Makes sense to cancel. The problem Amex now has is the increased competition from banks issuing cards with better rewards, SUB structures and travel partners. Amex keeps underestimating that strong competition by increasing annual fees and further complicating their already annoying coupons.
I’m glad you resonated with the decision! I think you’re right here. Maybe they’ll make some positive changes to it with the refresh, but the competition outside of Amex keeps getting better and better!
Applying for a card where you don't 'fit' the target demographic of its features/benefits in the first place and then coming across as dissatisfied when the card is doing exactly what it says it was going to do and didn't change or reduce any features is a all to common amongst 'content creators' recently. Really more like bonus chasing; keep it real.
Part of keeping it real - is being willing to admit you may not have done the math. I sure didn’t when I got the gold card. Yet I now realize how much dining spend I have to do at 4X just to break even. In his case. This is a line of work for him - he needs to use and understand cards in the Amex ecosystem as a part of being able to do what he does… so simmah down and give him a break, sheesh 😂
In making this video I hoped to do exactly what you said at the end there. I could have easily shied away from sharing this information and cancelled without any explanation, but instead I decided to share the fact that I do not fit the target demographic and while I got a lot of value from it due to a welcome offer and retention bonus, that doesn’t mean the card is for me, hence the decision to cancel. I can see why you’re upset at content creators if you’re not a welcome bonus hunter, but just know that everyone plays the credit card game differently and there’s no one correct way. Hopefully you understand!
Bit of a relief to hear someone walk the walk rather than just talk the talk. Definitely agree with the “right spender” idea. As someone in a similar position to you “young, 20’s, low total spend” I would be doing the same with my Gold if I didn’t differ in one key aspect. As a huge foodie, I choose to spend more money than others both at grocery stores and eating out, and also LOVE the 2 $10 monthly credits for UberEats and Shake Shack respectively, so I’ve already gotten 12,000 points back this year already! I’m looking to total about 30,000 by the end of the year, and if we combine my enthusiasm to use monthly statement credits and MR points at a minimum of 1 CPP, I average $540 of value every year.
I'm glad you appreciated this one! And based on your spending habits, this card seems pretty perfect for you and that's all that matters! Keep getting that value!!
Did the rep become significantly less friendly when they didn’t convert you? The one time I turned down the retention offer and really cancelled an Amex card the rep did a complete 180 in their tone.
Hahah now that you mention it they did kinda change on me pretty quick. I just kept turning down all their offers and they eventually just started copying and pasting terms and conditions that I had to read through to figure out exactly what I needed to say to confirm the cancellation 🤣
Amex never questioned me closing my Amex Gold or tried to get me to keep it. I assume that their aggressive tactics have went away or too many folks ask for retention offers and they just don't even bother anymore.
That makes a lot of sense. If I didn't have cards giving me exactly the same earning categories, I would have considered it stronger. But for now, I'll focus on other ecosystems!
Good choice. I don't think the Gold card would fit me well. Also, Clear is definitely not worth it. The TSA Precheck line is shorter than Clear for me 9/10 times
@@SpencerJohnsonOfficial I sometimes feel like the last guy on the train as I have been mulling over the Gold card for months. I got the 150k for Business Gold (295AF) but that card is Meh long term. I may be their target demo (high earner with hungry children) so do it for a year if I can get the biggest bonus possible. Then I most likely switch to Citi Premier. I just wish Citi had Brit Air and Aeroplan as I got awesome value from them for short haul domestic trips. Keep up the great content!
@@SpartanOfFinance I completely get it dude. Fortunately we have a ton of great options out there these days, so I feel like you can't really go wrong. As goals change, so can our cards!
This is a great video. It's all about the individual and if the card fits their setup. Platinum is the biggest culprit of this as many shouldn't really have it. I use it for the hotels and flights and get it reimbursed through my employer so I don't actually have to spend money to get the points, and i use the benefits with gold on my personal spending. If you cant get the card to work for you, you're looking at the wrong card.
I’ve preached from the high hills about why this card is ass but no one believed me. Now my sentiment is being felt by the masses. BEHOLD!!! I AM THE CREDIT CARD PROPHET!!! WAY TO PUT THE “EX” IN AMEX!!!
Tbh,i been trolling these guys for yrs saying just that,when they all were echoing the same narrative, i said it's a targeted card for a specific group of spender,so how can you rank it as best overall card? It was just silly
Our situtation is pretty much the exact same, the $250 af worked for me bc I used the $240 credits religiously, but the increasing af and the monthly fight to mitigate the af has worn me out. I want simplicity too. I am replacing my supermarket spend with the no af BBP.
