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Changing Amex Cards - impact to credit rating?

Bonnie63 351 60 January 27, 2012 at 05:53 AM
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I currently hold an Amex Membership Rewards card but the $95 yearly fee is crazy so considering dropping down to another Amex card, perhaps Blue.

My issue is that this Amex card is my longest held credit card (20+ years) and the next non-store card is only 10 years of credit history.

Does Amex considering this a change of card and no impact or to they close the original card and open a new account? Does this even matter?

Other than my car, I have no debt and my house is paid off so no immediate need to get credit but don't want to mess up my score.

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#2
Ask AmEx. When I upgraded my chase card, the only thing that changed was the features of the card. Same number, history, statements.
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#3
Quote from qwertyaas View Post :
Ask AmEx. When I upgraded my chase card, the only thing that changed was the features of the card. Same number, history, statements.
I've done this with a couple of my AmEx cards (AmEx was my oldest or second oldest card as well; I got 2 cards the same month so I have no clue which is technically older). As the poster above said, everything was retained.
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#4
Going from one type of charge card to another (ie: Platinum, Premium Gold, Gold, Green, Zync) does not affect your report, because the account number stays the same. It will continue to be reported to the CR as the same account, since it technically is. I was in a similar boat as you, actually my wife was, where we had two Amex cards and didn't need the second. My PRG card had better benefits, and we never used her regular Gold card anymore. Paying $200 ish a year in fees for it was stupid, but she had a good history and score with the card. We ended up dropping me off the account and converting it to a Zync card ($25/year fee). We still never use it, but it's worth paying $25/year for.

I would be very careful in converting a charge card to a credit card (or vice versa). Because technically, you aren't converting anything, like you can do on the charge accounts (from one to the other). If you APPLY for a Blue card, they will pull your report again, and it will be a new account. If you go to a Blue, it's not the same as a charge - it's a credit card. I can't speak from experience, but I would believe this would kill your old account and open up a new one. Don't just take a CSR's opinion as fact - they have very little understanding of how it impacts your CR.

When we were looking at originally downsizing the Gold, I looked into converting it to a Blue Cash card. They said it could not be just moved to that type of card - a new account HAD to be created.

So be careful and good luck.
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#5
Quote from phonic View Post :
Going from one type of charge card to another (ie: Platinum, Premium Gold, Gold, Green, Zync) does not affect your report, because the account number stays the same. It will continue to be reported to the CR as the same account, since it technically is. I was in a similar boat as you, actually my wife was, where we had two Amex cards and didn't need the second. My PRG card had better benefits, and we never used her regular Gold card anymore. Paying $200 ish a year in fees for it was stupid, but she had a good history and score with the card. We ended up dropping me off the account and converting it to a Zync card ($25/year fee). We still never use it, but it's worth paying $25/year for.

I would be very careful in converting a charge card to a credit card (or vice versa). Because technically, you aren't converting anything, like you can do on the charge accounts (from one to the other). If you APPLY for a Blue card, they will pull your report again, and it will be a new account. If you go to a Blue, it's not the same as a charge - it's a credit card. I can't speak from experience, but I would believe this would kill your old account and open up a new one. Don't just take a CSR's opinion as fact - they have very little understanding of how it impacts your CR.

When we were looking at originally downsizing the Gold, I looked into converting it to a Blue Cash card. They said it could not be just moved to that type of card - a new account HAD to be created.

So be careful and good luck.
I can second this. I contacted AMEX last week to ask about switching my card (PRG) out to another card that didn't have an annual fee and they said they could only switch to another charge card. When I asked about getting a blue cash everyday card, they said I'd have to apply for the new card, then cancel the old one.
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