Readers often ask when to cancel or close a credit card. In general, I evaluate whether to keep or cancel a card after 9 to 10 months. That’s because most cards waive the annual fee for the 1st year, so there’s no point canceling the card immediately.
And banks don’t like when you close a card right after getting the sign-up bonus! So they might hesitate to approve you for more of their cards in the future.
So Many American Express Cards – Are Any of These in Your Wallet?
Many cards provide a benefit for keeping the card after the 1st year and for paying the 2nd year annual fee. But what’s a good benefit for me, may not be good for you. So let’s review the benefits for keeping certain American Express cards.
That way you can decide whether to keep or cancel your American Express card when the annual fee is due!
Via Cardwatcher, there’s a new credit card from Citizens Bank, the Cash Back Plus card. With this card, you’ll earn up to 1.8% cash back.
There’s a New Cash Back Card in Town
Find out more about this new card and whether or not it’s a good option for you!
Changes are coming to the American Express Premier Rewards Gold card, and it’s mostly good news!
Starting June 1, 2015, you’ll get a $100 airline incidental fee credit each calendar year. And from the same date, you’ll earn 2 American Express Membership Rewards points for every $1 you spend at US restaurants!
They’re also getting rid of foreign transaction fees, which makes this card much better for folks who travel abroad.
But there’s a bit of bad news. The annual fee (currently waived for the 1st year) is increasing by $20, to $195.
Starting June 1, 2015, You’ll Earn 2 AMEX Membership Rewards Points per $1 You Spend at US Restaurants
These changes are great news for folks who charge a lot of airline fees, travel overseas, or eat out frequently. But is it worth the increased annual fee?
For a limited time, the sign-up bonus on the Chase United MileagePlus Explorer Business card has increased to 50,000 miles. That’s enough miles for 2 round-trip domestic flights!
You’ll get the bonus after you spend $2,000 in new purchases in the 1st 3 months of opening your account.
Normally, the sign-up bonus is 30,000 miles after you spend $1,000 in the 1st 3 months. So this is a better deal!
This isn’t our link, but Emily and I will always tell you about the best offers, even when they don’t earn us a commission.
The Chase United MileagePlus Explorer Business Card Has a Limited-Time Sign-Up Bonus of 50,000 Miles
There’s no end date published for the increased bonus, so I’m not sure how long it will last.
Via The Forward Cabin, you’ll no longer pay foreign transaction fees with the Barclays US Airways card.
Previously, you’d be charged a 3% fee when using your card abroad. This makes the card much better to use when you’re traveling outside the US!
Traveling Overseas? You’ll No Longer Pay Foreign Transaction Fees With the Barclays US Airways Card
Emily and I don’t earn a commission on this card but we’ll always tell you about the best offers!
This is another improvement Barclays has added to the card, which will be discontinued once the American Airlines – US Airways merger is complete.