Quick Answer: Can I Downgrade My Amex Platinum To Gold?

Does Cancelling a credit card hurt your credit?

A credit card can be canceled without harming your credit score⁠—paying off your balances first is key.

Closing a credit card will not impact your credit history, which factors into your score..

How hard is Amex Platinum?

The credit score needed for the American Express Platinum is generally above 700. According to Credit Karma, the average score is 715. Although, several applicants with credit scores in the 600s have also been approved, even as low as 643.

Can I downgrade my American Express Platinum?

While you might consider downgrading to a no-annual-fee card such as the Amex EveryDay® Credit Card from American Express, and then eventually upgrading back to the Amex Platinum when the time is right, that isn’t possible.

How do I downgrade my American Express card?

If you want to upgrade or downgrade your Amex card, the best next step to take is calling in to ask. Reach out using the customer service number on the back of your credit card, and a customer service representative will be able to help you go over your options.

How many credit cards is too many?

In general, if you have one or two credit cards on hand, you’re good to go. But if you pay off your bill in full every month, never use more than 30% of the credit you receive, and make informed choices, then it’s not necessarily bad to have a lot of credit cards, especially if they provide a diverse array of benefits.

Is downgrading a credit card better than Cancelling?

If you are someone who signed up for a credit card, like either of the Chase Sapphire cards, to earn the welcome bonus and now no longer want it, downgrading is still better than completely canceling the account. And it will earn you new cash-back rewards.

How do I get rid of my Amex Platinum card?

Call customer service at 1 (800) 528-4800, whether you are requesting a replacement card or closing the account, and American Express will either send a return envelope or provide an address where you can send the old card. You should not try to destroy an Amex Platinum card on your own.

How do I get my Amex Platinum fee waived?

To get American Express Platinum’s annual fee waived, call the American Express retention department at 1 (800) 452-3945. State that you’re considering cancelling or switching cards because of the high annual fee.

Is Amex Platinum prestigious?

The Platinum Card® from American Express is arguably the most prestigious card on the market. New cardholders can earn a welcome bonus of 75,000 Membership Rewards® Points and the card earns up to 5x Membership Rewards points on eligible travel purchases.

Is platinum Amex worth it?

If you can use enough of the travel benefits that come with the card, the $550 annual fee is definitely worth it. (See rate & fees). If you currently pay for lounge access, Global Entry, Uber, or incidental airline purchases, you’ll realize enough value to make having the Amex Platinum card worthwhile.

Is it bad to have a lot of credit cards with zero balance?

“Having a zero balance helps to lower your overall utilization rate; however, if you leave a card with a zero balance for too long, the issuer may close your account, which would negatively affect your score by reducing your average age of accounts.”

Should I close my credit card if I don’t use it?

An unused card with a high annual fee that you can’t afford is also generally safe to close, as is a newly opened account that you don’t use. Cancelling it will have less of a negative impact on your credit score than closing an older account.

Can you downgrade Amex Gold to everyday?

If you want to downgrade to Amex Everyday, make sure to mention that card specifically to the agent. There is no way to downgrade an Amex charge card to a credit card, which is unfortunate because it would resolve the issue of losing Membership Rewards points.

Can you switch from one Amex card to another?

In order to switch to a new American Express card and maintain the same account, the new card must offer the same kind of rewards as your old card. … If you want to product change to an Amex card that doesn’t meet these requirements, you’ll have to cancel your original card and fill out a new application.

Is it bad to have a credit card you never use?

If you decide not to use a card for a long period, it generally will not hurt your credit score. However, if a lender notices that period of inactivity and decides to close the account, it can cause your score to slip.