I NEVER Canceled A Credit Card… Until Now (American Express)
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- Опубліковано 28 вер 2024
- With the new changes to the Hilton Honors Business card, it was finally time to cancel my first credit card ever. This was a credit card I was excited to have until American Express increased the annual fee past what I was comfortable paying. I'll show the cancelation process and the repercussions of my decision.
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We were just talking about canceling one of our cards and up pops this video! Very solid reasoning behind you canceling the card.
Message me before you cancel the card so you don’t do anything you’ll regret haha
But... I'll most likely cancel mine too when the AF comes around again. It'll be my 3rd yr but the 1st time with the new annual fee. I base my decisions on how much I spend on the card and not the credits though and 5x is awesome.
One note, opening and closing business cards may not affect your personal credit, but it does affect your business credit. I've closed several Amex cards though.
Yeah I'll have to check on my business credit at some point. Since this is the first closure ever it probably won't affect me too much, but it'll be interesting to see
@@JacobsPointsAndProfitnah it won't hurt to much. I just know that a lot of people think that because the cards are business cards, they have no affect.
Amex business cards report positive activity to the SBFE but any negative activity gets reported to everyone, business and personal hahaha
After being on the fence for over a week I just canceled it. It was my fifth American Express credit card and I primarily canceled thinking that they will be a great sign up bonus for a personal Marriott or Hilton card over the next year and now I'll be able to jump on that with a slot opened up. I was getting some positive value with the quarterly credits with stays or gift cards but the bonus I could get from a new sign up greatly outweighs that. First card I've ever canceled.
I completely agree with your decision. It makes sense to have the opportunity of a new card and its bonus over a card that doesn't give you a ton of upside
You can get gift certificates quarterly and come out ahead. I buy a $50 and $25 card each quarter and get a $60 credit. I think there is a $2 fee but I still come out ahead.
I tried the gift card buying strategy, but it wasn't for me. I tried using the gift card in a couple countries but the employees were confused on how to use it
I’ll do the same when my AF hits on the Biz Hilton. I’ll keep my surpass for the Gold Status 👍🏼👍🏼
That sounds like a great plan!
I'm still on the fence. May or may not cancel. I have the Aspire too but that's not going anywhere!
I would have canceled the Business Hilton as well if I had it. The Hilton Surpass is a better card, with the devaluation of the Business Hilton it doesn't make sense anymore. It used to offer Priority Pass access and now with that gone it's a dead card. I want the Mariott Business card, I have the 5 slots allowed filled along with 7 Amex charge cards I am not sure I want to close any of my 5 cards for it I've been pondering this for awhile now.
Yeah it would be rough to give up a slot if you like all 5 of your cards. Have you tried to apply for the Marriott Business card and they rejected you because of the limit?
@@JacobsPointsAndProfitYea, a few times they state I’ve reached my allowed cards for revolving credit cards. My BCE could be a contender being it’s a statement credit only card I will think more on it.
@shawn.credit Just go ahead and apply and see what happens. You know I'm sitting on 8 Amex Credit cards and 3 charge cards. So it's definitely possible to get more than 5!
@@SledgeIncTeamI have a few times with various cards always the same answer ha, I have the maximum allowed cards for card type it’s annoying lol. Maybe now that I hold a personal Amex Platinum and an Amex Business Platinum they will take me seriously and approve it hahahaha!
What’s even more annoying is I keep getting emails from Amex promoting the Business Marriott card to me lmao.
Good decision. This is definitely the weakest Hilton card in the line up. The Surpass is cheaper and gives the opportunity for a FNA with $15K spend. The Aspire has a ton of credits and FNA automatically, plus instant Diamond status and more. The regular Hilton is OK but at least it's $0 to hold.
Absolutely! The Surpass seems like a much better card than the Business card, but of course business cards are nice to have too
I cancelled mine. Already have the Aspire and Surpass, and didn't want to bother with the duplicate credits.
Yeah if you already have the Aspire and Surpass there's not really a huge need to get the business card other than the welcome bonus
Great video Jacob! My Hilton Business account anniversary is coming up in about a month, and I'm going to cancel too. I did get three $50 Hilton gift cards out of this, so it was fun while it lasted haha. I'll be picking up the Platinum for a variety of reasons soon, so at least I'll keep Gold status.
The extra gift cards were a nice touch without paying anything additional. I guess it makes up for not receiving a retention offer
$195 AF with no FNC doesnt make sense
not even the $60 Hilton credits/GCs x 4 does not come close to the previous $95 AF with FNC at $15k + PP
That's what I think too. I had to cut it out of the video because I explained it for too long, but basically I'm having a hard time using these gift cards I've purchased, so I can't claim the $60 Hilton credits at full value
I AGREE it's not that great of a card. Did you take into account getting Hilton gift card?? At least you could recover $48of the $60 credits
I tried the whole gift card method and I got 2 of them, but it's been somewhat challenging to use them internationally. I don't think many employees know how to use them to apply to my bill when checking out
Used a GC last week. It took a supervisor who then had to call someone. About 10 minutes. The scary part is it now has a few bucks remaining on it. This will be more confusing redeaming.
Thanks for the info + video!
I appreciate your support!
Nice move Jacob, my wife's cancelling her Hilton Business for the same reasons. Glad to have liquidated the $60 credits for gift cards in the past months, but not planning to keep doing so.
That's good to hear we're thinking the same. I have a couple gift cards now but they've been challenging to use internationally. Seems like not very many employees know how to apply the gift cards to the final bill
How much spend did you put on the card in the last 12 months? It’s a good catchall at 5x for everything. You just have to be able to use the credits or you’re better off with the BBP at 2x MR points.
Looks like I put about $5,500 on it in the past 12 months. It's definitely a solid catch all, but I'm not really attempting to earn a ton of Hilton points right now
@@JacobsPointsAndProfit I have 103 transactions on my card with $148k of charges in the past 12 months. I’m going to call and see if they give me a retention offer. I don’t stay at Hiltons very often so the $60 quarterly credits are annoying.
Would you have kept the card if they didn't change the card?
I would have been way more likely to keep it because it would cost less and I've been using the card a lot for 12x at Hilton hotels
Would you do for one year and then cancel?
@@LanLe-uf5miAbsolutely, That's exactly what he did. Open and cancel after one year
@@LanLe-uf5miThat's exactly what I did, open it and cancel after one year.
@@LanLe-uf5mi Absolutely. That's what he did. Open and cancel.