the $6000 on groceries yearly and we spend an average of $180 yearly on gas, so 6% and 3% is well worth the $95 AF in our case.

[Anonymous]

Have gas cards 5%. So would be used groceries and streaming.
At this point it's about even for me. I feel like right now I could get away with the 6k cap. But in future as my son grows, family, etc the Gold card makes more sense since I'll probably spend much more. I'll see what they offer after I let them know my situation but as for asking for a retention I also am wary I don't want to piss them off. Tough one

[Anonymous]

Considering the SUB is $200, I call that 2 AF free years on the BCP just to start. Then you have to figure out whether or not the CB is going to offset the AF going forward, which if you truly spend $6K annually in groceries, means you will. That's on top of any CB earned on Streaming, gas etc. If you make the BCP a daily driver on other spend as well, it can pay for teh AF and then some!

The Gold on the other hand, not so easy for some people. If you aren't using the $100 Airline credit, $100 Hotel credit or $120 Dining credit it essentially means you paying the whole $250 out of pocket. Not to mention that if you don't dine out enough, the 4X points per $1 doesn't add up very fast. Gold is meant for dining and some travel, so the simple answer is whether it's working for you or not?

Only you know that answer. 

Trouble with swapping Gold for BCP is that it's not exactly the same earnings, one is points the other cash. And on different spend. So you'll have to decide whether you like points to redeem on travel, or getting cash back.