Would It be better to cancel a card after one year or after two years?

[Anonymous]

I applied and was approved for the AMEX gold card in May 2018 when the annual fee was waived for the first year and then $195 the second year.  I am now realiziing this card isnt for me. Would it be better or worse for my credit if i cancelled it now after one year of having the card or would it be better to pay the annual fee and keep it for more year and then cancel it?

[Brian_Earl_Spilner]

If it isn't for you, cancel it after you've had it for 12 months. Anything sooner could be construed as gaming in Amex's eyes and could disqualify you from future subs. The account will stay on your reports for up to 10 years.

[NRB525]

OP do you have any other AMEX cards?

Are there any other AMEX cards you are interested in getting which have SUB?

Have you closed any other AMEX cards soon after you had them? Any closed in the last few years?

The reason for the questions is, if you close the Gold after a year, there may be no SUB on new cards, depending on your overall set of actions with AMEX Centurion Bank.  (And to be clear, AMEX means AMEX Centurion Bank, not from other banks)

[TheBoondocks]

Honestly, I've had a card that I opened but wasn't using for a year and 2 months or so, I think a year is efficient, but I would say 2 years max, for it to not affect as much. Because like you know, they say if you want to product change, you have to wait a year. If you want to close a checking account even after a bonus, close it after a year, some banks does it after 6 months. A year is perfect bro.

Now, I had a annual fee account that I closed out after a month or two, just to get back the annual fee. It really depends on what type of card is it and who's the issuer. If you have a Amex, I wouldn't close it if you're gonna get the SUB, I would wait maybe 1 year and a half.

[UncleB]

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@Brian_Earl_Spilner wrote:

If it isn't for you, cancel it after you've had it for 12 months. Anything sooner could be construed as gaming in Amex's eyes and could disqualify you from future subs. The account will stay on your reports for up to 10 years.

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+1

If the card truly isn't suiting your needs just wait until the AF posts, then call them up or do an online chat and close it.  They will credit back the fee, and this seems (???) to keep them happy as far as getting on the no sign-up bonus "naughty list".

[pinkandgrey]

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@Brian_Earl_Spilner wrote:

If it isn't for you, cancel it after you've had it for 12 months. Anything sooner could be construed as gaming in Amex's eyes and could disqualify you from future subs. The account will stay on your reports for up to 10 years.

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Agreed. I always close cards I don’t want, but in this case, Amex will view it as churning if closed before a year.