Credit Card Forum
  1. #1
    Green Member
    Join Date
    Nov 2012
    Location
    California
    Posts
    1

    Default Cancel Green? Advice needed...

    I have had a Green card since 1999. A year ago I got a Blue Cash Preferred card. I now pay $55/yr for the Green and $75/yr for the Blue. I now put everything on the Blue (earning back gobs more than the $75/yr fee). Meanwhile I am putting nothing (zero, zilch, nada!) on the Green card yet still spending the $55/yr fee on that card.

    Is it safe, credit-wise, to just cancel the Green card? I've hear that canceling a card can negatively impact my credit. I've also heard that it is bad to close a credit card that has been in good standing for a very long time (1999 in this case). However my Blue card, which I have only had for one year, still has "Member since 99" printed on it. Does this mean I really just have "one" credit account with American Express, and the length of time I have held any of the individual cards does not matter?

    Is there any benefit to keeping the Green card at $55/year when I am not charging a cent to it?

    Thanks for any opinions!
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  2. #2
    Centurion Member
    Join Date
    May 2012
    Location
    Baltimore
    Posts
    360

    Default

    The only thing you'd lose by closing out the Green card would be any MRPs that have accrued thus far, so spend 'em all (or donate them to the hurricane relief if you're feeling extra generous!) before closing it out. The time where you'd be most hurt by closing out a credit card is if the credit line was a substantial portion of your total available credit, in turn making whatever utilization you're running on other cards count much more towards your overall utilization ratio. Since the Green is NPSL, closing it out would have zero effect on that utilization ratio. Plus, the account will continue to report as Paid As Agreed for the next 10 years, so you'll still have that going for you as well. And as you've noticed, any account you open up with Amex in the future will report as opened in '99, which is one of the biggest lures there is for credit junkies when it comes to Amex -- a practice known as "backdating." So no worries my friend. Ditch the annual fee and move along.
    Amex Green - NPSL - 05/12
    Amex Zync - NPSL - 06/12
    Discover it - $7750 - 11/12
    Chase Sapphire Preferred Visa Signature - $5000 - 11/12
    SECU Platinum Visa - $5000 - 08/08
    Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
    Citi Diamond Preferred Mastercard - $3000 - 05/12
    GECRB Old Navy Visa - $2500 - 11/12
    Chase Amazon Visa - $2000 - 11/12
    Chase Freedom Visa - $2000 - 07/12
    Citi Thank You Visa - $1000 - 06/12
    Amex Blue Cash Everyday - $1000 - 01/13
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