Closing an American Express card, while seemingly straightforward, involves a few key steps and considerations to ensure a smooth process and avoid any lingering issues. This comprehensive guide will walk you through everything you need to know.
Step 1: Are You Sure You Want to Close Your American Express Card?
Before you even pick up the phone or log in online, take a moment to truly consider why you want to close your American Express card. Is it because of an annual fee you no longer want to pay? Are you consolidating debt? Or perhaps you simply don't use the card anymore?
It's important to understand the potential impact on your credit score before making a final decision. Closing an old credit account, especially one with a long positive history, can potentially lower your overall available credit and shorten your average credit age, both of which might negatively affect your credit score.
Consider these alternatives before closing:
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Downgrading your card: Amex often allows you to switch to a card with no annual fee or lower benefits that better suit your needs. This keeps your credit history intact.
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Using it for small, regular purchases: Keep the card active with a small, recurring charge you pay off immediately (like a streaming service). This helps maintain your credit history without accruing debt.
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Negotiating your annual fee: Sometimes, a quick call to customer service can result in a waived or reduced annual fee, especially if you're a long-standing customer.
If you've weighed these options and are still determined to close your card, proceed to the next step.
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| How Do I Close My American Express Card |
Step 2: Pay Off Your Balance Completely
This is a critical prerequisite before you can close your American Express card. You cannot close an account that has an outstanding balance, even if it's a small one.
Sub-heading: Check Your Current Balance
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Online: Log in to your American Express online account. Your current balance will be prominently displayed on your dashboard.
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Mobile App: Access your account through the Amex mobile app for a quick balance check.
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Statement: Refer to your most recent monthly statement for the exact amount owed.
Sub-heading: Make the Final Payment
Ensure you pay the entire outstanding balance, including any pending transactions or interest that might accrue before your next statement. It's often advisable to pay a little more than the stated balance to account for any last-minute charges or interest calculations.
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Online Payment: This is usually the fastest and most convenient method.
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Phone Payment: You can also call American Express customer service to make a payment.
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Mail: While possible, mailing a payment can take time and delay the closing process.
Wait for the payment to clear before moving to the next step. This can take a few business days. You'll know it's cleared when your online account shows a $0 balance.
Tip: Avoid distractions — stay in the post.
Step 3: Redeem Any Rewards Points
Don't let your hard-earned rewards go to waste! American Express Membership Rewards points are valuable and can be redeemed for a variety of options, including travel, statement credits, gift cards, or merchandise.
Sub-heading: How to Redeem Your Points
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Online Portal: Log in to your Membership Rewards account through the American Express website. Explore the various redemption options available.
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Transfer Partners: Consider transferring your points to airline or hotel loyalty programs if you have travel plans. This can often yield the best value.
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Statement Credit/Gift Cards: If you prefer simplicity, statement credits or gift cards are easy redemption choices.
Once you close your card, you will typically forfeit any unredeemed points. There are very few exceptions to this rule, so make sure to zero out your rewards balance.
Step 4: Contact American Express to Close Your Account
Once your balance is zero and your rewards are redeemed, you're ready to formally close the account. American Express generally requires you to speak with a representative to close a credit card account.
Sub-heading: Gathering Necessary Information
Before you call, have the following information ready:
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Your American Express card number.
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Your account number.
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Your Social Security Number (SSN) or Tax Identification Number (TIN) for verification.
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Your reason for closing the account (you don't have to provide a detailed explanation, but a brief reason like "I no longer use the card" is sufficient).
Sub-heading: The Call
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Dial the customer service number located on the back of your card or on the American Express website.
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Navigate the automated system to reach a representative who handles account closures. You might need to say "close account" or "cancel card."
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Explain your intention to close the account.
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The representative may try to retain your business by offering incentives like a reduced annual fee, points, or a product downgrade. Politely decline if you're set on closing.
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Confirm that the account will be closed immediately and that you will receive a confirmation in writing. Ask for a confirmation number for your records.
Important: Do not simply cut up your card and stop using it without formally closing the account. This can lead to unexpected fees or negative impacts on your credit if there are any lingering charges or issues.
QuickTip: Treat each section as a mini-guide.
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Step 5: Confirm Account Closure and Monitor Your Credit ️♀️
Even after speaking with a representative, it's crucial to follow up and ensure the account is indeed closed.
Sub-heading: Receive Written Confirmation
American Express should send you a written confirmation (either via mail or email) stating that your account has been closed. Keep this for your records. If you don't receive it within a reasonable timeframe (e.g., 7-10 business days), follow up with customer service.
Sub-heading: Monitor Your Credit Report
Regularly check your credit report (you can get a free copy annually from AnnualCreditReport.com) to ensure the American Express card is reported as "closed by grantor" or "closed by consumer" with a zero balance.
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Experian, Equifax, and TransUnion are the three major credit bureaus.
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It might take a billing cycle or two for the closure to reflect on your credit report.
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If you see any discrepancies or an open balance, contact American Express immediately to resolve the issue.
Step 6: Dispose of Your Card Securely ✂️
Once you've confirmed the account is closed, it's time to destroy the physical card to prevent any unauthorized use.
Sub-heading: Safe Disposal Methods
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Shred it: Use a cross-cut shredder if you have one.
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Cut it up: Cut through the magnetic stripe, chip, and card number in multiple places.
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Do not just throw it in the trash.
QuickTip: A quick skim can reveal the main idea fast.
Frequently Asked Questions
How to Check My American Express Card Balance?
You can check your Amex card balance by logging into your online account on the American Express website, through the Amex mobile app, or by reviewing your most recent monthly statement.
How to Redeem American Express Membership Rewards Points?
You can redeem Membership Rewards points via the American Express website's Membership Rewards portal, by transferring them to travel partners, or by calling customer service for assistance with redemption options like statement credits or gift cards.
How to Find American Express Customer Service Number?
The American Express customer service number is typically located on the back of your physical card, on your monthly statements, or prominently displayed on the official American Express website under the "Contact Us" section.
How to Pay Off My American Express Card?
You can pay off your Amex card online through your account, via the mobile app, by calling customer service to make a payment over the phone, or by mailing a check.
How to Downgrade My American Express Card?
Tip: Summarize each section in your own words.
To downgrade your American Express card, call customer service and inquire about eligible card products with lower or no annual fees that you can switch to while maintaining your credit history.
How to Avoid Annual Fees on American Express Cards?
To potentially avoid annual fees, you can call Amex customer service to request a fee waiver or reduction, or inquire about downgrading to a no-annual-fee card.
How to See My Credit Score Impact After Closing a Card?
Monitor your credit score through free services or your credit card providers, and check your credit reports from Experian, Equifax, and TransUnion (via AnnualCreditReport.com) to see how the closure impacts your credit history and score.
How to Securely Dispose of a Credit Card?
Securely dispose of a credit card by using a cross-cut shredder, or by cutting the card into multiple pieces, ensuring the magnetic stripe, EMV chip, and account numbers are destroyed.
How to Get Confirmation of Account Closure from American Express?
American Express typically sends a written confirmation (via mail or email) of account closure. If you don't receive it within 7-10 business days, contact customer service to request one.
How to Dispute a Charge on a Closed American Express Card?
Even if your card is closed, you generally have a period during which you can dispute charges. Contact American Express customer service as soon as possible to initiate a dispute.
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