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Transferring Amex limit to other card and closing account?

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Established Member

Transferring Amex limit to other card and closing account?

Hey all, I currently have 3 Amex cards my oldest Amex being the Blue cash magnet card with 11 months. I have 2 other ones the Blue cash magnet Preferred and the Delta. I was wondering whether or not I should transfer my credit limit from my Blue cash Preferred to my regular no annual fee Blue cash magnet? I have a $2k limit on the preferred and $15k on the regular. I wanted to close my preferred but don’t want to mess anything up credit wise. What affects does transferring the limit and closing the preferred card have on my credit? Should I just keep all three or do I transfer the limit and stick with only 2 Amex? Thank you for your time


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Established Contributor

Re: Transferring Amex limit to other card and closing account?

I’m not an expert on this stuff either, but I think it’s possible to get a product change on the BCP to a no annual fee card and keep the trade line open. A see a lot of people downgrading to the BCE to keep the 3% cash back for groceries.
My credit card journey started 3/2018


Hover over cards to see limits and usage.
Total CL - $151900
Cash Back and SUBs earned as of 11/22/20 - $4247.78

CU Memberships

Goal Cards:
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Super Contributor

Re: Transferring Amex limit to other card and closing account?


@Reeflex wrote:
Hey all, I currently have 3 Amex cards my oldest Amex being the Blue cash magnet card with 11 months. I have 2 other ones the Blue cash magnet Preferred and the Delta. I was wondering whether or not I should transfer my credit limit from my Blue cash Preferred to my regular no annual fee Blue cash magnet? I have a $2k limit on the preferred and $15k on the regular. I wanted to close my preferred but don’t want to mess anything up credit wise. What affects does transferring the limit and closing the preferred card have on my credit? Should I just keep all three or do I transfer the limit and stick with only 2 Amex? Thank you for your time

If you don't want to mess anything up, I suggest waiting longer until your accounts are all 13 or more months old.

 

Too much movement isn't good with Amex because they are always on the lookout for people churning SUB's and trying to avoid annual fees.

 

 


Total revolving limits 653000 (575000 reporting)

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