Closing my AMEX GOLD will affect my credit score?

[Anonymous]

Hello, I have an Amex Gold Premiere Rewards since 2015, and I very recently (about one month ago) applied and got approved for a new Amex Platinum card.  I don't plan to use the Gold any longer, so I am considering closing it (especially to avoid paying the $190/year). However, I read somewhere it may hurt the credit score.  What better place than this one to ask?  

A few additional information below:

• The Gold account has always been positive, and I've always paid everything each month.  After this final month, I will do the same before closing.
• I asked the Amex customer service about merging the two cards, and they said it was not possible (although I will retain the membership rewards sicne they belong to the same account).
• My most recent FICO score is 782.
• Along with these two Amex cards, I have a Chase Freedom Unlimited (I've recently downgraded the Chase Sapphire Preferred) which I use evey once in a while, and a Chase Freedom that I almost never use.
• Don't know if that's a useful info or not, but the Platinum Card states (like the Gold) that I am a member since 2015.

Thanks everyone

[Anonymous]

It sounds like you will still have three cards after you close the Gold, so you should be fine.  And closing a card should not affect your AAoA or similar factors (close accounts continue to age) until it falls off your report, which typically won't be for another ten years.

As a long term goal I'd consider getting one more true credit card for a total of three.   (It sounds like you have two credit cards and two charge cards now.)  No need to rush that move now, however.

[Streetervillelady]

Your scenario is unusual.  You should have received offers of Membership Reward Points to upgrade to the Platinum.  Also, you can login and use the Menu button and select cards, this will show you all AMEX cards and your upgrade (vs. apply for) options.  Upgrading allows you to keep the same account number while changing products.

I would go back to Customer Service and request an upgrade (have them check for available offers) from PRG to Platinum.  This may or may not be a ‘soft pull’.  They should then be able to cancel the ‘new’ card with no change in CRA reporting.

[Anonymous]

Thanks for your help to both. 

In response to Streetervillelady,

---

@Streetervillelady wrote:

Your scenario is unusual.  You should have received offers of Membership Reward Points to upgrade to the Platinum.  Also, you can login and use the Menu button to select cards, this will show you all AMEX cards and your upgrade (vs. apply for) options.  Upgrading allows you to keep the same account number while changing products.

I would go back to Customer Service and request an upgrade (have them check for available offers) from PRG to Platinum.  This may or may not be a ‘soft pull’.  They should then be able to cancel the ‘new’ card with no change CRA reporting.

When I asked to customer service, they explained that I got a new card because I applied from scratch, rather than merely upgrading my Amex.  The positive side of it will be that I am entitled to the 60k sign-up bonus, instead of the 25k obtained thorugh a mere upgrade of the card. 

Don't know why the system didn't automatically called for it, and the first customer service person was also a bit surprised. Just to be sure, I doudble checked with anotehr representative and he confirmed the same happened.

So, I guess requesting an upgrade instead than cancelling the card will not be ideal as I will lose the added sign-up bonus.

[Streetervillelady]

You’re right, the 60K trumps everything! You should be fine to close the PRG.  Congratulations and enjoy your Platinum.

[redpat]

You may want to keep the PRG.  After the $100 credit the AF is $95 and you get 2x  restaurants, grocery and gas.  Also, you have additional opportunities for Amex MR offers that can more than pay for the AF cost.  For example in the last month I picked up 7k MR points from offers that were not on my biz plat, personal plat and biz brg.  I also have about 10k MR offers on my personal plat that I will use that expire in June that were not on my PRG.

So by having both cards it can give you the ability to accumulate MR points.

I have both and I use the plat card mostly for perks and 5x airfare.