Can you cancel Amex Platinum to avoid annual fees?
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Yes, you can cancel your Amex Platinum card to avoid future annual fees, and you'll likely get a pro-rated refund for the current year's fee if you cancel soon after it's charged (usually within 30 days), but be aware that some special or lifetime fees might be non-refundable. Canceling might slightly impact your credit score by increasing credit utilization or reducing available credit, but it's generally manageable if you have other cards and good credit.
Can you cancel Amex Platinum before the annual fee?
You want to wait until the annual fee posts and you are past the 12 month mark to cancel, to avoid claw backs. As long as you cancel within 30 days of the annual fee posting, they will credit it back.
Will canceling my Amex Platinum hurt my credit?
Assuming your credit history is otherwise "clean", your score is unlikely to change by more than a couple dozen points by simply closing an account. Your credit use percentage will be affected, but your score will recover within a year or so even if it does change, provided you don't have debt on other cards.
Can I cancel my Amex and get my fee back?
even if you cancelled you wouldn't get any of the fee back, so just keep it until the 2nd annual fee hits and then cancel within 30 days and it will be refunded.
Can I get my annual fee back if I cancel my credit card?
If you don't want the card, you have the right to not keep it. Almost all credit card companies will allow you to refund your card's annual fee if the account is closed within 30 to 60 days the annual fee is posted on the account.
How I'm getting $2,700 in value from the Amex Platinum Card!
Will Amex refund an annual fee?
Yes, American Express does refund annual fees, as long as cardholders cancel their account within 30 days of when the fee is assessed. It's sometimes possible to get an American Express annual fee refunded due to financial hardship too.
Is it better to cancel a credit card or let it cancel itself?
Keeping the card open can help maintain a healthy credit score by contributing to your credit history and utilization ratio. However, there are valid reasons to consider canceling, such as high annual fees or difficulties managing multiple accounts.
Will Amex waive its annual fee?
American Express typically does not waive annual fees entirely, but it may offer a side benefit to offset the card's $895 annual fee. Retention offers traditionally include statement credits, bonus points or spending bonuses.
Is it better to close or just not use my Amex?
If you're not using your card, simply having an open card account may help your credit score in by affecting your credit utilization and length of credit history. Closing a credit card account may negatively affect both of those components of your credit score.
Is it bad to cancel a credit card before the annual fee?
Experts generally don't recommend you ever cancel a credit card, unless you're paying for it (such as in the form of an annual fee) and not ever using it. And if this is the case, canceling a card once probably won't hurt you as long as you have a healthy credit history otherwise.
What is the 2/3/4 rule for credit cards?
The 2-3-4 rule for credit cards is a guideline Bank of America uses to limit how often you can open a new credit card account. According to this rule, applicants are limited to two new cards within 30 days, three new cards within 12 months, and four new cards within 24 months.
What is the biggest killer of credit scores?
Factors That Determine Credit Scores
- Payment History: 35% Payment history has the single biggest impact on your credit, which means paying your bills on time every month is key to building and maintaining good credit. ...
- Amounts Owed: 30% ...
- Length of Credit History: 15% ...
- Credit Mix: 10%
What is the 2 in 90 rule for American Express?
2 in 90 Rule
You can only get approved for two credit cards every 90 days. This means that if you apply for a third card within the 90-day window, you'll automatically be rejected. These rules apply to credit cards only and not charge cards, so you can apply for as many charge cards as you like.
Why is the annual fee for Amex Platinum so high?
It's part of Amex Platinum's ongoing shift from travel card to lifestyle card. Those benefits can easily outweigh the increased annual fee — the primary word there being can. "Anytime these changes come, the justification is all the slew of added benefits that they are marketing.
How do I ask to waive my annual fee?
Here are a few potential ways to persuade an issuer to waive your fee:
- Call your issuer. ...
- See if your issuer will waive the fee in exchange for card usage. ...
- Ask your issuer to match another offer. ...
- Ask to cancel. ...
- Use military benefits. ...
- Switch to a different card. ...
- Earn rewards to offset the fee.
Is 175k Amex Platinum worth it?
Is 175,000 Amex Points Worth the $895 Annual Fee? Short answer: Absolutely. The welcome bonus alone is worth 4X the annual fee.
What is the 2 2 2 credit rule?
The 2-2-2 credit rule is a common underwriting guideline lenders use to verify that a borrower: Has at least two active credit accounts, like credit cards, auto loans or student loans. The credit accounts that have been open for at least two years.
How many people have $10,000 in credit card debt?
1 in 4 Americans who carry credit card balances currently owe $10,000 or more in credit card debt. Key insights from a survey of 1,447 Americans who have a credit card and do not pay their bills in full*:
What is the 15 3 credit card trick?
The "15" and "3" refer to the days before your credit card statement's closing date. Specifically, the rule suggests you make one payment 15 days before your statement closes and another payment three days before it closes.
How to get the 175k Amex Platinum offer?
AS HIGH AS 175,000
after you spend $8,000 in purchases on your new Card within the first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer.
Will cancelling hurt my credit score?
While you may have a good reason to cancel your card, don't expect it to improve your credit score. Canceling an account can lower the average length of your credit history and increase your credit utilization, both of which can have a negative impact on your score.
When to cancel Amex Platinum to avoid annual fee?
If you wait more than 30 days after the statement closing date, the annual fee becomes non-refundable, and you'll be responsible for paying it. Make sure to check your billing statement and cancel before this window closes to avoid the charge.
Does cancelling Amex affect credit score?
Does closing an Amex credit card affect your credit score? While closing a credit card account may not have a significant impact on your credit score, it could cause your score to drop temporarily — even if your account is in excellent standing.
How to get a 700 credit score in 30 days?
Improving your credit in 30 days is possible. Ways to do so include paying off credit card debt, becoming an authorized user, paying your bills on time and disputing inaccurate credit report information.
Can I cancel Amex after 1 year?
If you no longer wish to keep your American Express Card, you can request to close your Account at any time.