Can you cancel Amex Platinum after annual fee?

American Express will refund the annual fee on a card if you cancel it within 30 days of the closing date of the billing statement on which the fee appears. Beyond that period, a refund is not possible.

How do I cancel Amex Platinum after one year?

Please call us at the number on the back of your Card so we can assist you. If you're located outside of the US, you can call us collect at 1-336-393-1111. If you'd like to cancel your Corporate Card, you may have to contact your company's Program Administrator to do so.

What happens if I cancel my platinum Amex?

The only short-term downside of cancelling your American Express Platinum charge card is that you are required to empty out your Membership Rewards points account. Because Amex points can be transferred to many different airline and hotel partners, they are more valuable than airline or hotel points.

Is there a way to waive the Amex Platinum annual fee?

Most people will need to pay the $695 annual fee on The Platinum Card® from American Express in full each year. However, there are a few ways to waive the Amex Platinum annual fee if you're eligible. One way to have the fee waived in full is to qualify under the Military Lending Act or Servicemembers' Civil Relief Act.

What happens if you cancel a credit card with an annual fee?

If your card has an annual fee, there's generally no reason to cancel early. Instead, wait until the annual fee posts to your card's account or just before. Most banks and credit card companies have a grace period of at least 30 days where you can cancel the card and still get the annual fee refunded.

Before You Cancel Your $695 Amex Platinum... | Retention Offer Results and More

Will Cancelling my American Express card hurt my credit?

Length of your credit history may also be adversely affected by canceling a credit card because doing so can reduce your average account age and the overall length of your credit history. Credit scoring models consider longer credit histories more favorable than shorter ones.

How do I waive my Amex annual fee?

Fee waivers can be requested via the chat function on the AMEX app, or via the AMEX hotline.

Can you downgrade Amex Platinum to no fee?

You might get your American Express Platinum card annual fee waived if you are calling the Amex retention line at (800) 452-3945, but it is not guaranteed that it will work. Alternatively, you should consider applying for the Amex financial relief program.

Is the Amex Platinum worth the yearly fee?

The Amex Platinum Card is only worth the annual fee if you'll use enough benefits to recoup the fee. You could easily offset the fee with the statement credits alone, but this card also offers the chance to earn boosted rewards on travel purchases, too.

Can you cancel Amex Platinum before year?

Here's a word to the wise: Amex can take back your welcome bonus -- or even close your account -- if you cancel or downgrade your account within 12 months of opening.

Is Amex Platinum annual fee waived first year?

So, what is the point of getting a card that gives no sign-up bonus? The reason is that this card carries a $450 annual fee – not waived for the first year! While the big point bonuses of 50,000 and 100,000 Membership Reward points help to offset that, the current bonus is only 25,000 Membership Reward points.

How do I cancel my Amex Platinum membership?

To cancel an American Express Platinum card, call customer service at 1-800-528-4800 and ask a customer service rep to cancel your card account. Cardholders can also cancel an account by mail.

Does Amex Platinum affect credit score?

If you check your credit report for an Amex charge card, you'll see that there is no utilization calculated: In many ways, this means that charge cards share one of the best benefits of business credit cards, namely that purchases you make don't directly affect your personal credit report.

What happens if you don't pay off your Amex Platinum every month?

If you don't pay Amex Platinum in full, you will be charged interest on any purchases added to a Pay Over Time balance. With Pay Over Time, you can add eligible charges to a Pay Over Time balance, up to a limit.

Can I downgrade my Amex Platinum to gold?

Yes, you can downgrade your Amex Platinum card to the Amex Gold card. But just like with upgrades, you'll want to make sure that you've had the card open for at least 1 year or more. This is a great way to save yourself some money if you no longer find the benefits of the Amex Platinum card to be worth the fee.

What income do you need for Amex Platinum?

Annual income of $100,000 or more. Aged 18 years or over.

What is the minimum income for Amex Platinum?

On average, Amex Platinum and Amex Business Platinum cardholders tend to have high incomes. However, a high income is by no means a requirement. We recommend that your annual income be at least $50,000 or higher before applying for the Amex Platinum.

Is Amex platinum a luxury card?

Our quick take: The Platinum Card® from American Express is the king of luxury rewards travel cards, perfect for demanding travelers who place a high degree of value on perks like lounge access and complimentary elite status.

Can I cancel Amex card after 1 year?

Keep in mind that you don't need to cancel as soon as you see the annual fee appear. Amex will refund the annual fee if you cancel within 30 days after the statement in which the annual fee hits. In other words, you should have 30 days from the statement cut date for the statement on which your annual fee appears.

Why is Amex annual fee so high?

The main reason why Amex cards are so expensive is that many American Express credit cards offer generous rewards rates and high-end perks, which warrant steep annual fees. Amex cards are targeted toward people with good credit and high incomes who are likely to charge large amounts to their cards every month.

Can I ask for annual fee to be waived?

Call your issuer

Call the customer service number on your statement or the back of your card, and provide identifying information like your name and account number. Then, ask if you can have a waiver for your annual fee. If this is successful, you're done.

Does Cancelling a credit card with an annual fee hurt your credit?

A credit card can be canceled without harming your credit score⁠. To avoid damage to your credit score, paying down credit card balances first (not just the one you're canceling) is key. Closing a charge card won't affect your credit history (history is a factor in your overall credit score).

Is it a good idea to cancel a American Express card?

I highly suggest that you avoid canceling your American Express cards before you have been hit with the annual fee. For example, some people like to cancel American Express cards right after they receive a welcome bonus. Doing this could really hurt your relationship with American Express.

Is it better to close unused credit cards or leave them open?

In general, it's best to keep unused credit cards open so that you benefit from a longer average credit history and a larger amount of available credit. Credit scoring models reward you for having long-standing credit accounts, and for using only a small portion of your credit limit.

Is it good to have Amex Platinum?

Is the Amex Platinum worth it? The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about. Between the numerous travel benefits, reputable concierge service and consumer protections, the card is worth considering if you can stomach the steep annual fee.