Thread: Cancel Green? Advice needed...

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.