Cancel Amex Platinum Card: Making an Informed Decision

Deciding whether to cancel your Amex Platinum Card can be a tough call, but it's essential to weigh the pros and cons before making a decision.

The Amex Platinum Card's annual fee is a whopping $550, which may be a significant burden for some users.

If you're not utilizing the card's benefits to their full potential, it might be time to reconsider keeping it.

The card offers a generous sign-up bonus of 60,000 Membership Rewards points after spending $5,000 in the first three months, but this may not be enough to justify the annual fee.

Canceling the card will also mean giving up benefits like airport lounge access and a $200 airline fee credit.

It's worth noting that you can also consider downgrading to a lower-tier Amex card, such as the Amex Gold Card, which may offer more affordable benefits.

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Canceling your Amex Platinum Card may damage your personal finance relationship with your credit card issuer.

Canceling before you pay your annual fee can be a negative issue, especially if you're canceling after receiving your welcome bonus. This can lead to scrutiny on other cards belonging to you.

Paying your annual fee and then canceling your Platinum Card is advisable, as American Express sometimes offers a full refund. This way, you can avoid any potential damage to your credit score.

Canceling your card can negatively harm your credit score, which affects future card applications. This is a crucial consideration if you're planning to apply for other credit cards in the future.

You can receive a refund for your annual fee once it hits, but only if you cancel your card within 30 days of receiving your billing statement.

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If you're considering canceling your Amex Platinum Card, you might want to explore downgrading options instead. Downgrading allows you to get a card that matches your needs without canceling your account.

You can downgrade your Amex Platinum Card to either the Amex Gold Card or American Express Green Card, and the process won't affect your credit score. However, keep in mind that downgrading may deny you the chance to earn the welcome bonus of your new card.

If you do decide to cancel, you can close your account by calling the number on the back of your card, using the chat in your online Amex account, or submitting a request via mail. You can also close your account online by logging in and using the "Chat" icon to speak to a customer service representative.

Here are the options for canceling your Amex Platinum Card:

If you're not using the benefits of your Amex Platinum Card, you can downgrade it to a more suitable option. Downgrading allows you to get a card that matches your needs without canceling your account.

The downgrade options available for the Platinum cardholders include the American Express Gold Card and American Express Green Card. These cards offer benefits for everyday shopping.

You can downgrade your card by calling the number on the back of your card or via the chat in your online Amex account. Downgrading won't change your credit score, unlike canceling a credit card.

Keep in mind that downgrading may deny you the chance to earn the welcome bonus of your new card due to the once-in-a-lifetime welcome bonus policy.

You can close an American Express credit card account through various methods, including online, phone, or mail. You can cancel your account even if you have an outstanding balance, but you'll need to continue making payments until it's paid in full.

Closing a credit card account can temporarily affect your credit score, but it's not a significant impact. It can reduce your available credit, increasing your credit utilization ratio, and shorten your credit history, which makes up 15% of your FICO score.

You can cancel your American Express credit card account online by logging in to your account and using the "Chat" icon to speak to a customer service representative. Alternatively, you can call American Express at (800) 528-4800 or submit a cancellation request via mail.

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If you close your American Express credit card account, you'll forfeit your points balance after enough time has passed, unless you have another American Express credit card that earns points in the same program. If you don't have another card, you have 30 days from the account closing date to redeem your points.

You can also cancel your American Express Platinum Card account at any time, but it's essential to understand the terms and conditions before doing so. You may be eligible for a refund of your annual fee if you notify American Express within 30 days of the fee being charged.

Here are some key things to keep in mind when canceling your American Express credit card account:

I've been a cardmember of the Amex Platinum card for about 5 years, and I've seen how card policies and perks have changed over time.

Amex raised the annual fee in 2021, making it more expensive to maintain the card.

Several years ago, fewer cards offered lounge access as a perk, making the Amex Platinum's benefits more unique.

I've taken an even closer look each year to confirm I'm still gaining enough value from the card to keep it.

I've called each year to see if there were any retention offers available, and have successfully negotiated a reduced annual fee or points bonus each year.

