Will I damage my credit score?

A4445

Ben8282 wrote: »

For someone who has only been using credit cards for two years you are not doing that badly. You have managed to get an Amex gold charge card and an Amex gold credit card (that as far as I can see doesn't even exist), so well done.
You are concerned at damaging your credit score. Actually, in your place I would be more concerned about damaging my reputation with Amex. You have held the charge card for less than a year and intend to cancel it. You have held whatever sort of credit card it actually is for only three months and now you want to cancel it. In Amex place I wouldn't give you another card because no doubt you will just cancel it again.

I've been able to get an Amex Gold Charge card as well, everything negative has gone off my report but I've only got a history of 18 months with a credit card. I don't think they are particularly hard to get anymore!

msallen

Yes, this will have an effect on your score, but then as we all know that means nothing.

Amex are generally OK with card churning, but I would advise always keeping current membership with them, so either get the BA card before cancelling the gold credit card or get another "non-membership rewards" card (such as the everyday platinum cashback) that you can keep long term to help keep membership alive during future churns too.

If you are looking for two flights to New York then assuming these are at least business class flights (as using Avios for long haul economy is generally a very bad idea) you should consider the Premier BA card rather than the free one, as the 2-for-1 voucher will probably be worth far more than the card fee.

philip1427

msallen wrote: »

Yes, this will have an effect on your score, but then as we all know that means nothing.

Amex are generally OK with card churning, but I would advise always keeping current membership with them, so either get the BA card before cancelling the gold credit card or get another "non-membership rewards" card (such as the everyday platinum cashback) that you can keep long term to help keep membership alive during future churns too.

If you are looking for two flights to New York then assuming these are at least business class flights (as using Avios for long haul economy is generally a very bad idea) you should consider the Premier BA card rather than the free one, as the 2-for-1 voucher will probably be worth far more than the card fee.

Yes I have applied for the BA amex through a referral and I have been approved for it. I get a bonus of 6000 avios without a card fee.
I would love to get the Premier card but I am against paying to have a credit card and unfortunately would not spend enough on an Amex card to get the 2 for 1 voucher.
We live in Belfast so we were thinking of flying from dublin to america. Dublin is our nearest international 'hub' next best would be connecting in Heathrow or somewhere else on the mainland.
Unfortunately, we will be flying in economy.... but 26,000 avios plus 75£ in tax (because ROI doesn't charge APD) seems an ok deal for me. I would never have enough points to fly business sadly. Well not at the moment at least. I usually find myself using avios to fly from Belfast to London where I find good value as flights between these two cities are usually around 180£!

philip1427

Geoff1963 wrote: »

NatWest have a 14-day cooling-off period on loans. They also allow you close off a loan, and open another one, by borrowing : a different amount, and / or over a different period.
However, if you do cancel the new loan, they won't promise to restart your old one.

Regardless of the numbers, I'd be very cautious about upsetting lenders who it seems have been very good to you.
Perhaps instead of cancelling, you could say a few months before renewal, that you don't want a new card. That will save them the cost of making it, and if you haven't used it in the months beforehand, they'll understand. Either that, or suggest that as you haven't been using it, you aren't bothered either way, and let them choose.

Credit is like an airbag, you might hope you won't need it, but if you do, you'll really need it.

When I bought a new car which came with free breakdown cover, I cancelled the stand-alone cover I'd been using ; and explained this to the company, it just seemed polite.
So, if you are going to cancel the Amex cards, at least write them an "It's not you, it's me", letter.

Thank you for your advice.

Luckliy I don't need to rely on credit cards. I make sure I do not spend anymore than I can afford to repay at the end of the month.

Yes, I am going to ring Amex and tell them I cannot justify paying fees for an Amex credit card as I cannot put enough purchases on it as acceptance in my local area isn't the best. This is entirely true. In fact, I got the Nationwide Select Visa so I could at least get some cash back on my purchases made from merchants who do not accept Amex

philip1427

Anthorn wrote: »

If you are referring to a new customer introductory offer/bonus my understanding is that Amex removed the time limit and cardmembers can only get it once regardless of how long they have been or no longer been a cardmember.

Also information on how many cards can be held or how long after cancellation one can apply for a new card is sketchy. In one breath it's 4, in another breath it's 2 and in another breath it's 2 which must be a credit card and a charge card which is what I have. Best to check directly with Amex customer service before you take the plunge and cancel. Personally if possible I would be inclined to apply for the new Amex card before I cancel the other Amex cards.

I checked with Amex I can confirm you are treated as a new customer after 6 months.

philip1427

Mr_Goodkat wrote: »

It will be this 'Rewards Credit Card'
https://www.americanexpress.com/uk/content/arcc-rewards/?AFFID=MONSPMRK&CRTV=Affiliates_MSE_ARCC_Rewards_Desktop_2016&sourcecode=X60403GB01&cpid=100240262

OP you would have been better taking out the Everyday Platinum Cashback Credit Card as this has a better introductory offer and provides cashback rather than points so can be kept as an ongoing card whilst taking advantage of new customer Amex offers on any of the cards that attract points

The Gold Credit Card deal was only offered to Gold charge card holders. I got 3000 bonus points with a £500 spend over 3 months. The card offered no real benefits.

philip1427

Marchitiello wrote: »

Also make sure you can transfer all existing Amex Membership rewards before closing both Amex cards.

I have transferred most to my BA account however this can only be done in lots of 500. Do you have any recommendations of what to do with the spare points? Just use them for statement credit?