How to close an american express card

How do you cancel an American Express credit card?

This question is about American Express Credit Cards

People also ask

How Do I Cancel A Credit Card Application?

You can cancel a credit card application by contacting the credit card issuer’s customer service department. The sooner you contact them, the easier it will be to cancel the application. Applications usually are processed quickly once they’re submitted, especially if you’re an obvious candidate for either approval or rejection. Many credit cards will give you a near-instant decision in those cases. So if you applied online, you may have only a few minutes (or even less than a minute in some cases) to contact customer service. But you might have a window of about 7-10 business days in other cases, such as when you mail a paper credit card application. … read full answer

If you are unable to cancel a credit card application before it is processed, you will have to deal with the hard inquiry on your credit report. But depending on the issuer, it may still be possible for you to stop the account from being opened, so you don’t have to close it and damage your score further. There are a few more things you should know about the cancellation process, too.

Here’s how to cancel a credit card application:

• Contact the credit card’s issuer as soon as possible. You need to stop the application from being processed to prevent a “hard inquiry” from being added to your credit report. That could temporarily hurt your credit score.
• You may only have a few minutes (or even less) to cancel an online credit card application. If you mailed your application, you will have a wider window, thanks to the time it spends in transit.
• If your application is approved before you can cancel it, you may still be able to avoid officially opening an account. But make sure to call customer service and ask because that's not always the case. With Chase and Discover, for example, the account is considered open once you’re approved. Quickly closing a newly opened account can hurt your credit score.
• Consider waiting a few weeks or months before applying for another credit card. Multiple inquiries in a short period of time can make you seem risky in lenders’ eyes. If that’s not possible, try for a card with very high approval odds, such as a secured card or a card targeted to people who have lower credit scores than you do. You can also work on building credit without your own credit card, like becoming an authorized user on someone else’s card.

At the end of the day, it’s also worth mentioning that keeping a credit card you didn’t want could be good for your credit score. Even if you decide not to use the card, you’ll still have positive information reported to the bureaus each month. But if the card comes with an expensive annual fee, it’s better to close your account than lose money every year. Many issuers charge an annual fee when you open an account and then every 12 months on your account anniversary. Others won’t make you pay an annual fee if you cancel your account before the close of the billing cycle in which it’s charged.

show less

Is closing a credit card with zero balance a good idea?

Closing a credit card with zero balance is not a good idea if that card has no annual fee. Any credit card you manage responsibly, even an unused one, reflects positively on your credit history. So closing such a card will have a negative impact on your credit standing. But it can be worth it if your card is costly or if you’re worried about falling victim to fraud while you’re not keeping a close eye on it.… read full answer

Here are the arguments against closing a credit card with zero balance:

1. Average account age suffers. This makes up at least 15% of your overall credit rating, so shortening it can hurt. Here’s a quick example: Imagine you have three credit card accounts, which have been open for 3 years, 5 years and 10 years, respectively. The average account age is 6 years. If you close the 10-year-old account, the age of your average account falls to 4 years. Older accounts are better for your score because a long track record of responsibility tells issuers you’re likely to behave the same way in the future.
2. Utilization increases. “Utilization,” or how much of your credit line you use, is important to your score. Creditors care about both your utilization on individual cards and your total utilization. Generally, the lower each is, the better. And closing an account with zero balance will increase your total utilization.Let’s say you have three credit cards, each with a $1,000 credit line. You use 0% of one and 25% of the other two. Overall, that’s 16.7% utilization. But if you cancel the unused card, it jumps to 25%. That’s troublesome because credit score damage typically worsens if your utilization rises above 30%, and you’d be close to that milestone.

So closing an account will be a blow to your credit. You can improve your score afterward by paying on time with your remaining account(s). But it’s usually best to just keep accounts open and avoid the damage entirely. There are a few exceptions, though.

Here’s when to close a credit card with zero balance:

• It has an expensive annual fee.
• You’re worried about fraud and won’t be monitoring the card as closely. All credit cards give you a $0 fraud liability guarantee, but you might not want to count on the issuer to flag every fraudulent charge on its own.
• Keeping it open becomes a hassle, for one reason or another.

By the way, in case you’re wondering, it is possible to close a credit card that has a balance. But you’ll still be responsible for paying and will continue to accrue interest until the balance is fully paid off, even after the account is closed. You just won’t be able to make any new purchases.

If you’d like to monitor how your credit changes after you’ve closed an account, you can track your credit report and score for free on WalletHub, the only site where reports and scores update daily.

show less

How do I cancel an American Express Platinum card?

To cancel an American Express Platinum card, call customer service at 1-800-528-4800 and ask a customer service rep to cancel your card account. Cardholders can also cancel an account by mail.

Be aware that if there’s a balance remaining on the canceled account, you will still need to make at least the minimum payment every month until the balance is paid in full. You will also need to update the payment method for any recurring charges linked to your American Express Platinum card.… read full answer

How to Cancel an American Express Platinum card

By phone

Call customer service at 1-800-528-4800 and enter your account number and Social Security number to verify your identity.

Then, follow the prompts to speak to a customer service representative, and let them know you want to cancel. The representative may offer you a retention bonus to keep you on as a customer, but you can simply decline the offer and proceed with canceling the account.

By mail

Send your written request to cancel the card to:

American Express
P.O. Box 981535
El Paso, TX 79998-1535

It’s important to know that when you cancel an American Express Platinum card, you may see a decrease in your credit score, depending on the card’s credit limit and how long you’ve had the card. You can get an idea of how much a canceled credit card will affect your credit score by using WalletHub’s free credit score simulator.

show less