Canceling your AMEX

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AMEXPlatino86
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Posts: 244
Joined: Mon Feb 18, 2013 5:51 pm
Location: New York, NY

Canceling your AMEX

Postby AMEXPlatino86 » Mon Mar 04, 2013 10:12 am

I've noticed lately that a lot of you guys are either downgrading or canceling your AMEX cards/accounts. I would like to know why and which card(s) you have? :confused:
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 762
TU: 752


cashback
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Posts: 793
Joined: Mon Oct 22, 2012 7:11 pm
Location: NY

Postby cashback » Mon Mar 04, 2013 11:48 am

I downgraded my BCP to BCE. With the cap, BCP is no longer worth it to me.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

AMEXPlatino86
Centurion Member
Centurion Member
 
Posts: 244
Joined: Mon Feb 18, 2013 5:51 pm
Location: New York, NY

Postby AMEXPlatino86 » Mon Mar 04, 2013 11:50 am

cashback wrote:I downgraded my BCP to BCE. With the cap, BCP is no longer worth it to me.


ok but can you clarify that? Like what doesn't make it work for you or lose its value?
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 762
TU: 752

cashback
Centurion Member
Centurion Member
 
Posts: 793
Joined: Mon Oct 22, 2012 7:11 pm
Location: NY

Postby cashback » Mon Mar 04, 2013 11:57 am

AMEXPlatino86 wrote:ok but can you clarify that? Like what doesn't make it work for you or lose its value?


BCP used to have uncapped 6% at grocery stores. Now it is capped at $6,000. With a $75 AF, that takes it down to 4.75% cash back at grocery stores.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

AMEXPlatino86
Centurion Member
Centurion Member
 
Posts: 244
Joined: Mon Feb 18, 2013 5:51 pm
Location: New York, NY

Postby AMEXPlatino86 » Mon Mar 04, 2013 12:18 pm

Ahhh ok so the value wasn't worth it. I've been trying to figure out this whole cash back with the BCE/BCP.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 762
TU: 752

Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Mon Mar 04, 2013 12:54 pm

Yeah, but isn't the BCE capped too?
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

cashback
Centurion Member
Centurion Member
 
Posts: 793
Joined: Mon Oct 22, 2012 7:11 pm
Location: NY

Postby cashback » Mon Mar 04, 2013 1:05 pm

Sevenfeet wrote:Yeah, but isn't the BCE capped too?


Yes. With no annual fee. If you charge exactly 6K on BCP, it is still better than BCE. But I have better options available.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

FutureBillionaire
Centurion Member
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Posts: 1589
Joined: Sun Jun 19, 2011 2:37 pm
Location: Down South

Postby FutureBillionaire » Mon Mar 04, 2013 1:28 pm

cashback wrote:I downgraded my BCP to BCE. With the cap, BCP is no longer worth it to me.


Wait. Don't you still come out on top if you max it out?
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

FutureBillionaire
Centurion Member
Centurion Member
 
Posts: 1589
Joined: Sun Jun 19, 2011 2:37 pm
Location: Down South

Postby FutureBillionaire » Mon Mar 04, 2013 1:30 pm

My amex PRG is probably going to be cancelled. I can't justify the annual fee. I know folks like the purchase protection perk, but I never have issues with things like that. I'm not going to be buying anything big anytime soon, other than an engagement ring. I don't see the value in the PRG based on that fact and the fact that I don't run all of my spending through it.
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

cashback
Centurion Member
Centurion Member
 
Posts: 793
Joined: Mon Oct 22, 2012 7:11 pm
Location: NY

Postby cashback » Mon Mar 04, 2013 1:31 pm

FutureBillionaire wrote:Wait. Don't you still come out on top if you max it out?


Yes, but for me, there are better options available. If you max it out at 6K (no more no less), you get 4.75% cash back from BCP.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781



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