I applied for, and was approved for, the AMEX Platinum on November 30, 2015, being enticed by the 100,000 Membership Rewards signup bonus. Because of a employment-related change, I won’t be traveling much at all this coming year, so most of the benefits, such as lounge access, won’t be of use to me. So I would like to get out of the $ 450 annual fee.
Having already earned the 100,000 signup bonus, I’m wondering if cancelling the card this coming January (after I receive my first statement, thereby getting the whole $ 450 fee refunded according to what I’ve heard) will look really bad on my credit report. I could either transfer all the points to a frequent flyer program or signup for the Everyday card (no annual fee) to keep the MR points.
Will cancelling the card after 2 months look really bad? I should note that I only have 3 other credit cards, all opened over 2 years ago, so there hasn’t been a pattern of opening and closing cards, and this is my first card with AMEX.