Keep old AMEX open or close it down?

Malkytheheed

I just applied for and was accepted for an AMEX Gold card. I have an AMEX BA card which I have had since 2017. It's actually currently my oldest running card. But as I rarely fly BA / use Avios anymore, I have no need for it.

My question is should I keep the BA Amex open just for the tenure of the card. Or just close it off?

For additional context. The BA Amex card is my highest limit card (and as I said oldest card). I have 5 Credit Cards currently - including these two AMEX cards. None of my cards carry any debt.

CliveOfIndia

Are you likely to use the card again? If not, then you may as well close it - most lenders will close accounts anyway after a couple of years or so of non-use and zero balance.

Whilst it's true that long-standing and well-managed lines of credit reflect positively on your credit history, that benefit dwindles over time if you never use them.

Malkytheheed

https://forums.moneysavingexpert.com/discussion/comment/82122026#Comment_82122026

Yeah, I dont mind sticking a coffee on it every month or so just to keep it active. IF it's "worth" doing so?

CliveOfIndia

https://forums.moneysavingexpert.com/discussion/comment/82122068#Comment_82122068

The value of doing so is debatable. Yes, it'll be a positive tick on your credit history - but if you've got several other cards that you use regularly and always clear in full, the extra benefit of keeping this one is likely to be fairly minor.

Maegi

What are your plans for after the initial (free) year of the gold card

i.e. Is there a chance you might not renew when the annual fee becomes due?

Malkytheheed

https://forums.moneysavingexpert.com/discussion/comment/82122590#Comment_82122590

That's a really good point. Yeah I might not…

Maegi

https://forums.moneysavingexpert.com/discussion/comment/82125064#Comment_82125064

The issuer may also reduce the limit to a low amount e.g. £500 due to lack of use.

Not as 'valuable' as you think…

Marchitiello

i would personally keep it, as it is a free product and as you stated, you may not keep the gold card long term. The BA card may also have occasional specific offer that you may want to use.

I have 3 Amex cards right now, oldest since early 2000’s, BAPP (used for 2 for 1 voucher in First and top up TP to keep status), The Platinum Charge Card (£400 dining credit, lounges, family travel insurance, hotel and car rental statuses, Fast Track access at certain airports in EU, cash-back offers, amongst the most used benefits) and another free card (legacy product), which i have virtually not used in almost 10 years but stays there and occasionally use promotions that are not on the other cards.

Tim_L

Go to chat and ask to close it. You often get a retention offer, and you can always open a new one later on if you need it.

Having been a BA gold guest list member, it was trivially easy for me to get redemptions using the BAPP 241, that has now changed because of the changes to the BA club. I had a plat for a year last year but just canned it - it is possible to get value from the annual fee using the offers but I use Lloyds World Elite mostly for the travel benefits and lounge access. I'm on the fence about returning to Plat at some point, but now Amex free. I think the gold card for a year is a decent shout, but I'd probably go up to plat if I were paying a fee as the benefits are better for my profile with a lot of travel.