I'm thinking of cancelling my platinum card - I tried it for a year, and found that I just didn't get much benefit other than the airport lounges; and this coming year I won't be travelling much. I have 2 questions, though:
1.) I understand that the MR points (about 60,000) will be lost if not used/transferred within 30 days of cancelling the card. What is the best use? I fly primarily AA, so transferring there is out; I could go to SPG, but lose so much there. Any other suggestions?
2.) How does cancelling a card impact one's credit report?
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Join Date: Apr 2001
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Figure out where you want to put the cards and move them before you cancel. You're supposed to have the 30 days but it isn't worth the stress/angst of worrying about them.
As for the credit rating, I can't imagine that it is worth more than the $450/year that you'd be spending otherwise.
Programs: AA 2MM Perpetual Platinum; HH Gold, SPG Gold; All Major Credit Cards
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Quote:
Originally Posted by cynstalker
...where! Suggestions?
This is a recurring question, and there is no specific answer without knowing where you start your trips, where you might like to travel, and in what class of service. Bear in mind that miles can be redeemed for flights on partners of the airline which operates the program. For example, transferring to Aeroplan or ANA gives you access not merely to flights operated by Air Canada or ANA, but to all Star Alliance carriers.
where you start your trips, where you might like to travel, and in what class of service.
Typically will fly out of New England - BDL and BOS; or JFK if I must; destinations are generally international, preferred class of service is business. I currently have a lot of AAdvantage miles; and a good sum of SPG points; I'm starting to work on a trip in 2011 to Botswana (yes, I know - a LONG ways a way, but it's with my nephews and needs to be well planned to reassure my brother ). I'll be flying 4 of us business class - with a lot of luck - using AA miles. Thinking of a stopover in London for a few days to acclimate to time zone, so may have some use of points there. Does this help narrow down any suggestions?
I’m also thinking about getting rid of my Biz Plat. This card just isn’t growing with my business. The exact numbers for the last few months are as follows:
May pmts $32,500.. charges $36,572
June pmts $34,500.. charges $37,609
July pmts $67,500.. charges $62,073
Aug pmts $30,000.. charges $31,815
Sept pmts $55,000.. charges $53,145
The problem is my credit limit is only about $13,500 and I have to make many multiple pmts through the month. I was declined a credit line increase due to having “too many inquiries” on my reports. As a sole proprietor with gross revenues over 2 million what do they expect !? Never got a clear answer from the CSR to that. I pulled all 3 of my reports and have FICO scores of 762, 754, and 772. Trying to understand Amex is next to impossible. Like many have said here on many occasions, maybe it’s time for me to take my business elsewhere.
I'm thinking of cancelling my platinum card - I tried it for a year, and found that I just didn't get much benefit other than the airport lounges; and this coming year I won't be travelling much. I have 2 questions, though:
1.) I understand that the MR points (about 60,000) will be lost if not used/transferred within 30 days of cancelling the card. What is the best use? I fly primarily AA, so transferring there is out; I could go to SPG, but lose so much there. Any other suggestions?
2.) How does cancelling a card impact one's credit report?
Thanks for any help you can give!
Cyn
Why not downgrade to a cheaper card (Green?) for a year, instead of cancelling outright, while you figure out how to use the points?
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Quote:
Originally Posted by room service
Do a little Christmas shopping at membership rewards.
That really isn't going to give good value for the points.
I agree with the suggestion to get a low(er) cost card - eg green, or maybe gold. IMHO it is worth having an Amex card of some kind; the particular benefit presumably varies by person - for example I get great value from the premium rental car protection, and of course Amex is generally regarded as most cardmember friendly on chargebacks.
Also, given the OP's flying habits, holding on until the promised BA mileage transfer option may be beneficial - use them to MFU from WT+ to CW on TATL is one of the best $/point values available anywhere.
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Quote:
Originally Posted by dgwright99
...I agree with the suggestion to get a low(er) cost card - eg green, or maybe gold. IMHO it is worth having an Amex card of some kind; the particular benefit presumably varies by person - for example I get great value from the premium rental car protection, and of course Amex is generally regarded as most cardmember friendly on chargebacks.
