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I Think We’re Done Here: Cards We Recently Closed or Product Changed

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Closing Credit Cards

Closing Credit Cards

Certain points and travel hobby chores are more fun than others.  We all love earning big signup bonuses on new cards.  Tasks on the other end, including closing credit cards (or product changing them) a year or more later, are a necessary part of winning big.  I’m focusing on that today.  Here are the the cards we’ve said goodbye to and why.

American Express Business Platinum Benefits Guide - Over 30 Perks

Business Platinum

I’ll start with an obvious one first.  I recently closed another Amex Business Platinum account.  I didn’t receive any retention offer via chat, but I didn’t care much about holding onto this, or any other, Business Platinum long term, anyway.  Indeed, with all of the no lifetime language offers the past few years, playing a high turnover game with Amex pays off.  I need that pay over time card space for another one (remember, the limit’s ten).

Chase Sapphire Reserve

My wife maxed out another $300 travel credit and downgraded her Chase Sapphire Reserve to a Chase Freedom Flex.  We now hold two Chase Freedom Flex accounts and two regular Freedoms, as well.  I’m uncertain about our Chase Sapphire Reserve future; more on that in another article.  In the meantime, we’ve had no problem maxing out the Freedom 5x categories.

Closing Credit Cards

Marriott Bonvoy Business Amex

When my year two Marriott Bonvoy Business Amex annual fee hit, I chatted with a rep and received no retention offer.  I didn’t have any interest in waiting around for the anniversary free night award before cancelling, either.  After all, I’m interested in so many other Amex credit cards and their related welcome offers.  With Amex’s five credit card limit, I need that slot!

Closing Credit Cards

Amex Platinum

One of my Amex Platinums’ annual fees recently came due at the full $695 rate.  This is one of the rare Amex cards I’d consider hanging on to with the right retention offer.  I highly value the Amex Platinum’s benefits.  But yet again, Amex wouldn’t provide a retention offer.  I closed, and we’ll somehow get by with our other five Platinums. 😉

Closing Credit Cards

Alaska Airlines Visa Signature

When the wife’s year two annual fee on her Bank of America Alaska card posted, she called in to close.  The refreshed Alaska card benefits weren’t that interesting to us.  The agent didn’t provide any retention offer.  The process to close with BoA was remarkably easy, something we appreciate when a call to cancel is required.

Closing Credit Cards
Source: Rakuten.

Rakuten Visa

I described how I was forced into this product change by Synchrony last fall.  With the death of the Rakuten card, Synchrony targeted certain cardholders for a product change to their 2% cash back card.  I was one of the lucky ones; my wife was not.  It turns out I like this card more than what the Rakuten Visa had become.

Conclusion

We have a few more moves to clean up shop, particularly with Bank of America and Amex.  Those are primarily to make space for more cards while avoiding annual fees.  I look forward to those moves in the future!  While closing and product changing doesn’t provide the rush of a new welcome offer, I feel remarkably refreshed and squared away.  It’s nice to trim off the excess and be ready for more.  What cards have you closed or product changed recently?

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

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Benjy Harmon
Benjy Harmon
Benjy focuses on the intersection of points, travel, and financial independence (FI). An experienced world traveler, husband, and father, he currently roams throughout the USA close to expense-free. Benjy enjoys helping others achieve their FI and travel goals.

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

4 COMMENTS

  1. Hi Benjy, can you explain, on the amex business platinum, “the limits ten” in ” I need that pay over time card space for another one (remember, the limit’s ten).”

    And on the Marriot Bonvoy Business Amex, you say, ” With Amex’s five credit card limit, I need that slot!”. Can you explain Amex five card limit, and if it is as it sounds, does that includes personal and business cards combined?

    Thank you.

  2. So I cancelled or am going to cancel the following cards. I need to preface in saying we are downsizing as both my wife and I are retiring in the next 12-18 months

    Closed a Pen Fed Power Cash Visa, CITI Premiere, wife’s AX Plat. I will recon on mine before making a decision on to close, Delta Gold, AX Bonvoy Brilliant, AX Hilton Honors Bus, 2 AX gold bus. I did recently open up a NFCU Flagship Visa to get the $300 bonus plus free Amazon Prime membership. Already got both bonuses posted. Am working on a 125k HH points bonus on the AX HH bus card.

    • CMorgan,
      First of all, congrats on your upcoming retirement! There’s nothing like it. Second, why are you closing the PenFed Power Cash, beyond the “downsizing” reason you mentioned? A no annual fee 2% cash back card seems harmless, at worst. Just curious.

  3. I typically don’t churn cards and just pay the fee. If I don’t value the benefits I don’t have the card. However I did recently close my Amex Marriott card. In the past when it had a $450 fee w a $300 Marriott credit and a free 50,000 night certificate it was easy to justify IMHO. However w the recent changes it didn’t make sense. First of all the AF went to $650. Adding Platinum status makes sense for many but I’m lifetime Titanium so this had no value to me. Then the $300 credit was changed to $25 a month at restaurants. I made sure to get the value but it was a hassle. Finally the new 85,000 free night certificate could easily be worth the incremental $350 but I rarely stay in a hotel like that for one night (might as well stay in a Courtyard for 1 night IMHO) so would have to pay or burn a lot of miles to extend.

    All in all no longer worked so I canceled a d also provided feedback on why. Didn’t even ask for retention offer since don’t like to play those games and also would eventually have to pay full fee and deal w benefits that don’t work for me

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