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Many credit issuers make it hard to cancel your credit card, but American Express doesn’t. If you’re determined to close your account, make sure you don’t have any outstanding balances. Otherwise, they may get listed as default and can hurt your credit score.
If for some reason you can’t pay off your balance now, you could consider transferring it to another card to pay off later for a lower APR. Also, use or transfer your rewards or you’ll lose them once you cancel the card.
Most banks prefer that you call to cancel your card so they have an opportunity to try and persuade you to remain their client. Sometimes this can be a good bargaining tactic for getting offers like a lower APR or other perks and bonuses. If you do get an irresistible offer, you can consider closing another card.
Whether you’re losing your account online, by calling or mail, be sure to have your credit card and bill for account information. You’ll need to provide a reason for canceling. A simple “I don’t want the card anymore” works.
Calling
Call the number on the back of your card and ask to speak to a representative. If you don’t have your card on hand, call customer service at 800-528-4800. Write the name and ID number of the representative in case you have to reference it later.
If you’d prefer to mail in a letter to cancel your Amex credit card, your letter should include your reason for canceling, account name and number along with your contact information. Also, ask that they notify the credit bureaus that you have closed this account. The letter should be mailed to:
Yes, canceling your American Express credit card will affect your credit score. That’s why you should be strategic with your timing. If you plan to apply for a loan, wait until you’re approved before you cancel your card.
But if you generally have a good credit score and low utilization, closing your card will have a minimal impact.
Sometimes an error may occur and you could be stuck with an open account, thinking it was closed. To avoid paying unnecessary fees and complicating things further, write a cancelation letter. The letter should include:
You can send your letter to:
American Express, Electronic Funds Services,
P.O. Box 981531
El Paso, TX 79998-1531
If you’re paying an annual fee for your card, you may get a refund. Notify American Express within 30 days of the closing date of the billing statement. If you cancel after 30 days, or if your mailing address is in Massachusetts, you won’t get a refund.
When you close your credit card, you may want to open a new one. This can positively affect your credit score, as your new credit limit will lower your overall utilization levels. With our Card Recommendation Tool, you’ll find a variety of cards to meet your unique needs. Just make sure you don’t apply too many cards, or you could damage your credit score.
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