Should I cancel my Gold Personal AMEX?

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Should I cancel my Gold Personal AMEX?

Postby tommy1005 » Wed Jul 20, 2011 10:42 am

Hi, I got a gold AMEX in November of 2010. I got the first year fee waived ($175) and I got 10,000 reward points.

However, now there are tons of offers out there for 1-2 years waived and 50,000 reward points.. That's like an extra $400 in my pocket! I tried to call and get 40,000 reward points added to my account, but I haven't had any luck yet. Worst part is, my roommate signed up at the same time as me with the same deal, and he got a really nice lady that just gave him 40,000 reward points over the phone, but every time I call I get screwed over, and no one will help me out.

So I'm thinking I should cancel my AMEX and reapply to get those 50,000 points. I have a United Mileage plus that I can use until I get my new Gold card.

Do you guys think that's a good idea? Or is it going to ruin my credit score?

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Postby Meltdownblitz » Wed Jul 20, 2011 3:52 pm

I personally don't think I would reapply but it's up to you. And yes it will hurt your credit. Another inquiry on your credit for typically no reason. And I don't even think Amex would give you the points because they would see that you use to have a gold and your canceled then reapplied just to get the points. But I'm not sure how things work with them.

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Postby Mogul of Pineapples » Tue Aug 02, 2011 11:08 pm

Someone was just asking the same thing about missing out on a promotion when they signed up for the Southwest Airlines Rapid Rewards Plus. They contemplated for a year before signing up and then a week later, the bonus went up.

If you want your AmEx I wouldn't cancel. Were you planning on re-applying for the same card or one from a different issuer? Because normally you need to be a new to the card in order to get a signup bonus. You can't just apply, cancel, repeat and get the bonus again.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
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