2nd Amex

f7oLyHOl

Hi All,
Just looking for some advise because I'm still fairly new to credit cards and best practise usage.
For some context, I am in my 20's and currently have a Platinum Cashback Amex (since late last year) on which I keep utilisation down to around 10%. 
From what I have read, I could make good use of the Gold Preferred Amex (credit ratings all fine and 99% acceptance chance) firstly because I would split the utilisation across both cards and secondly because lockdown is starting to lift. As a result I have two questions:

1.) Would I be better off sticking with my one Amex for longer and build more history.
2.) If I did get the Preferred and cancelled in a year, would that be catastrophic to my credit score?

Cheers, any feedback welcome.

[Deleted User]

1) Go for the card you want.
2) Your files would simply show a closed account. There is no reason for that to concern a lender unless you have other issues on your file. Any change to your credit score matters not. 

With regard to utilisation - if you're clearing in full, there is no need to limit your utilisation.  If you're not clearing in full, stop using the card until you can.

f7oLyHOl

Deleted_User said:

1) Go for the card you want.
2) Your files would simply show a closed account. There is no reason for that to concern a lender unless you have other issues on your file. Any change to your credit score matters not. 

With regard to utilisation - if you're clearing in full, there is no need to limit your utilisation.  If you're not clearing in full, stop using the card until you can.

Ok, thanks for the clarification. Yes I use credit the same as a debit card essentially, full every time with direct debit.

adamp87

I’d really like to get a second Amex for cashback/rewards so I can remove the one I have as they won’t let me transfer it over.

But seen as the cards only been open 4-5 months I think I’m probably too early to do so without looking like I’m desperate for credit.

f7oLyHOl

adamp87 said:

I’d really like to get a second Amex for cashback/rewards so I can remove the one I have as they won’t let me transfer it over.

But seen as the cards only been open 4-5 months I think I’m probably too early to do so without looking like I’m desperate for credit.

There won't be an issue as long as you've been paying in full as was said above. I was just accepted for a second and had mine for about seven months.
I can only speak for myself but I kept utilisation low so that shows them I don't need the extra credit in terms of maxing it out, I would assume.

f7oLyHOl

adamp87 said:

I’d really like to get a second Amex for cashback/rewards so I can remove the one I have as they won’t let me transfer it over.

But seen as the cards only been open 4-5 months I think I’m probably too early to do so without looking like I’m desperate for credit.

Also, which Amex do you have? I thought they all had rewards in one way or another?

D3xt3r5L4b

It depends.
Do you want cashback or reward points?

They are 2 very different games to play at and make the most out of.

At the moment it’s not worth going for the Gold Card given you won’t utilise the benefits of it much, such as the hotel benefits etc. 

Yes, it’s free for the first year before it becomes
chargeable and yes, you can cancel it upon renewal and got a pro-rata fee refund, then apply for another one again and get another year free.

But as of now, and the current situation, I would wait until things start picking up again.

It also gives you time to decide whether you want to stick to straightforward cashback or enter the points game world. 

adamp87

f7oLyHOl said:

adamp87 said:

I’d really like to get a second Amex for cashback/rewards so I can remove the one I have as they won’t let me transfer it over.

But seen as the cards only been open 4-5 months I think I’m probably too early to do so without looking like I’m desperate for credit.

Also, which Amex do you have? I thought they all had rewards in one way or another?

I have the BA Black Card & had an annual - I tried to downgrade within a week of applying but was told I’d have to cancel the card & reapply - and I didn’t want another hard search on my credit so just kept it. In hindsight it was daft as I’ll never accrue the points worthwhile for the charge I don’t think. 

i was just looking at the platinum Cashback really. But as I already have another card with another provider I feel 3 may be too much, I’d be closing the BA if I did get another.