Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
140lvc9

0 Contributions
0 People Helped
Will cancelling Amex Platinum affect credit score. Card has no listed limit
I no longer have use for my Amex Platinum. I do not want to pay the $450 membership fee. If I cancel card will it affect my credit ? The card has no listed limit and does not seem to count towards my amount of total credit available

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1884 Contributions
3680 People Helped

The Amex Platinum Card...

Your Right,  The "No limit" doesn't count toward your available credit because it is NOT a credit card.  It is a charge card and the balance is due every month.  

Will it hurt your score to close it? In the short run you might take a small hit to your score, But I don't think the $450/yr fee to have it is worth it.  That type of card is designed primarily as a Corporate card (hense no effect on your available credit)  So unless you use it for a lot of business travel or expenses you really don't need it.  I would call Amex directly and ask if they will convert this card to one of their new Cash Blue or Cash Blue Preffered cards, That way You won't have a new inquiry to your credit report and shouldn't show a closed account, It would just be converted.  

  Hope that helps 

Good Luck 

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.