How do I downgrade my Amex Platinum to no annual fee?
How do I downgrade my Amex Platinum card before the annual fee
Yes, it's possible to downgrade your Amex Platinum card. It's recommended that you've kept the card open for at least 12 months. You can downgrade it to the Amex Gold card or Amex Green card, but there is currently no way to downgrade to a card with no annual fee.
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Does Amex Platinum have a downgrade option
The Amex No Preset Limit* personal family of cards include the Amex Platinum, Amex Gold, and Amex Green cards. Any card can be downgraded or upgraded to any personal card within this family (not to business cards though).
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Is there a way to waive the Amex Platinum annual fee
Apply for the Amex financial relief program: If you're having difficulty paying your annual fee due to unforeseen financial difficulty, apply for the financial relief program online or call Amex at (866) 703-4169. You could potentially have your annual fee waived.
Does Amex refund annual fee if you downgrade
American Express
As soon as you downgrade or close your card, you'll lose all perks associated with that card, effective immediately. These include any statement credits, lounge access, etc. You'll get monthly prorated refunds on any annual fees for any cards you decide to downgrade.
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When can I cancel Amex Platinum to avoid annual fee
If you cancel the card within 30 days after the statement containing your annual fee, you can get a full refund. Keep in mind that American Express no longer prorates annual fees if you wait until after 30 days to cancel.
Does downgrading Amex affect credit score
Usually, to change credit cards, you'd need to cancel your old card and apply for a new one. Both of those can reduce your credit score. When you downgrade a credit card, however, your credit is not affected. Card issuers only let you downgrade to credit cards in the same product line.
Does Amex ever waive annual fee
Amex waives the annual fee on all of their cards, including the AMEX Platinum. Cards opened while on active duty are waived with Military Lending Act (MLA). Cards opened before active duty are waived with SCRA.
Why is Amex Platinum annual fee so high
The main reason why Amex cards are so expensive is that many American Express credit cards offer generous rewards rates and high-end perks, which warrant steep annual fees. Amex cards are targeted toward people with good credit and high incomes who are likely to charge large amounts to their cards every month.
How do I waive my Amex annual fee
AMEX In-app Fee Waiver:Go to your AMEX app.Select the chat icon (top right)Select Chat With Us.Type “fee waiver”You'll be connected with a Customer Service Officer to confirm the card you're requesting a waiver for.
Is it better to cancel a card or downgrade
Consider downgrading your credit card to save on annual fees
If your credit card has a high annual fee, consider downgrading it to save money while keeping your credit line open. If you want to cancel a credit card because of a high annual fee, consider downgrading to a lower or no-annual-fee version instead.
Is it easy to downgrade Amex card
You can downgrade your Amex card by calling customer service at (800) 528-4800. Then, ask a representative about available downgrade options. However, there are a few things to consider before calling.
Does Amex waive annual fee
Amex waives the annual fee on all of their cards, including the AMEX Platinum. Cards opened while on active duty are waived with Military Lending Act (MLA). Cards opened before active duty are waived with SCRA.
Does it hurt to downgrade your credit card
If you cancel an older credit card, your average account age decreases and negatively impacts your credit score. When you downgrade, you keep the same account, and that element of your credit report is unchanged.
Does cancelling an Amex card hurt your credit
Open card accounts can help your credit score in two different ways: credit utilization and length of credit history. Closing a credit card account can negatively affect both of those components of your credit score.
How to cancel a credit card without destroying your credit score
A credit card can be canceled without harming your credit score. To avoid damage to your credit score, paying down credit card balances first (not just the one you're canceling) is key. Closing a charge card won't affect your credit history (history is a factor in your overall credit score).
Is it bad to cancel Amex Platinum
The only short-term downside of cancelling your American Express Platinum charge card is that you are required to empty out your Membership Rewards points account. Because Amex points can be transferred to many different airline and hotel partners, they are more valuable than airline or hotel points.
Is it better to cancel unused credit cards or keep them
It is better to keep unused credit cards open than to cancel them because even unused credit cards with a $0 balance will still report positive information to the credit bureaus each month. It is especially worthwhile to keep an unused credit card open when the account does not have an annual fee.
How to cancel a credit card with annual fee without hurting credit
A credit card can be canceled without harming your credit score. To avoid damage to your credit score, paying down credit card balances first (not just the one you're canceling) is key. Closing a charge card won't affect your credit history (history is a factor in your overall credit score).
Why does cancelling a credit card hurt your credit score
If the card you cancel has a credit limit of $3,000, your total credit available goes down to $7,000. With the same $2,000 in spending, your utilization ratio is now 29 percent. A higher ratio may hurt your credit score. The best scores usually have a ratio between .
Will closing Amex hurt credit
Open card accounts can help your credit score in two different ways: credit utilization and length of credit history. Closing a credit card account can negatively affect both of those components of your credit score.