Im also looking to cancel my gold when the AF posts in December. Looking to eat less outside food so savor one is a better fit for me right now, not to mention they’re planning to hike the AF.
Your logic about the effective annual fee is so important. I have been binge watching credit card videos and I think you’re the first person who acknowledged that you’re effectively getting no value, if you have to go out of your way or change your spending habits to get the perks…..
I got this card for elevateed sign in bonus only and planning to cancel after first year. I think this will be my first and last Amex card I'll ever use.
The bonus I got on it was awesome for sure! It's well worth it for that alone. Of course these days it could be worth getting the Green first to make sure you get all the charge card bonuses, but I didn't go that route.
I considered this as my “food” setup but I saw myself sort of needing to go out of my way to use the credits like you mentioned, I never normally eat at five guys and I never use the 3rd party ordering services cause they add a good 25% increase to everything, instead I could use the altitude go for 4x on dining (on top of that with the $15 streaming credit, I’m essentially getting almost 10x back since I spend so little on streaming to begin with) and the AAA card for groceries including neighborhood Walmarts for 5x, yes it’s a little “inconvenient” to carry 2 cards instead of 1, but that still seems easier than trying to manage all the coupon book credits
Would love for this video to have a section explaining what you did/can do with remaining Amex points if you are wanting to cancel. Sure there are different strategies?
I'm right there with you about the annual fees. It's easy to forget how much you're actually paying just to hold these cards sometimes. I went from paying down $2,500to $870 and it's a fantastic feeling. Found the Amex Marriott cards suited me best so I kept them.
I agree on all points. Also what makes you want to keep the Citi Strata Premier? To me, the $100 off a $500 one night hotel stay seems terrible. The hotels I go to are around $150 per night, not $500.
My way for the credits is just checking my uber eats account to see if I’ve used that one yet, and then making a note every month for the dining one. There are 2 restaurants a mile away from my place for the dining credit so it’s super easy for me to make sure I get those $240.
I was thinking of applying for the new white gold AMEX, and after I saw ur video when u were talking about the annual fee of 250 and rn, it's 325🤣🤣, so I decided to just be with ur side and ignore them👍🏻 but I need u to make a video about the new gold credit for robinhood
If your organic spend fits the card, then it's a no brainer. For me, splitting time between Northeast and SoCal, hitting those credits is pretty easy and I would've spent that without the card. Otherwise the correct move is to evaluate how much value you would get out of it and decide accordingly.
It IS a workhorse earner, but if it’s not working for you, this is a fair move. May not be able to get another Welcome Offer, but, you know what the card can do for you going forward. Or not, who knows with the refresh…
Absolutely agree man! Just have to balance all of these new cards I want to add that have high annual fees while still utilizing the ones I already have, and unfortunately the Gold card was the first on the chopping block. More where that came from over time for sure!
Perfectly said bro. Cancelled mine as well simply because my spend won’t be maximized with this card anymore, especially with the refresh. I’ve been enjoying Chase a lot lately, def will have to keep my eye on the that Citi card, great video man 💪🏼
I canceled mine today after two years. Great card but given my current and future spending trends plus the implications of the (almost certain) future refresh, I’m out. They also offered Me a retention offer which I declined.
Hey Spencer, I love your content and watch you a lot. Look i just got approved for the amex gold as my first amex card after 6 years of rebuilding my credit and getting into the 700s in all 3 bureaus. Can I accept it and then apply for say a business gold or business blue plus and just get a soft pull? I heard that once you get your first card with a hard pull then every other card with amex is a soft pull. Or what would be your strategy. Thanks Chad and Hookem Horns!
That retention offer HAHA I hope no one ever takes it and Amex will stop offering it. Anyway great stuff, I think a lot of credit card enthusiasts who chase sign up bonuses and keep track of 5x quarterly categories may be surprised at how little spend goes on the Amex Gold.
I appreciate your comment Turd! As I mentioned in another comment below, MaxRewards has it's issues, but I've been finding a lot more success with it recently, specifically with their desktop app. They’re a smaller team constantly working on solutions and I support them and their product. I can understand why you don’t though! Also, sponsors are a massive way I'm able to continue producing this content, but you can always skip through that section of the video if you'd like.
Sure if you have a massive family and organically use uber eats. Probably not super useful for a single person that might get takeout sometimes at the elevated uber price.
Once you watch the video I hope you understand that I completely agree with you there! It's a great card for the right person, but a lot of folks who have it do not fit that demographic.
