had the amex cashback card for 3 months, can i close it now?

jammiev

hi, i have had the 5% amex cashback credit card now for 3 months.
seeing as the 5% cashback has finished now can i close the account now and still get my 5% cash back that i have earned?
thanks


:beer:

NickX

jammiev wrote: »

seeing as the 5% cashback has finished now can i close the account now and still get my 5% cash back that i have earned?

No I think you have to keep the account open for 12 months to benefit from the cashback.

Molescroft

jammiev wrote: »

hi, i have had the 5% amex cashback credit card now for 3 months.
seeing as the 5% cashback has finished now can i close the account now and still get my 5% cash back that i have earned?
thanks

No, you will get a credit on your statement on the annual anniversary of opening the account. You need to keep the account open even if you don't spend on it any more.

NewbieMoneySaver**

I dont see why you want to close the account.

Dont do this as you will lose the cashback and it would have been a waste of your time.

What I have done in the past with cards that are un-wanted is just cut them up and leave it at that. After a year they will send you a letter giving you the amount you have earned as cashback.

Take the money and ask them to for further promotions or just say that you would like to close the account. Chances are the will offer you a deal.

Good luck

LongTermLurker

Molescroft wrote: »

No, you will get a credit on your statement on the annual anniversary of opening the account. You need to keep the account open even if you don't spend on it any more.

Just a thought, when it's added to your account and you end up with a positive balance (if you don't continue to use it), would you be charged for a cash withdrawal from an ATM?

Obviously, I want the money, rather than having to buy something else on the amex card, so does anyone have a good way to turn a positive CC balance into cash?

YorkshireBoy

LongTermLurker wrote: »

would you be charged for a cash withdrawal from an ATM?

Yes.

Obviously, I want the money, rather than having to buy something else on the amex card, so does anyone have a good way to turn a positive CC balance into cash?

Close the account, and they'll send you a cheque for any positive balance you have.

BradfordBull

HI YorkshireBoy,
Just sent you a PM.

Hope to hear from you soon

BradfordBull

lisyloo

{QUOTE]Close the account, and they'll send you a cheque for any positive balance you have.[/QUOTE]

I don't know what Amex are like, but cap one were REALLY slow at this.
Firstly they said about 10 days for clearance (even though it was THEIR credit), then 4 weeks to raise a cheque.
It may be easier just to use it for supermarket shopping and petrol until it's cleared.

Molescroft

NewbieMoneySaver** wrote: »

I dont see why you want to close the account.

Dont do this as you will lose the cashback and it would have been a waste of your time.

What I have done in the past with cards that are un-wanted is just cut them up and leave it at that. After a year they will send you a letter giving you the amount you have earned as cashback.

Take the money and ask them to for further promotions or just say that you would like to close the account. Chances are the will offer you a deal.

Good luck

I have to confess, I agee with NewbieMoneySaver**, why close it. We use ours for all our regular expenses - groceries, petrol etc - Amex seem to have the best cash back even after the intial period is up. We get a rebate once a year for our regular spending. When I get the bill with the credit, I pay the reduced bill and put the money I have saved from the reduction to a savings account until we decide what to do with it. Find this works better otherwise the benefit slips away.