- The main reason why Amex cards are so expensive is that many American Express credit cards offer generous rewards rates and high-end perks, which warrant steep annual fees.
- Amex cards are targeted toward people with good credit and high incomes who are likely to charge large amounts to their cards every month.
Despite, Can you cancel Amex Platinum before annual fee?
Here’s a word to the wise: Amex can take back your welcome bonus — or even close your account — if you cancel or downgrade your account within 12 months of opening.
Following this, What credit card do billionaires use?
According to Weiss, one of the most recommended cards for high-net-worth individuals is The Platinum Card® from American Express . While this card comes with a wide range of perks that make it seem too good to be true, it also comes with an annual fee of $695, which is higher than most other credit cards.
Is American Express card worth it? An American Express card is worth it for people with good or excellent credit scores who want to earn rewards on U.S. purchases that they’ll pay for in full by the due date every month. An Amex card may also be worth it for people who want an introductory low-interest period in addition to rewards.
Still, How many people have Amex Platinum? Circulation figures for 2017 suggest that outside the U.S., there are about 400,000 Platinum Cards, and 84,000 Centurion Cards. In the United States, TimeInc reports that American Express Platinum Card and Centurion membership has increased 23% since 2010.
When can I cancel Amex to avoid annual fee?
Amex will refund the annual fee if you cancel within 30 days after the statement in which the annual fee hits. In other words, you should have 30 days from the statement cut date for the statement on which your annual fee appears.
How can I get rid of my credit card annual fee?
Here are six tricks you can try to get out of your annual fee.
- Ask for the Annual Fee To Be Waived. …
- Give an Ultimatum. …
- Try Cards That Waive the Annual Fee for the First Year. …
- Downgrade Your Card. …
- Use Rewards to Pay the Annual Fee. …
- Cancel Your Credit Card.
Does Cancelling a credit card hurt your credit?
A credit card can be canceled without harming your credit score; just remember that paying down credit card balances first (not just the one you’re canceling) is key. Closing a charge card won’t affect your credit history (history is a factor in your overall credit score).
Can credit card fees be waived?
Fee waiver Luckily, almost all credit cards can be used for one year before they start charging you fees, with some offering two fee-free years. So, you can sign up for the card when you’re sure you’ll be able to max out the benefits, and then ask for a fee waiver at the end of the year.
Can you write off credit card annual fee?
Are credit card annual fees tax deductible? Here’s the good news — annual fees and some other credit card fees, on business credit cards are tax deductible, according to guidelines from IRS Publication 535. In order for an expense to be deductible, it must be “both ordinary and necessary,” the IRS specifies.
Can you cancel a credit card to avoid annual fee?
Most banks and credit card companies have a grace period of at least 30 days where you can cancel the card and still get the annual fee refunded. Operating this way, you have the option to call for a possible retention offer after your annual fee posts.
How many credit cards are too many?
How many credit accounts is too many or too few? Credit scoring formulas don’t punish you for having too many credit accounts, but you can have too few. Credit bureaus suggest that five or more accounts — which can be a mix of cards and loans — is a reasonable number to build toward over time.
Why you should never cancel a credit card?
You shouldn’t close a credit card that has been open for a long time or a card with a high credit limit. Closing the account could negatively affect your credit history and credit utilization, and in turn, lower your credit score.
Is it good to have 2 credit cards?
Having more than one credit card may help you keep your credit line utilization ratio per card lower than the recommended 30% by spreading charges. There are potential benefits to having multiple cards, such as pairing various types of rewards cards to optimize earnings on all categories of spending.
How do I get my Amex Platinum fee waived Reddit?
For anyone with a platinum annual fee coming up, you can call Amex and voice your concern that you won’t get the benefits you typically do with the restrictions on travel due coronavirus. They just gave me a $500 credit, essentially waiving my fee.
Is the Platinum Amex card worth it?
Is the Amex Platinum worth it? The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about. Between the numerous travel benefits, reputable concierge service and consumer protections, the card is worth considering if you can stomach the steep annual fee.
Can you downgrade Amex Platinum to free card?
To downgrade the American Express Platinum card, call customer service at (800) 528-4800 or the number on the back of your card. There is no option to downgrade online or via mail. You can downgrade from the American Express Platinum card to either the American Express® Gold Card or the American Express® Green Card.