@@txdave what's crazy to me is that most of the people pushing this card are single men and women. I always wondered like what are they spending on to justify this card??
I never like to think of "effective annual fee" for cards. I see it like a benefits package. Is trading $250 worth receiving 4x on Dining, Groceries, 3x on Airfare, the $240 Dining and Uber Cash benefits, Hotel Collection, and the insurance and purchase protections. When I think of it like that, I am willing to pay it. You can't get your $250.
Dude if I got a retention offer like the one you did, I would straight up bust out laughing. What an odd retention offer but glad you turned it down. Welcome to the NoGold club! I think the Citi Strata Premier makes sense for you and it’s nice to not have two monthly credits anymore!
Hahah right dude?! I felt disrespected 🤣 The CSP is definitely gonna get some good use from me now which is exciting! It's weird having two Citi cards in my wallet, but I'm kinda digging it.
Can't cancel the Amex Gold if you never got it in the first place (welcome bonus rules...) 😬. Another great example of regularly re-evaluating one's setups to see if they still work for your current lifestyle, both from the earning AND redeeming perspectives! Never gave it too much thought, but the point about Amex being more international focused is a good one! I guess fortunately it's been working out for my plans that way haha
No, it's not international by any means. I've used the card in many restaurants and so many instances only get X1 for other category coding on points. Not to mention the low acceptance rate internationally.
@@jun.oshima I was actually referring to the transfer partners! But actually had really good Amex acceptance during my travels, even to the smallest cities within Malaysia for example
Hahah fair point! Reevaluation is super important to me. Especially with my strategy of adding cards mainly for their bonuses since that leads me to add cards that may not fit my goals after the first year or two. I'm glad you're still getting such good use from their transfer partners though. I plan to do the same!
BILT is my go to for dining - I value their points more than any other points currency so I’ll take 3x over 3.1x wi the my CSP. I don’t think I’ll ever get the Amex gold, as I only ever open cards unless they’re keeper cards, and you made really good points- spending more to save money doesn’t actually save money.
I respect your opinion ..But I love this card...and will not cancel ....One thing I know most people that cancel ..end up applying again..I will keep mine Thanks,
Business Gold is a solid replacement and has travel value, I didn't want a mainly food earning $250 card. I have enjoyed my Business Gold card and don't regret cancelling my personal Amex Gold. I'm curious about the incoming changes to the personal Amex Gold time will tell if their good changes.
It all depends on the individual! As I mentioned, it's an awesome card and I'll always stand by that. I'm just not the right person for the card since I constantly chase welcome offers.
Cancelling the Amex Gold card was an excellent decision! The Gold card definitely works well for some people, but for others it does not fit well into their credit card setup. It would not benefit me either at this time, because I don't really use Uber or Uber eats and I get most of my groceries at Walmart. Occasionally, I will get groceries at Aldi, Save-a-Lot or one of the local grocery stores but usually I spend less than $100 a month at those stores. I also find the monthly credits on some of the Amex cards to be slightly annoying. I know why Amex does that, but I think that many Amex card holders would still use their Amex cards regularly even with yearly credits. Maybe in the future, the Gold card will be a great card for you. I think it works best for people who can use the credits regularly, those who like a simple card setup, and those who are not consistently applying for new cards to chase welcome offers.
I'm glad you think so man! I completely agree with your takes here though. It's an awesome card for the right person, but it doesn't sound like you and I are that. Hopefully Amex turns a new leaf here soon and starts to make their credits a lot less annoying, but I don't think that's gonna happen unfortunately. Thanks for sharing all your thoughts as always man! I resonate with your takes heavily here.
I will be canceling my Amex Gold once annual fee is posted in October; I will be using my Verizon Visa Signature card for groceries & takeouts. A new refresher multipliers for Verizon Visa coming in August or September 4x on groceries dining and Gas no annual fee
First I thought... I wish it got 4X groceries worldwide. But then I realized...few businesses even want to see this card worldwide😂😂 Actually, I can use it for food delivery in the Philippines. But AMX makes the category General Merchandise and only gives me 1X. Chase Sapphire Reserve Visa, on the other hand, maintains the appropriate Dining category. I'm using Sapphire Reserve for 3X Dining .... WORLDWIDE. As well as with Citi Strata, WF Autograph, and Capital One SavorOne.
As I said in the vid, my stance has never changed on their cards. They're AMAZING for the right people, but a lot of us aren't that, including myself. I make videos for people similar to me, hence why I don't ride Amex as hard as others.
