my American Express card?

Question

i had an american express card(Rewards gold card) i am using this card from tow years ago i don't want to renew this card becasue of its high annual fee ($100) so what i suppose to do ? pay only the outstanding balance without the renewal fee ?or i must call american Express to close this account , if I close this account will this make any effect in my credit score , please answer me in a way that i can not effect my credit score...thanks

Answer 1

Even thought the type of card you have with them is an annual fee type of card, you might be able to talk them down on the fee or talk them into totally waiving the fee.

Rather than closing the card and dropping your scores, your best bet would probably be to look through the non fee reward cards that Amex has - Blue, Blue Cash, Clear, etc., etc., etc., and find a couple that you like. Then contact Amex and tell them that the Gold is not the kind of card you are wanting at this time (or something to that effect) Then mention the cards you have looked at and ask them to convert your existing card into "one" of the other non fee rewards cards that you like.

They convert cards all the time. It's usually quick and painless. Though every once in a while a person may get a CSR that may not know about conversion (doesn't know it can be done, doesn't know how to do it, doesn't feel like doing it) and they will say it can't be done. If you get someone like that, either ask to speak with someone else or hang up and call back later.

The converted card should report with the same length of time that your Gold has been reporting. So you will not be losing any history when converting.

Answer 2

No, as long as you call them you can close the account without it affecting your credit score. They're going to ask you to pay the remaining balance though obviously. The only thing that will happen on your credit report is it will say, "Pays as Agreed" and then account closed. American Express is one of the best cards in the world though. Yeah, the fee is high, but for a reason. You're paying for the benefits that you'll never see with another card. If it's the only one you have, keep it. The longer the account is in good standing the better your credit score will build. Your AE can have a limit as high as 20k. Did you know that. Now that's purchasing power. Think hard before you cancel. You'll never regret it if you keep it. You score won't be affected if you call. Good luck to you.

Answer 3

Well, what you can do is ask them why your annual fee is so high, mine is only 75$, but that's practically only 20$ difference.

Amex is one of the best cards to have , it's not a credit card in the traditional sense but a hold over card until you have money at the end of the month.

EVERY person who does those stupid "payday" loans should just get an AMEX card, again I'm not pimping for Amex so much as saying in a crappy credit environment , you could do alot worse than their 3% and 100$/year. that's about 8 bucks per month.

Worst case , get a green card and transfer your rewards points. They will be less than happy but it's not your job enhance their happiness.

Have a great day

Answer 4

When I had a n American Express Card in my Name and then added one for my Husband it did not help his credit. At that time American Express only report the credit in my name. But also they would never answer any questions to my husband because her was only a signer and not an owner on the account. I would talk to your father about it and see what he has to say. You really need to try to get a card of your own or a bank loan to build you credit. Also if you use a credit card and pay it off every month you are not occurring interest but you also are not building your credit you need to make payments like pay every thing you owe except $5.00 a month that way you are now occurring to much interest. And never max out a credit card that is very bad for your credit. Almost as bad as missing payments. Good Luck.

Answer 5

Closing a credit card account can adversely effect your credit score if you have an outstanding balance. DO NOT close a credit account until you have a zero balance. If you close it before clearing your balance, it raises your debt while decreasing your available credit.

I'm sure when you call to close the account the retention department will waive your annual fee. AMEX is great about this.

Answer 6

Call them. If you have been paying timely in the past, then you should call them and tell them your thinking about shopping around to get a credit card that doesn't have $100 annual fee. If your credit is good they will waive it right away.
But don't close the account, that will adversely effect your credit score. Even if you pay it off, leave it ope with a zero balance.

Answer 7

Your choosing to close your account should not affect your credit....as long as you have been paying on time. If you have any questions about this...call your credit places first....but it shouldn't affect it. There may be some statement they can put on it that you chose to close the account...think it will just say closed, and the date...but you may be able to add your own statement that you decided to close it.

$100 is a lot of money if you aren't using the card.

Answer 8

Yes, you have to call AE and tell them you are not renewing the account at expiration.

Closing a credit card does not hurt your credit. Why would it?

Answer 9

Call them and close it. I think that closing open lines of credit will generally INCREASE your credit score, not lower it.