American Express Membership Rewards - Should I Keep the Rewards Plus Gold Card?

I am thinking of downgrading from the Rewards Plus Gold to the Preferred Rewards Gold when my annual fee comes up in a few months. As far as I understand these are the features I would lose:

-1.5x MR points on purchases with MR partners (not a big deal for me)

-5 additional fee-free cards (not married, no kids, no plans for either)

-Deduction in the travel insurance from 250k to 100k (again, no dependants so I really dont care about this)


Are these the main differences between these two cards? From reading this board my understanding is that the 5 fee free cards is the big draw for alot of people.

Am I missing anything else, or are there any other reasons to keep the Rewards Plus?

Thanks,
-Andrew

That's it -- you still get the double points at places like supermarkets. If you're not getting the extra cards, downgrading seems pretty reasonable. However, you have to actually close your account and get a new account, with a whole new credit history. You should evaluate whether that's a big hassle for you, just for $20 less of an annual fee.

I am thinking of downgrading from the Rewards Plus Gold to the Preferred Rewards Gold when my annual fee comes up in a few months. As far as I understand these are the features I would lose:

-1.5x MR points on purchases with MR partners (not a big deal for me)

-5 additional fee-free cards (not married, no kids, no plans for either)

-Deduction in the travel insurance from 250k to 100k (again, no dependants so I really dont care about this)


Are these the main differences between these two cards? From reading this board my understanding is that the 5 fee free cards is the big draw for alot of people.

Am I missing anything else, or are there any other reasons to keep the Rewards Plus?

Thanks,
-Andrew

for a $20 difference in fee it certainly isn't worth the switch. The 1.5X MR for partners pays for the $20 easily let alone that the cards pay for themselves anyway. Yes, the 5 free cards are a huge draw, but regardless, the points pay the difference, assuming you do some decent amount of travel during the year.

If you're not getting the extra cards, downgrading seems pretty reasonable. However, you have to actually close your account and get a new account, with a whole new credit history. You should evaluate whether that's a big hassle for you, just for $20 less of an annual fee.
Yes, consider they have to perform another credit check which lowers your credit rating. Even though it will only be a miniscule amount, if you are about to apply for a mortgage for example, the additional cost b/c of the higher interest rate on the loan will certainly not justify the $20 difference in cards.

However, you have to actually close your account and get a new account, with a whole new credit history. You should evaluate whether that's a big hassle for you, just for $20 less of an annual fee.

Man good thing I asked!, I had no idea they gave you a whole new account, I figured they just changed the card type. $20 bucks definently isn't worth the hassle then.

Could I use one of the five fee free gold cards to just get another for myself? You know incase the magnetic strip goes out or something, would be nice to have a backup.

Could I use one of the five fee free gold cards to just get another for myself? You know incase the magnetic strip goes out or something, would be nice to have a backup.

Not sure. I would think yes but since you are providing the same SSN maybe they wouldn't issue you a second card, don't know.
The other cards aren't duplicates of the primary card but are actually different cards with unique card numbers (diff. last 2 digits). Based on the reason you mentioned it wouldn't seem like a worthwhile idea since you have to carry another card (the less plastic the better for me) and if you lose it, its just another hassle to deal with. Plus, if your magnetic strip gives out, whoever is swiping your card can simply input your number manually.
The only reason I see for getting two cards for yourself is if you do a lot of business travel and thus charge expenses on your card to be reimbursed in the future. This would make expense reports a bit easier since you wouldn't have to highlight each specific charge on the statement but could just hand in a copy of the all transactions for that specific card.

Not sure. I would think yes but since you are providing the same SSN maybe they wouldn't issue you a second card, don't know.
The other cards aren't duplicates of the primary card but are actually different cards with unique card numbers (diff. last 2 digits). Based on the reason you mentioned it wouldn't seem like a worthwhile idea since you have to carry another card (the less plastic the better for me) and if you lose it, its just another hassle to deal with. Plus, if your magnetic strip gives out, whoever is swiping your card can simply input your number manually.
The only reason I see for getting two cards for yourself is if you do a lot of business travel and thus charge expenses on your card to be reimbursed in the future. This would make expense reports a bit easier since you wouldn't have to highlight each specific charge on the statement but could just hand in a copy of the all transactions for that specific card.


We'll I wouldn't keep the 2nd one in my wallet.

It's interesting that the other cards have diff numbers, its been my exprience that with VISA's and the like when your an extra-card holder its the same number and goes on the statement. That makes the 5 cards a really handy feature if you want to keep track of your cardholder's spending.