If you've decided that the Amex Platinum card's hefty renewal fee isn't worth it and want to cancel it, we get it. But you may want to get another card instead.

You have options to consider before canceling your Amex credit card. If you're considering alternatives, here are a few moves you could make instead.

If you want to get another card, you can consider alternatives to the Amex Platinum card. The Amex Platinum card's hefty renewal fee is a major consideration for many users.

If you've decided that the Amex Platinum card's hefty renewal fee isn't worth it, you may want to consider getting another card instead.

You may want to think about alternatives to the Amex Platinum card, like finding a card with a lower renewal fee that still offers the benefits you need.

If you're considering canceling your Amex credit card, there are a few moves you could make instead.

You could get another American Express credit card with a lower renewal fee, or one that offers more rewards or benefits that are important to you.

If you're considering canceling your American Express card, don't forget to use your annual credits before you go. The Platinum card comes packed with perks, and some of those perks are calendar year perks that you'll want to use before you cancel.

You should use your $200 in airline incidental credits, your $200 Fine Hotels & Resorts credit, and your twice-annual $50 credit with Saks 5th Avenue before you cancel the card. There are also monthly credits to use, so try to use those for the month before you cancel.

If you're offered a sign-up bonus, like the 15,000 miles for signing up with CLEAR, be sure to use that credit while you can.

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Retention offers are a great way to get you to stick with your Amex Platinum Card, and American Express has been particularly generous with these offers in the past year.

You can ask for a retention offer by calling the number on the back of your card and navigating the menu to a human, or by initiating the conversation via the chat function while logged in to your account.

The retention specialist may try to convince you to keep the card by reiterating its benefits, but if there is an offer available for your account, they will share the details with you.

Some people have received statement credits worth hundreds, while others have gotten offers of 30K or 50K points with no spending requirement at all.

You don't know what you'll get unless you ask, so the first step is to ask for a retention offer.

In our case, my wife got an offer to earn 55,000 points with $4,000 in purchases in 3 months, which is almost like getting a second welcome bonus.

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Whether or not you get a good offer, you should move on to the next step after asking for a retention offer.

You can get retention offers via chat Monday through Friday from 9am to 5:30pm, and retention specialists continue to be available until late in the evening over the phone.

Canceling the Amex Platinum card could temporarily drop your credit score, even if your account is in excellent standing. This is because closing a credit card account can reduce your overall available credit.

Closing a credit card can cause your credit utilization ratio to increase, which accounts for 30 percent of your FICO score.

The length of your credit history makes up 15 percent of your FICO score, and closing an account can eventually shorten that history.

Credit card accounts in good standing remain on your credit report for 10 years, so it's worth keeping old accounts open, even if you're not using them regularly.

Having a very good credit score, like mine, can make the possibility of canceling a card and the impending ding on my credit score less stressful.

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You can cancel your Amex Platinum Card account through the chat feature on the American Express website, which is available from Monday to Friday between 9:00 am to 5:30 pm.

The chat feature is usually automated, but you can request to talk to a human representative, especially when asking for a retention offer. These offers can include statement credits worth $695 or 50,000 Membership Rewards points without a spending requirement.

Cardholders can also request to speak to a retention specialist to negotiate a retention offer before finalizing cancellation. The specialist will be available to discuss options and provide a retention offer.

However, American Express may deny or accept the request, which may vary from one person to another. Once the request is denied, the cardholder cannot do anything else to request another retention offer.

After canceling the account, you must destroy your Amex Platinum Card since it is null and cannot be used for further transactions. You are also liable for any other charges associated with your card account when you close your account.

It's a good idea to understand the terms and conditions of canceling your account before you do so, as American Express can refund the cardholder their annual fee after account closure in certain conditions.

Canceling your Amex Platinum Card may have a significant impact on your credit score.

If your needs no longer match with the card, you can choose to cancel your account.

Canceling a premium card like the Amex Platinum Card may greatly impact your credit score.

You can downgrade to a card matching your needs or request retention offers before canceling your card.

The choice of keeping or canceling your Platinum Card is entirely up to you and how well you utilize the card.