When to Cancel AMEX Card?

Anonymous · ‎10-27-2019

Hi everyone,

I just need advice for this. I got the AMEX BCP as my first card from AMEX. However, that is before I discovered the Gold Card. I wanted a card that does both dining out and groceries, so I got the Gold Card.

However, I now have two cards with annual fees that both do groceries. I want to cancel the BCP, but it's only been 7 months since I got it. Should I just wait until the 13th month (April 2020) to cancel or just pay for another year? My reasoning is that the benefits are redundant.

I don't want to be on AMEX's blacklist because of my error in judgement. I think the T&C states that it has to be more than 12 months?

Anonymous · ‎10-27-2019

yeah rewards abuse is what they call it, you might as well call amex and ask them how they feel about it and see what they say. they can take your sub back if they think you screwed them deliberately.

Anonymous · ‎10-27-2019

That's a good point. I should give them a call when the annual fee hits my account.

NRB525 · ‎10-27-2019

OP it’s not a mistake. You sign up for a card based on your understanding of the card profile and benefits at the time. You learned more about the Gold, and now you know more.

There is zero benefit from cancelling now, as there is no prorated AF refund.

Wait til the AF posts, then ring them up and ask about downgrading to the Blue Cash. That gets past the 12 month requirement, and keeps your account active / aging. It’s a revolver so that limit remains available. There may be some situations you want to use the BCP instead of Gold. For example, aren’t Streaming services and department stores getting % back?

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

ScoreSizzle · ‎10-27-2019

Don't get rid of it, just downgrade to the Blue Cash Everyday with no annual fee.

Cap1 Quicksilver || Amex BCP || Discover IT || Chase FU || BofA Travel || FNB Omaha Platinum Visa

Anonymous · ‎10-27-2019

Hi NRB525,

Thank you for that reply.

Yeah, streaming services are at 6%, but there is no cash back for department stores. With a $95 annual fee, my streaming services will definitely not be enough.

You're right. I should give them a call when the AF posts. I'll ask them about downgrading, but I won't be using the BCE. I'll just be upfront about my situation about it.

Anonymous · ‎10-27-2019

Definitely downgrade instead of cancel. If nothing else, you may find that moving that CL to a different Amex later on is beneficial. Might as well keep it around.

longtimelurker · ‎10-27-2019

@Anonymous wrote:
yeah rewards abuse is what they call it, you might as well call amex and ask them how they feel about it and see what they say. they can take your sub back if they think you screwed them deliberately.

I would STRONGLY advise against doing this, asking them if you will be penalized for cancelling (or downgrading). For one, it may raise a red flag that doesn't need to be there, and also you cannot trust the response of a CSR (not because they deliberately lie, just that they don't know).

Just explain that you don't have the need for both cards with an annual fee, and you want to downgrade the BCP

Anonymous · ‎10-27-2019

@Anonymous wrote:
That's a good point. I should give them a call when the annual fee hits my account.

You can do this all through Chat. (CYA vs phone) Make a copy of the convo and save it somewhere.

Swap it out for BCE/CM or even potentially MR's w/ ED/EDP.

Anonymous · ‎10-27-2019

You're right. Amex's chat would be a better option since I can use it as evidence. I didn't think of that.

Thank you for that advice!