Close Amex PRG / Open Amex BCE Preferred

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RidgeRacerJM
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Close Amex PRG / Open Amex BCE Preferred

Postby RidgeRacerJM » Tue May 08, 2012 1:07 am

Well, ive had my Amex PRG since November, but the annual fee really does not justify the points i get in return (admitting i made a mistake in applying for it)

My main question: When should I close my Amex card and Open an Amex BCE?

Should I apply for the Amex BCE a month or two before i close my current card? or should i close my current card a month before the annual fee, then apply?

How will this affect my relationship with Amex? Would it trigger a financial review?

Thanks for your responses.
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Victorleo
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Postby Victorleo » Tue May 08, 2012 11:38 am

Why don t you call them and ask to do a product change. Despite not having enough time with the card, you'll never know until you ask.

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Postby Money card » Tue May 08, 2012 10:09 pm

RidgeRacerJM how long have you had your gold premier rewards Gold card? If I read your post correctly it sounds like you had this card 6 months and they give you 12 months free, unless you wrote the wrong month down.

What I think you should do is apply for the Blue Cash Preferred. It's free for the first year. If when the year comes up, you can lower the card to the Blue Cash Everyday.

I would say a month before the annual fee is due. Whenever you get a chance is a good time to apply for your next card.

RidgeRacerJM
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Postby RidgeRacerJM » Tue May 08, 2012 11:40 pm

@Victorleo, ive read on other threads that a product change from a charge card to a credit card is not possible. They're two different "beasts."

@Moneycard, Yeah, ive only had the card for 6 months. I just feel bad cause I don't want Amex to think that I only signed up with them for the promotional point bonus. I do think the BCP is perfect for me. I already worked out the calculations and id earn more cashback with it. I'll prolly apply for the BCP then maybe in July.

Thank you for your responses
Capital One Quicksilver: Since 10/2008 (CapOne Platinum originally)... upgraded on 08/2013
Chase Amazon Visa: Since 07/2011
Amex Gold Premier Rewards: Since 11/2011
Blue Cash Preferred: Since 05/2016

Experian Score: 825 05/16
TransUnion Score: 797 05/16

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Postby Money card » Sun May 13, 2012 12:21 am

But are you going to be fair and at least give the gold till November? It's FREE! My answer would be when you see the annual fee of 175.00 then you cancel the card.

PopiLopi
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Postby PopiLopi » Sun May 13, 2012 11:16 am

Amex gives you 60 days from the day the annual fee is charged to your account (not the day you received the statement) to cancel a card and get the full annual fee charge reversed, if you do it after that time frame they prorate the refund, either way, keep that gold card now that it's free ;)
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CFE Sleuth
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Postby CFE Sleuth » Wed May 23, 2012 10:49 am

The BCE and PRG are two different animals. If you close your PRG you'll lose whatever points you have in your account. You can downgrade to the green though and still be able to keep your points, but the green only accrues 1 ppd spent.

I would personally do as advised above and keep the gold for at least the first year since it's free and try to rethink your spending so you can maximize the rewards. Sometimes that's all it takes because there are tons of ways to up your spending that most of us don't initially think of. If at the end of the year you still decide it isn't for you, cash in your points for whatever best works for you and get whichever amex better works for your needs.

If you want to apply for the BCE in the meantime, it's free but keep in mind that it is said to be harder to get than one of their charge cards.
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