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Today’s reader question comes from Jim, who ended up answering his own question 🙂

I had an experience today that I think may be relevant to many of your readers…anyone who got the Amex Platinum credit card about this time last year when there was the 100K bonus. With the annual fee coming due on that card, you may want to let your readers know there is a way to close the Platinum card without moving or losing their Membership Rewards points. You simply open the no annual fee Amex Everyday card prior to closing the Platinum card. Then they don’t have to commit their points now (where a devaluation would hit them later), nor do they lose them.

There must be a fair number who signed up for the 100K bonus who are now debating re-upping when the annual fee comes due.

 

Cancelling a Platinum card

Ahhhh the good ol days of 100,000 Membership Reward point offers on The Platinum Card(R) from American Express! If you’re like Jim, you may also be coming up on your anniversary and possibly looking at canceling your card.  You may not like some of the recently announced changes, or you may be like Jim in that you’re also looking at a hefty annual fee from the Chase Sapphire Reserve card or Citi Prestige card.

(SEE ALSO: 5 changes American Express SHOULD have made to the Platinum card)

As Jim mentions, one way to keep your Membership Rewards points open is to open another card that also gives Membership Rewards, such as The Amex EveryDay(R) Credit Card from American Express or The Amex EveryDay(R) Preferred Credit Card from American Express

If you do end up wanting to apply for a card like The Amex EveryDay(R) Credit Card from American Express and support PWAC at the same time, you can see cards from American Express here.  Through this link I may receive commission when you apply for a credit card.

My experience canceling a Platinum card

I actually ended up having the same issue a few weeks ago as my card came due and I decided that the $450 annual fee was not fitting into my go forward plans.  So after first making my $200 travel credit purchase for this calendar year (2017), I called in to American Express.

I thought I ALREADY had an Amex EveryDay(R) Credit Card from American Express, but on my first call, the agent reminded me that it was actually an authorized user card and my wife was the primary cardholder on that card, so that would NOT be enough to keep my Membership Rewards active.  So I signed up for The Blue Businessâ„  Plus Credit Card from American Express – a business card that had a 20,000 Membership Reward signup bonus and gives 2x on the first $50,000 in purchases.  That’s also a no-fee card that can keep your Membership Rewards active.

Note that unlike with Chase Ultimate Rewards, there is no need to “transfer” your Membership Rewards from one card to another before closing a card – all of your cards accrue Membership Rewards to the same account)

(SEE ALSO: Make sure to transfer your Ultimate Rewards before closing your account!)

The process was fairly painless and easy!

What’s your strategy for keeping your Membership Rewards active when canceling an American Express card?

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