should i keep American express card?

Ash1982

Hi

Just wondered what peoples thoughts were, I have an Amex cashback card but I'm not spending the £3500 pa on it to actually get the cash back. Also got a virgin money for 0% deal, barclaycard for purchases 9.9% and Halifax clarity to use abroad.

Thinking of closing the barclaycard and Amex, I'm reluctant to close the Amex though for the following reasons:

1. It my oldest card, opened in 2005 so its useful for my credit history
2. Amex have tightened their acceptance criteria so I may not be accepted if I wanted it in future

Comments appreciated!

SCO

Ash1982 wrote: »

Hi

Just wondered what peoples thoughts were, I have an Amex cashback card but I'm not spending the £3500 pa on it to actually get the cash back. Also got a virgin money for 0% deal, barclaycard for purchases 9.9% and Halifax clarity to use abroad.

Thinking of closing the barclaycard and Amex, I'm reluctant to close the Amex though for the following reasons:

1. It my oldest card, opened in 2005 so its useful for my credit history
2. Amex have tightened their acceptance criteria so I may not be accepted if I wanted it in future

Comments appreciated!

It depends if there are any other benifits? if you dont qualify for the cashback is it worth keeping.

Having 4 cards isnt all that bad anyway keeps your options open.

Jammi

Ash1982 wrote: »

Thinking of closing the barclaycard and Amex

I was in a similar dilemma a couple of years ago with both Barclaycard and Amex. Amex pushed while I was contemplating whether to jump, they closed my account, and Barclaycard told me to use the card or lose it. I decided to lose it.

If a card provides no useful benefit or reward there is no point keeping it. Even so it will still show as settled on your credit records for six years, which is a boost to your rating. it also frees you up (lower available credit) to apply for new credit cards with useful and tempting offers.

Venusflytrap

If the AMEX is of no benefit, then def. close it. I had a HSBC CC for 4 years, always paid on time and mostly in full but got nothing from it so closed it 2 weeks ago to free up credit.

Recently applied for an AMEX Nectar CC to at least benefit from nectar points on the things I ordinarily buy. Initially considered the AMEX rewards or cash back but worked out that I would struggle to meet the annual spend reqd to guarantee points/cash back.

Loyalty is worth nothing to CC companies; so if they aren't scratching your back then find someone else who will! :T

Ash1982

Thanks for the useful comments.

I think I will close both, don't need access to all this credit now so just going to keep the Halifax Clarity to use abroad and for emergencies whilst keeping the Virgin card (that I have circa 2k on 0% that I am paying of at £500 pcm) as it is owned by MBNA and they often offer deals to existing customers (BTs and new spend) that I can use I need credit quick (just in emergencies really).

INT1

I'm in the same position, I used it as a cashback card but now I have an MBNA Amex cashback and Capital one Cashback it's probably not worth keeping it. It's nice to have an actual AMEX card in the wallet as a back up I guess.

Do they offer balance transfers on AMEX?

izools

I was going to mention the Capital One World mastercard which offers 1% cashback for an effective £8 Annual fee. There is no upper or lower limit on cashback.

So as long as you spend over £800 a year on the card, you're in profit.

You could also get £18 cashback for applying for the Capital One World Mastercard via Quidco.com

Saucepot

I had an Amex since 2000. Didn't get the cashback this year as most of my spending went on other cards, one for airmiles & the another 0%. I cancelled the Amex without hesitation. When customer loyalty is rewarded I will show it, whilst new customers are rewarded I'll be a brand new customer. There is no benefit in keeping an Amex unless you spend enough on it, the rest of the deal is poor.

Ash1982

Just to let you guys now, I cancelled by Amercian Express today..... very polite service from them though!

Venusflytrap

Quick question Ash as you've been with AMEX for a bit: is there a cost to be part of the AMEX Membership Rewards Programme?

Thanks

Ash1982

hi venus fly,

its free of charge but you have to have the right card, i didnt get the priviledges with the cashback card.... not sure which cards do have membership though.

You could try ringing them on 01273 620555, there quite pleasant really (refreshing for credit card customer services!)

Hope this helps

Ash