Does closing a charge card hurt one's credit? I've had an Amex Premier Rewards Gold card for 10+ years but don't want to keep paying the annual fee. I have an Amex Platinum card from work...contd

like
Posting as :
works at
You are currently posting as works at

OP, I would say have:
1. A primary, personal card that all recurring and personal spend goes on.
2. A high limit, no fee card as a back-up line of credit for you central collection account. (Checking acct)
3. The work card for things that are required to go on the work card.
That's it. Cancel the other shit and fuck all the other noise as it just takes away from the hassle free financial structure you have. 🍻

like

No. I read recently that it's best to have no balance/low utilization on other cards at tie of closing, or opening/getting approved for new card when closing one. If you generally have good credit and payment history no issue

like

Just researched this ques bc I wanted to close a card as well...

like

Closing should be a minor bump but given your income you should have a good enough credit it's both going to make much of a difference

like

Why are you hung up on the fee, OP? The value should be the focus - got to compare apples to apples. When you look at how you spend, and compare the results with a charge card to a credit card, you might find that the PRG is the winner. (Points, perks etc) If not, you might find that there is a more sophisticated way to spend, and an adjustment to how you spend will make the charge card the winner. 💳

like

...I don't see the need to keep it. Thoughts?

Yeah. I don't really plan on any purchase or activity anytime soon that'll require credit. Current score is mid 700's, bought a house two years ago and car is good for another 4 years. Also have a card with 20k line of credit that I never carry a balance on.

When i closed a card,my credit dropped by 40 points. After few months it came back.

Charge card or credit card? For the record, I can't downgrade because Amex doesn't have a no-fee charge card.

K1, I have a Corporate Amex Platinum card that gives me better benefits. I also have a Chase United Club card with an annual fee of $395. I can't justify paying another $175 for the PRG.

I think bc you own a house then your hit from closing one of your oldest accounts won't be too bad. I think the general rule of thumb is don't close old cards/downgrade to non-fee cards but in your case I think you'll be fine

No

Related Posts

Any recommendations on where to invest 10k? I have about 15k in stocks but I don’t think I’ve done a great job picking stocks. Also for people making 150k+ how do you budget your money monthly?

like

Can anyone tell me what is one of the most popular ways to make money through stocks and the housing bubble right now? Any popular stocks to buy or land?? I'm seeing an upcoming recession WELP

likefunny

Amex Platinum Users - How does “no preset spending limit” get reported to the credit bureaus? Just got approved and 6 months ago my credit was around 580 so this is a huge achievement for me, but I’m also obsessed with maintaining my credit score now. Google has not been helpful; too many answers are no answer. Thank you!

like

So wanna run something by you all. Looking at insurance plans. There are 4 plans that allow an HSA. 3 of the 4 are identical.
500 firm contribution to HSA = ~21/ pay period. Add that to lowest HSA premium plan. It still comes out lower than the out 3 plans. So what am I missing?

like

Does anyone want a 2 tone Sky Dweller on Jubilee, black face? I got an allocation from my AD and don’t want to upset them by saying no. Deal would be at msrp + tax.

Post Photo
like

Does anyone know the plan between the Chase Marriott card and the AMEX SPG?

Have 20k, what’s a good small business to start with this fund? Serious question here

like

Any 5 card PLO Degens here?

Can someone help me understand the advantage of Backdoor IRA. In my case, I don’t think My taxes will be higher in retirement than they are right now (32% tax bracket currently)

like

So if I were to rent a car from Trips, can my wife (not in Deloitte) drive that car as well? Is she also covered in the insurance? Does anyone know?

Want to dip my toes in the crypto game. Grew up poor and it all seems so risky, but I am living comfortable now so willing to try! Where should I start?

like

Can i get a decent 2bhk in HSR layout sector 5 or HSR layout sector 6 under 25k with maintenance?

Or should i go for 1bhk in this budget with this locality?

like

Apologies if it is off topic.
My brother has over 20 yoe in electric and 10 yoe in solar engineering including owning his own small solar company. He is looking to relocate to US or Canada. Can anyone provide any lead on which companies provide sponsorship? H1B or Canadian work visa. Thanks!

like

hey folks, I am going to join Oracle ossi in Hyderabad location. I have never been to Hyderabad, and will be relocating. Please guide on what would be good areas to look for rent. Also, what would be rent like for 2/3 bhk. Ideally my budget for rent would be <25k. Initially I will be going but in future my family will join me once I am settled. Any points to note or any other gotcha to keep in mind ? Please suggest.

like
like

Is this the end of days for our love affair with cryptocurrencies?

like

1099 or w-2 ? I have been given the option though the company prefers w-2. It’s a day rate booking couple of months or more (no end date). I already have 1099 from similar company this year and am leaning towards 1099, but I don’t want to be difficult. I do take home office deduction and they are not supplying any equipment. Suggestions?

like

Anybody in here trade options? I trade Iron Condors and have been having success with that but would love to hear what other people have been doing

like

Anyone using services like Motley Fool or Seeking Alpha or any other paid service for stock recommendation? Looking if they are worth it or not

like

from logistic perspective..how are you guys transferring/moving your money from your US bank account? wire transfer? write yourself a check? idk about check, but cashing in $50k might raise a flag.