I have been thinking of cancelling the Platinum Card just because of generally bad (unfortunately, as a long-term customer) experiences with AMEX recently. The person in the cancellation department did suggest getting a green card to transfer the miles to, but did not even try to persuade me to remain as a Platinum Customer. Actually she pretty much started attacking me. Really an upleasant experience, which is very sad as I used to rave to people about their service.
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Just a thought:
If you are planning or might conceivably transfer to another country keep at least an Amex Gold. The Gold card & up offer a card transferring service that is indispensable when relocating. I believe that this is a relatively new service (for the Gold level) that will give you a working credit card in your new country that will help out a little with moving expenses and such. Some companies/websites only take cards issued in that country and depending on where you move to, that can severely hinder you.
Several friends from both the US and Canada have moved back and forth across the border and being to transfer their Amex was essential to starting a credit history and helped them cancel their old ties to the former country to avoid being double taxed. This is the main reason I'm keeping my Amex at all as I can be transferred anytime and probably multiple times over the next decade.
Also when I called Amex yesterday to check on a benefit, they were extremely polite and thanked me multiple times for being a loyal customer since 19XX which they never did in the past. Each time I was transferred to a different department I received the same thank you message from each operator. It seems that people are leaving Amex in droves and Amex is hurting bad. This is in stark contrast to last month when I called to log a complaint about Spirit Air still charging me for something I canceled in writing (and received written confirmation of the cancellation 3+ years ago ) where the phone rep started insulting me!
As for the rewards, a used reward is better then a lost reward; it's one less thing to worry about. So if you see something in Saks or Tourneau that you really like, get the gift card and put it towards that. I used some of mine for patio furniture at Home Depot this summer
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Quote:
Originally Posted by tcl
... a used reward is better then a lost reward...
Inasmuch as Membership Rewards points do not expire I struggle to understand how this can justify redeeming points for $0.01 each when they are easily worth more than twice that amount if used for longhaul premium class air travel. I do realize that not everyone aspires to such travel, but in that case you would be better off with any number of no-annual-fee cards which pay $0.01 to $0.02 per dollar.
I closed out my Business Plat card almost a year ago, and life has been great without it - no more snarky CSRs to deal with, and I don't have to deal with that thick, glossy magazine chock full of ads selling furs, jewelry, exotic cars and fractional jet ownerships!
I did end up transferring the MR points to a FF program, but forget which one. At the time I called to cancel, that rep was friendly enough and offered me a "mind-staggering" $75 to stay -- I guess they didn't want me to close it
Now on to closing my SPG personal card - I originally was worried about closing accounts on the FICO, but frankly can't be bothered anymore. Perhaps I'm suffering credit card burnout...
I closed out my Business Plat card almost a year ago, and life has been great without it - no more snarky CSRs to deal with, and I don't have to deal with that thick, glossy magazine chock full of ads selling furs, jewelry, exotic cars and fractional jet ownerships!
I did end up transferring the MR points to a FF program, but forget which one. At the time I called to cancel, that rep was friendly enough and offered me a "mind-staggering" $75 to stay -- I guess they didn't want me to close it
Now on to closing my SPG personal card - I originally was worried about closing accounts on the FICO, but frankly can't be bothered anymore. Perhaps I'm suffering credit card burnout...
You should have taken the $75 and cancelled the next day.
). I'll be flying 4 of us business class - with a lot of luck - using AA miles. Thinking of a stopover in London for a few days to acclimate to time zone, so may have some use of points there. Does this help narrow down any suggestions?
I believe that this is a relatively new service (for the Gold level) that will give you a working credit card in your new country that will help out a little with moving expenses and such. Some companies/websites only take cards issued in that country and depending on where you move to, that can severely hinder you.
which they never did in the past. Each time I was transferred to a different department I received the same thank you message from each operator. It seems that people are leaving Amex in droves and Amex is hurting bad. This is in stark contrast to last month when I called to log a complaint about Spirit Air still charging me for something I canceled in writing (and received written confirmation of the cancellation 3+ years ago 
) where the phone rep started insulting me! 
