Miro asked in Business & FinanceCredit · 4 weeks ago

Repercussions of quickly canceling a business card? (AMEX)?

I opened an AMEX business platinum card for the benefits but they are not as advertised and I’m unhappy with it. What would the repercussions be if I cancelled given I only opened it 1 month ago? Is there any way of getting out of the $595 annual fee?   

Update:

I only created the burdened (sole proprietorship) to get the card so I’m not deeply concerned about it affecting my “business” credit but that is of course tied to my ss# so I do want to be very careful. 

5 Answers

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  • 4 weeks ago
    Best answer

    Let me get this straight. You created a fake business in order to obtain a business AMEX card...

    If you've been a personal customer of AMEX for a while and have not used ANY of the features of the new card...they might let you out with a pro-rated annual fee. However, if you aren't in good standing with AMEX otherwise, don't expect any exceptions to their rules.

    They are, in my opinion, the most understanding and reasonable credit card company...but you also pay them a bunch for their understanding.

  • Anonymous
    3 weeks ago

    .............................

  • 4 weeks ago

    If you cancel within 30 days you can have them refund the fee once you've gone through one billing cycle good luck getting them to refund the fee they put it on your credit card and they expect you to pay it that's how they lock you into a commitment!

  • Anonymous
    4 weeks ago

    Call & ask. Or read the fine print of the offer. Ive never had a card with a high fee. Or any fee.

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  • 4 weeks ago

    I don't know if they charge the full annual fee when you cancel the account after a month.  You can wait until the statements comes or call them now to find out.

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