like

More Posts

Married white female / 35 / got that covid 19 (extra pounds😅) seeking a human being in these trying times for taking out trash and doing the chores i don’t feel like. would consider a fake marriage for citizenship purposes assuming you are a practicing lawyer

funnylike

This might be a long shot ... but I have a Statistics assignment due for tonight in a few hours

Does anyone know how to do Linear Discriminant Analysis with more than one predictor - by hand? I know how to compute in R but my professor wants it done by hand .... fml

likefunny

Here we go again with interim review prep...are they kidding me??

like

anybody joined the Altimetrik. how is the company?

like

Anyone with insight into the real estate group in Orrick’s LA office?

like

What does it mean if there’s a NEP at the firm who’s been there for a long time (20+ years), but never got promoted to EP? Never held leadership roles too. Does it usually mean EPs does not like the NEP enough to get promoted?

The NEP has a book of business, though no idea how much it brings in.

like

Any insight into Red Havas ? I’ve been interviewing with them and it seems too good to be true…

like

Supreme Court Decision Regarding Notices to Appear (NTA) for Immigration Court by David H. Nachman, Esq., Ludka Zimovcak, Esq., Snehal Batra, Esq. and Samantha Chasworth, Esq. <https://discuss.ilw.com/articles/articles/400340-article-supreme-court-decisionr-egarding-notices-to-appear-nta-for-immigration-court>

like

Best firms for healthcare transactions?

likehelpful

Can we talk about privacy vendors? We are looking for a platform to handle data inventory and/or data discovery, as well as automating the privacy impact assessment process. We already have vendors for DSARs and cookies. Do most people consolidate all these functions to one platform or use multiple? Anyone willing to share vendors they have had good or bad experiences with?

like

Is this bowl active?

funnylike
like

Hello Fishes ,

Today i got call from my recruiter and she informed me that my offer letter will be revised . Prev the offer was 15.90 LPA . Now the revised offer contains 17.10 LPA . I was quite surprised with this behaviour .
My DOJ is 21st feb 2022. Designation - sr. Associate - projects

Is there anything worried about this ? Anyone faced this kind of approach ? Kindly suggest


Thanks in advance .

like

Guys help me to get 11+likes so that I can unlock DM. This will help me to refer candidate in better way.
Thanks in advance

like

Anyone from RBS, tech stack Java API?

Has anyone here recovered from light to mild depression without medication? What were your tricks or natural meds?

Looking for a Product owner / manager role. Can join in 15 days. Serving notice
12+ yoe
Please contact if anyone has open positions and looking for immediate joiners.

I'm thinking about starting something, but I want to be well versed in entrepreneurship before I do. Any recommended resources (websites, podcasts, books, etc.)? Thanks!

like

Has anyone here tested positive with only stomach issues?

like

why cts blacklist any company any idea?

like

Additional Posts in Consulting

Advice or Book recommendations on how not to get bothered by others/ friends/ peers? What they think or what they do!
Been struggling lately

like

Whether you're a father by choice or by mistake, HAPPY FATHER'S DAY TO YOU! 😎

like

Slow speakers drive me nuts. Slow speakers with animation in their slides make me want to bang my head in the wall.

like

Difference between the American and European lifestyle? Which one is better long term assuming you want a nice upper middle class life

like

Is getting the FRM (Financial Risk Manager) Certification worth it? I could see it opening many doors but should I just shoot for my MBA instead? Have about 3 YOE

like

That moment when your client delegates a vendor meeting to you, and you find yourself in a room with a competitor trying to win the work you're doing

like

Partners who throw their project team under the bus in front of the client <<<<<<<<<<<<

like

Good or bad time to head out on parental leave?

like

Poll: What dress code do you follow at your home office?

How do I not get jealous? Of my friends from college got pulled from ey to EYP with only 1 yoe. Got promoted and now about to make 170k with 2 yoe total. She’s on an internal role and just does pmo and works maybe 930-5? All due to the fact a partner she was working with on an event said I like you, join my team. I’m making half of that and we studied the same thing and went to the same uni

like

Grown men should not be allowed to wear shorts other than while participating in athletic activities. Makes them look like overgrown boys.

like

Any female 🐠 in Boston looking for a roommate (August move-in)?

like

Thinking about asking for a raise. Anyone successfully done this midyear? Should I walk if I don't get it? Haven't seen a raise in two years, even though significantly increased responsibilities.

like

Books to learn more about how to drive sales in consulting? Any recommendations?

likehelpful

Who has the deck?!?!? 😞😩 Huge meeting at noon and no one has the deck.

like

Who else is doing expenses on an amazing Saturday? I noticed a $50 dinner charge. Damn you Sheraton. I hardly ate anything that night.

like

Why do some people get laid off and others not? Is it always utilization? Do people typically know they're at risk before it gets to that point?

like

Anyone heard of IBB consulting? Worth going to?

like

Definitely some consultants just sat down next to me at the bar. Overheard: "How many shots should we take?" "Depends. How many slides do you want in the deck?"

like

Would you rather get an MBA from any program of your choosing (all loans) or guaranteed 130K/year, 40 hours a week until you retire (no chance for raises/bonuses)?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal