Should I close my credit card account?
Guest: Alexis Rios
Credit Expert (100+ Posts)
Post subject: Should I close my credit card account?
Posted: Thu Feb 23, 2006 1:05 pm
Last month i requested a credit line increase to my Amex Platinum credit card (an annual fee cc available in PR) , and the representative said that may take a hard inquiry and i said no thanks , but apparently the process kept active and i received today a letter saying that for the CLI , i have to show evidence of my income.
Since i'm no interest to receive a credit limit increase . What can i do?
- Call them back to cancel the process?
- No answering the letter and passing the time.
- Since it has an annual fee ($45) , its preferible to close the account?
Thank you.
BTW , since i'm living in PR , i don't qualify for US Amex credit cards.
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Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Feb 23, 2006 1:33 pm
If you ignore the letter, your request will be cancelled automatically. Or you can just call and cancel it directly. Doesn't matter.
As you know, I often recommend not closing any account UNLESS there's a fee for the account. If you don't feel the card is worth $45 to you, call AmEx and say just that--and ask to speak with the retention department. Often it will try to make some deal to keep the account open--waive the fee, lower the rate, give you a CLI, offer you a good BT deal. Doesn't hurt to ask for one or more o these when speaking to retention! (Or, sometmes, the CSR will just close your account.)
Let us know how it goes!
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Alexis Rios
Credit Expert (100+ Posts)
Posted: Thu Feb 23, 2006 4:28 pm
Polonius wrote:
If you ignore the letter, your request will be cancelled automatically. Or you can just call and cancel it directly. Doesn't matter.
As you know, I often recommend not closing any account UNLESS there's a fee for the account. If you don't feel the card is worth $45 to you, call AmEx and say just that--and ask to speak with the retention department. Often it will try to make some deal to keep the account open--waive the fee, lower the rate, give you a CLI, offer you a good BT deal. Doesn't hurt to ask for one or more o these when speaking to retention! (Or, sometmes, the CSR will just close your account.)
Let us know how it goes!
I'm considering to close the account. It's one of my lowest credit limit credit card (5K) , however i still like the service.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: beyond platinum
Credit Expert (100+ Posts)
Posted: Fri Feb 24, 2006 1:31 am
Alexis, did you cancel your Harley Davidson card yet or did U.S. Bank talk you out of it?
_________________
"The most incomprehensible thing about the world is that it is comprehensible." --Einstein
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Alexis Rios
Credit Expert (100+ Posts)
Posted: Fri Feb 24, 2006 9:35 am
beyond platinum wrote:
Alexis, did you cancel your Harley Davidson card yet or did U.S. Bank talk you out of it?
I talked with a representative from US Bank and i decide to reopen the account. Regarding Amex , i found that PR(along with USVI) customers are treated as foreigners instead of part of the USA.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: creditbuilder
Posted: Fri Feb 24, 2006 5:15 pm
May I ask what limit you requested? I have been trying to get my AE limit up, but I don't want to go to high and get a financial review.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Alexis Rios
Credit Expert (100+ Posts)
Posted: Fri Feb 24, 2006 6:12 pm
creditbuilder wrote:
May I ask what limit you requested? I have been trying to get my AE limit up, but I don't want to go to high and get a financial review.
I asked a CLI of $2.5k and my current credit limit is $5k. If approved it would be increasing to $7.5k
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: creditbuilder
Posted: Fri Feb 24, 2006 6:22 pm
Wow, they are getting stingy. Maybe I shouldn't request anymore increases.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Alexis Rios
Credit Expert (100+ Posts)
Posted: Sun Feb 26, 2006 11:36 am
creditbuilder wrote:
Wow, they are getting stingy. Maybe I shouldn't request anymore increases.
Perhaps is the Amex policy. Puerto Rico belongs to Amex Latinamerica instead of Amex USA.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Credit Expert (100+ Posts)
Post subject: Should I close my credit card account?
Posted: Thu Feb 23, 2006 1:05 pm
Last month i requested a credit line increase to my Amex Platinum credit card (an annual fee cc available in PR) , and the representative said that may take a hard inquiry and i said no thanks , but apparently the process kept active and i received today a letter saying that for the CLI , i have to show evidence of my income.
Since i'm no interest to receive a credit limit increase . What can i do?
- Call them back to cancel the process?
- No answering the letter and passing the time.
- Since it has an annual fee ($45) , its preferible to close the account?
Thank you.
BTW , since i'm living in PR , i don't qualify for US Amex credit cards.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Feb 23, 2006 1:33 pm
If you ignore the letter, your request will be cancelled automatically. Or you can just call and cancel it directly. Doesn't matter.
As you know, I often recommend not closing any account UNLESS there's a fee for the account. If you don't feel the card is worth $45 to you, call AmEx and say just that--and ask to speak with the retention department. Often it will try to make some deal to keep the account open--waive the fee, lower the rate, give you a CLI, offer you a good BT deal. Doesn't hurt to ask for one or more o these when speaking to retention! (Or, sometmes, the CSR will just close your account.)
Let us know how it goes!
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Alexis Rios
Credit Expert (100+ Posts)
Posted: Thu Feb 23, 2006 4:28 pm
Polonius wrote:
If you ignore the letter, your request will be cancelled automatically. Or you can just call and cancel it directly. Doesn't matter.
As you know, I often recommend not closing any account UNLESS there's a fee for the account. If you don't feel the card is worth $45 to you, call AmEx and say just that--and ask to speak with the retention department. Often it will try to make some deal to keep the account open--waive the fee, lower the rate, give you a CLI, offer you a good BT deal. Doesn't hurt to ask for one or more o these when speaking to retention! (Or, sometmes, the CSR will just close your account.)
Let us know how it goes!
I'm considering to close the account. It's one of my lowest credit limit credit card (5K) , however i still like the service.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: beyond platinum
Credit Expert (100+ Posts)
Posted: Fri Feb 24, 2006 1:31 am
Alexis, did you cancel your Harley Davidson card yet or did U.S. Bank talk you out of it?
_________________
"The most incomprehensible thing about the world is that it is comprehensible." --Einstein
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Alexis Rios
Credit Expert (100+ Posts)
Posted: Fri Feb 24, 2006 9:35 am
beyond platinum wrote:
Alexis, did you cancel your Harley Davidson card yet or did U.S. Bank talk you out of it?
I talked with a representative from US Bank and i decide to reopen the account. Regarding Amex , i found that PR(along with USVI) customers are treated as foreigners instead of part of the USA.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: creditbuilder
Posted: Fri Feb 24, 2006 5:15 pm
May I ask what limit you requested? I have been trying to get my AE limit up, but I don't want to go to high and get a financial review.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Alexis Rios
Credit Expert (100+ Posts)
Posted: Fri Feb 24, 2006 6:12 pm
creditbuilder wrote:
May I ask what limit you requested? I have been trying to get my AE limit up, but I don't want to go to high and get a financial review.
I asked a CLI of $2.5k and my current credit limit is $5k. If approved it would be increasing to $7.5k
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: creditbuilder
Posted: Fri Feb 24, 2006 6:22 pm
Wow, they are getting stingy. Maybe I shouldn't request anymore increases.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Alexis Rios
Credit Expert (100+ Posts)
Posted: Sun Feb 26, 2006 11:36 am
creditbuilder wrote:
Wow, they are getting stingy. Maybe I shouldn't request anymore increases.
Perhaps is the Amex policy. Puerto Rico belongs to Amex Latinamerica instead of Amex USA.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 4:07 PM
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