6 Reasons I’m not renewing my AMEX Gold
Not sure if you know this already or not, but ever since Single Ma’s Credit Card strategy post, I’ve been contemplating mine. And since a big piece of that has been over-dependence on credit cards, I’ve done some serious re-evaluating.
I’ve decided to cancel my American Express Rewards Plus Gold Credit Card. And here are the top reasons why:
- It carrys a $175 annual fee. With the discovery of snowflaking, I can use that $175 elsewhere, mainly to pay off my debt.
- I don’t use the rewards anymore. I’ve discovered the wonders of the USAA Freedom Cash AMEX. It has 5% Cash back for everyday spending the first year. 2% for everything else. I’d be lucky to get even 2% for the rewards on my Amex Gold.
- Perks were not so great. When I had my old car, I tried to use their Emergency Roadside Assistance feature. They offered little to no help. Ended up just calling my boyfriend instead. Now I have a Mercedes and they offer complimentary Roadside Assistance for life.
- They took away my flexible spending feature. While this is not necessarily a bad thing, it just goes to show you that American Express can and will change the terms of your agreement at any time they see fit. I do not like this feeling.
- APR was the highest. This is the kicker - it has the highest APR of all of my credit cards. When you are paying an annual fee and have the highest APR, this is not a good feeling.
- Simplify my life! Why do I need to pay for something that’s not really bringing me any value anyway? It is not my oldest or my biggest limit. One less card to keep track of!
I paid off the remaining $200 for our cruise with my debit card the other day. It felt great! I bought groceries with it. What a relief! Gas too! While it is not the best in terms of the rewards strategy, it is a very great feeling that you paid for something in the present with present cash - and that you will not be paying for it in the future!
