American Express boasts some of the best reward credit cards on the market today. Cashback Credit Card Luxuriously Credit cards that reward travel And everything in between. However, there may be situations where you do not want to hold your Amex card for a long time. Maybe you’re shrinking the number of reward credit cards you have or getting tired of the seductive credit cards that bring to your life. Or perhaps you no longer offset the high annual fees with card perks.
Whatever the reason, there are a few steps you will need to close your credit card account. Continue reading and find out what you need to close American Express Credit Cardand some alternative options to consider.
How to close American Express Credit Cards
The good news about closing your credit card account on American Express is that there are multiple ways to get the job done. If you are ready to close your Amex Card account, there are three options to consider:
1. Call American Express
If you want to handle your credit card business over the phone, you can call American Express and cancel your account with your live customer service representative. American Express says you can contact the live representative by calling the number on the back of the card, but if you’re outside the US you can also call the collection at 1-336-393-1111.
If you are connected to customer service, simply explain that you want to cancel your account. Be prepared to share your account information such as your credit card account number and address with your postal code.
2. Chat with Amex
You can also contact American Express via the online chat feature. This is easily accessible by logging in to your American Express credit card account online or via mobile. To cancel your credit card account in this way:
- Sign in to your account on AmericanExpress.com.
- Locate the Chat button in the bottom right corner of the screen.
- Click (Chat) to tell the representative you want to close your account.
Again, you must be prepared to provide information that will help you verify your identity, such as your mailing address and zip code.
3. Send a letter to the email
If necessary, you can also send an email request to cancel your account. Please make sure to include relevant information in your letter, such as your account number, name, and address. You can mail your letter to American Express using the following address:
American Express
PO Box 981535
El Paso, Texas 79998
Does closing your Amex credit card affect your credit score?
Closing your credit card account may not have a significant impact on your credit score, but even if your account is in excellent condition, your score can be temporarily lowered.
Closing your credit card will help you reduce the overall credit you can use. Credit use Ratio – accounting for 30% of your FICO score – Increases.
Additionally, credit history length accounts for 15% of your FICO score, and closing your account can ultimately shorten that history. However, credit card accounts have remained on credit reports for 10 years.
What happens after I close my Amex card?
There are a few considerations to keep in mind before calling to close your Amex card. First, check if your credit card is still balanced. If so, you can still close your American Express credit card, but know that you will need to continue paying until your account is paid in full.
American Express will continue to charge interest on closed credit card accounts until this is completed. If you want to pay off your debt without interest fees, Balance Transfer Credit Card This provides a limited time, 0% introductory APR.
Additionally, if you close your American Express credit card and have a reward in your account, you will confiscate the point balance after sufficient time has passed.
However, you can avoid this if you have another American Express credit card that offers the same type of reward. For example, you can cancel American Express® Gold Card As long as you are open without losing reward points for your American Express membership Amex Everydain® Credit Card*An account where these points can live.
Options to consider before canceling your Amex credit card
If you were wondering how to close your American Express credit card account first, you Consider an alternativethere are some moves you can do instead.
Please clean up the card for storage
If you have an Amex credit card that does not charge an annual fee, you can always hide it in your safety or in your sock drawer. Your account can continue to add depth and history to your credit report in that way, and if you do not use the card, it will not hurt your credit.
However, if you choose not to frequently log in to your account page by hiding your card, you will need to take the time to set up account alerts. That way you will quickly find out if someone is going to try to use your card number for a fraudulent purchase, and if you can call to report it.
Request a product change
Also, know that American Express can switch to another credit card without closing your account. This is called a Product ChangesAnd this is a common move for consumers who want to escape from credit cards that charge annual fees.
Know that you can upgrade or downgrade your Amex card and only upgrade or downgrade to another option that earns the same type of reward. If you have a card to earn American Express Membership Reward Points However, you will be charged an annual fee. For example, you can switch to a card that earns the same type of points (rather than cashback) without an annual fee.
Conclusion
You can close your credit card account at any time, but you need to think about the advantages and disadvantages before doing so. Keeping your old account open can be a boon for your credit and you can always consider changes to your product rather than closing your account.
Whatever you do, make sure you have been notified of your decision to keep or close your credit card account.
*All information about Amex Everyday® credit cards is collected independently by Bankrate. Card details have not been reviewed or approved by the issuer.
