Author Topic: closing a charge card  (Read 5430 times)

Offline est

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closing a charge card
« on: November 10, 2011, 11:16:08 PM »
amex just charged the fee for my premier rewards gold charge card - $175!! not worth even half that! will it affect my credit if I close? or is there any other card to switch to? the rep i just spoke to said cannot switch to a credit card and theres no fee free charge card. true?

Offline AsherO

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Re: closing a charge card
« Reply #1 on: November 10, 2011, 11:23:17 PM »
amex just charged the fee for my premier rewards gold charge card - $175!! not worth even half that! will it affect my credit if I close? or is there any other card to switch to? the rep i just spoke to said cannot switch to a credit card and theres no fee free charge card. true?

The Zync is $25/year, but the points don't transfer to airline miles.
PGF24BMGS

Offline Dan

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Re: closing a charge card
« Reply #2 on: November 11, 2011, 01:43:10 AM »
The Zync is $25/year, but the points don't transfer to airline miles.
True, but it does keep your MR points alive until when you decide to get another charge card offer.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline est

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Re: closing a charge card
« Reply #3 on: November 14, 2011, 08:24:50 PM »
i will lose my points if I close the card?

Offline Cholentfresser

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Re: closing a charge card
« Reply #4 on: November 14, 2011, 08:28:49 PM »
i will lose my points if I close the card?
Correct, unless you have another open charge card.
In order to understand recursion, you first need to understand recursion.

Offline 123ablack

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Re: closing a charge card
« Reply #5 on: November 14, 2011, 08:54:07 PM »
Hi,

I have the following 3 Amex MR cards  - all opened within the past 12 months.

Platinum Consumer (already paid the $450 annual charge)
Premier Gold Consumer ($175 Annual fee, didn’t get charged yet)
Business Membership Rewards card ($75 Annual fee, first year free)

I have a total of 200.000 MR Points

Is there any reason for me to keep both cards open? Or should I close 1 of them.

Dan always says “with chase it is always a good idea to keep the card open” perhaps by downgrading it to a annual free card for LEVERAGE purposes… (Switching credit lines when trying to get approved for a new card, etc.)  Does the same apply to Amex and specifically to charge cards?   

Offline AJK

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Re: closing a charge card
« Reply #6 on: November 14, 2011, 09:35:17 PM »
Correct, unless you have another open charge card.

Clarification: unless you have another MR-based card. Does not have to be a charge card.
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Offline TC610

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Re: closing a charge card
« Reply #7 on: November 14, 2011, 11:16:15 PM »
i will lose my points if I close the card?
Correct, unless you have another open charge card.
Clarification: unless you have another MR-based card. Does not have to be a charge card.

Wow, how many times can this question come up in one day in different threads??!

Offline gevaldig

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Re: closing a charge card
« Reply #8 on: November 14, 2011, 11:19:49 PM »
Wow, how many times can this question come up in one day in different threads??!
nu zoll shion zien

Offline 123ablack

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Re: closing a charge card
« Reply #9 on: November 15, 2011, 12:38:31 AM »
Quote from: gevaldig link= topic=11256.msg142156#msg142156 date=1321330789
nu zoll shion zien
The good news is, we've just got ourselves a Brandnew Acronym... NZSZ :P

Offline gevaldig

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Re: closing a charge card
« Reply #10 on: November 15, 2011, 08:45:59 AM »
 ;D ;D

Offline est

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Re: closing a charge card
« Reply #11 on: November 16, 2011, 10:36:34 PM »
but again - will it affect my credit score to close?

Offline AJK

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Re: closing a charge card
« Reply #12 on: November 16, 2011, 11:54:22 PM »
Yes, but it still may not be worth $175 AF.
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Offline bubbles

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Re: closing a charge card
« Reply #13 on: November 16, 2011, 11:57:24 PM »
Yes, but it still may not be worth $175 AF.

As was mentioned $25 AF for the zync but I don't know if I would pay that either

Offline AJK

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Re: closing a charge card
« Reply #14 on: November 17, 2011, 12:07:32 AM »
As was mentioned $25 AF for the zync but I don't know if I would pay that either

As per the OP, it looks like she was asking if "will it affect my credit if I close?"

In any case, if you're that worried about closing the line, pay the $25, keep your points from dying the true death (without transferring to someone else as others have mentioned).
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper