To Keep Amex Alone or..?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
17 posts
silver6054
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Location: boston

Postby silver6054 » Sun Dec 23, 2012 9:49 pm

Strongly agree with the "Don't cancel" advice. Apart from the average age of account argument (which is certainly strong), and the fact that not everywhere takes Amex, it ALWAYS makes sense to have more than one card (on different networks). Amex could decide your card needed Financial Review for some reason (and they freeze the cards for days), it could be declined by mistake etc. Having a backup card just makes sense. (For this reason, I wouldn't sock drawer it either, have it with you but you don't have to use it).

Now if you had several cards, unlike some others I would support cancelling some: sometimes it is just not worth the extra effort of tracking unused cards. But going from two to one, and particularly keeping only the Amex (with lower acceptance), really is a bad idea!


FutureBillionaire
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Postby FutureBillionaire » Mon Dec 24, 2012 8:03 am

Do not cancel the citi card. You will regret this later when you go to buy a card or house. Please trust us on this.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

Gamma
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Location: Los Angeles, CA

Postby Gamma » Mon Dec 24, 2012 12:17 pm

FutureBillionaire wrote:Do not cancel the citi card. You will regret this later when you go to buy a car or house. Please trust us on this.

...Fixed :)

bmw1990Z
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Location: USA

Postby bmw1990Z » Tue Dec 25, 2012 11:40 pm

ok so im not canceling...but I did get approved for a cli :)
Cards in my wallet:
-Citi Forward Card for College Students-July 2011
-American Express Platinum Delta Skymiles--July 2013

sticf
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Location: Houston

Postby sticf » Wed Dec 26, 2012 7:26 am

bmw1990Z wrote:ok so im not canceling...but I did get approved for a cli :)


Congratulations on the CLI. Hope it was for the amount you wanted.

MemberSince99
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Postby MemberSince99 » Wed Dec 26, 2012 9:04 am

Do not cancel. It makes no sense to. First of all I don't think there is an annual fee so the card isn't costing you anything. It will however help your credit score to have more than one card I'm pretty sure. (I believe FICO likes 2 better than 1, it might not increase but it can only help not hurt).

Second, what if you close the Citi card then Amex decides to F/R you and doesn't like what they see and close you down? This has happened to people. It is ALWAYS smart to diversify, and this includes credit cards. You might say well I didn't lie on my app, and if so, great, they'll probably restore your cards and set a hard limit for a while, but in the meantime you could go several weeks without a card. Do you want to take that chance? If you travel outside the US, taking ONLY an Amex with you is a very bad idea as they may F/R you then and then you'll have no other access to credit, so if you are going out of the country, don't JUST take your Amex.

Just some things to consdier. I see NO reason to close the Citi card. Just use it now and then at the places that don't accept Amex, which is another reason to not close Citi as some places don't accept Amex.

bmw1990Z
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Postby bmw1990Z » Wed Dec 26, 2012 1:17 pm

MemberSince99 wrote:Do not cancel. It makes no sense to. First of all I don't think there is an annual fee so the card isn't costing you anything. It will however help your credit score to have more than one card I'm pretty sure. (I believe FICO likes 2 better than 1, it might not increase but it can only help not hurt).

Second, what if you close the Citi card then Amex decides to F/R you and doesn't like what they see and close you down? This has happened to people. It is ALWAYS smart to diversify, and this includes credit cards. You might say well I didn't lie on my app, and if so, great, they'll probably restore your cards and set a hard limit for a while, but in the meantime you could go several weeks without a card. Do you want to take that chance? If you travel outside the US, taking ONLY an Amex with you is a very bad idea as they may F/R you then and then you'll have no other access to credit, so if you are going out of the country, don't JUST take your Amex.

Just some things to consdier. I see NO reason to close the Citi card. Just use it now and then at the places that don't accept Amex, which is another reason to not close Citi as some places don't accept Amex.

see my above post. I am not worried about f/r.
Cards in my wallet:

-Citi Forward Card for College Students-July 2011

-American Express Platinum Delta Skymiles--July 2013



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