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Cancelling Platinum within 12 months?

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  • pointsfan

    Hi,

    What are the downsides to cancelling an Amex Platinum card within the first 12 months of having it?

    I’ve got my sign up bonus and want to start spending on a British Airways Premium Plus card now.

    Should I keep the Platinum for 12 months and then cancel it or does it not make much difference cancelling it now (about 4 months since getting it).

    Thanks!

    roger

    Slightly related question
    Since new platinum is a credit card as opposed to change card, are there any pros or cons of either retaining or cancelling currently held charge card?

    memesweeper

    What are the downsides to cancelling an Amex Platinum card within the first 12 months of having it?

    Assuming you don’t want the card, and you’re not planning to sign up for a new Amex, none I can think of.

    I’ve got my sign up bonus and want to start spending on a British Airways Premium Plus card now.

    Should I keep the Platinum for 12 months and then cancel it or does it not make much difference cancelling it now (about 4 months since getting it).

    You get a partial fee refund if you cancel sooner rather than later.


    Since new platinum is a credit card as opposed to change card, are there any pros or cons of either retaining or cancelling currently held charge card?

    Charge cards don’t have section 75 protection. Charge cards don’t have (published) credit limits and don’t show as available credit on your credit file, which may help with utilisation calculations when applying for other products. I’m sure there’s other distinctions too.

    I don’t understand why Amex don’t keep the option to have either Charge or Credit open. In the US you can also get a line of credit on your Platinum charge card if you have a large balance and want to smooth it out over a few months.

    PIL

    With the charge card you have 4 gold supplementary cards to dish out in the household. None with the credit card version

    roger

    With the charge card you have 4 gold supplementary cards to dish out i

    Do these 4 gold supplementary have any additional benefits like 4 lounge passes? I don’t think so but just checking.

    PIL

    They have the complimentary travel insurance as far as I remember. I do not think they have the lounge passes

    jamesturk

    Are you able to split the 575 fee over 12 months? And if so, can this be processed during the application stage, or do you need to give them a call before the first statement date?

    SteveJ

    Are you able to split the 575 fee over 12 months? And if so, can this be processed during the application stage, or do you need to give them a call before the first statement date?

    They won’t do it at application. Have seen it offered as a “retention” tool, unsure if you can ask for it.

    Steven

    I asked for it very shortly after taking out the card and they agreed without any issue. Only hassle was that it meant they had to send out a different card to the one I had already received. Not sure if you can do it from the application stage though. You’d probably need to call in with your application reference before the card was dispatched.

    Are you able to split the 575 fee over 12 months? And if so, can this be processed during the application stage, or do you need to give them a call before the first statement date?

    They won’t do it at application. Have seen it offered as a “retention” tool, unsure if you can ask for it.

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