Super late to this one, but I had it on my list to watch! I'm glad to see you cancel a card that no longer brings you value, and can see that instead of accepting a retention offer, you can instead use whatever that spend (or points equivalent in your case) is towards a new Welcome Offer and/or filter that spend to maximize points based on current cash back or travel strategies! As much as I absolutely love the Business Gold card for the 4x categories, the new annual fee negates the value I would receive on the multipliers, even with the Walmart+ and GH/FedEx/Office Supplies store credit. My annual fee will be posted this month, and if I don't get an upgrade offer to the Business Platinum, I will be downgrading the Business Gold card to a Business Green and will instead focus on maximizing points based on spend, and when under 5/24 in May, I will focus on Chase business cards! Love your content. - Ivan
Just canceled my Platinum. i'm planning to double dip the current 50k/$2k upgrade offer to the Platinum that I have with whatever retention offer the Gold I get in a couple weeks. then i'll get 2 calendar years' worth of credits to use. I'll probably cancel the new Platinum card next year but for now, that all sounds great to me.
Well not exactly. If the credits fit your spending habits before getting the card that’s great, if not, you’re spending money you wouldn’t have before having the card, hence that can’t count in lowering your effective annual fee.
I could have done so for sure! But then again, I feel like the monthly credits are only going to become more annoying, and that's a big reason I wanted to cancel the card in the first place. I can always get another Gold down the line though, so I'm not too worried!
Always can reapply or for folks that downgraded they can always upgrade again. I went with the Amex Business Gold as the replacement the 4x gas stations is nice and it has some travel value and some easy to obtain business credits.
Max rewards is trash. Only links Amex cards...not Chase....🤬. And no I'm not going out of my way to contact Chase to link my cards and/or change my password, etc. It's insane that 1/2 of their FAQ's regarding this issue.
While they have their issues, I’ve had a lot more success with the app in recent past, particularly with the desktop version. They’re a smaller team constantly working on solutions and I support them and their product. I can understand why you don’t though!
I could never cancel the gold after a new rework is around the corner, imagine it being much better that you crawl back to it at the new AF? I put a lot of spending on it and I’m excited for the upgrade and YES, at a $250.
I definitely could’ve waited, but considering one of my main gripes with the card is it’s annoying credit structure and that’s what we expect them to do more of, I’m okay passing on that. I hope the new version is great though!
The real and only reason is that you got the business card by looking for a Welcone offer and you had to cancel the personal one because you only have two months with the business card and to cancel it you have to wait a year and in that year you are also eligible for a retention offer
I'm not sure I understand you here, but I think there may be some confusion. The Amex personal and business gold welcome offers don't impact each other at all, so that had nothing to do with my decision to cancel.
Here in Argentina, Chile, Uruguay this month, almost all restaurants accept AMEX...4% restaurants worldwide. Most RU-vidrs thrive off referrals. I spend and get SUBS, no referrals.
That's a fair point too! As I mentioned here, I could've kept this card open for referrals alone, but I didn't feel right about doing that and decided to make this video instead.
Hope the RU-vid mob doesn’t come after me like they have the Gold card. Its funny that you all have turned on this card even before they F;@& it up which i am confident they will.
The more cards we add, the more overlap we see, and when that overlap occurs on high annual fee cards it may be worth downgrading or canceling one of them!
I get the statement credit burn out. You have to do what makes sense for your natural monthly spend. But as the self proclaimed "Gold Card Defender of Her Royal Majesty" that I am; I must bid you a Royal Fare well from Old Goldie 🎉🎉🎉🎉 If one day you grow a large family and the terms of Old Goldie becomes attractive once again; She will welcome you back into the service of Her Majesty with Honorable mention! ✨️
I completely agree with you Bruce! I doubt this is the last time I'll have this card in my wallet, but time will tell. Thank you for the farewell brotha! 😉
What about the Venture X and Savor One Duo. I like Chase for the Hyatt reward redemptions, but hate the categories overlap. If chase would offer bonus categories like the venture/savor I would be all in with Chase. I have the Citi strata but don’t like that I cannot pay myself back for travel due to liking some Air BNB in some locations
It makes sense for you for sure. For me however, I spend a stupid amount of money on food and groceries so it makes sense for me to keep. At some point though, I need to run the numbers too and maybe settle on a 3X card with no AF. Like the Savor One.
Doing the math is always important! One way to look at it which was left by Jim down below is the following: "With a $250 AF, the breakeven of spend on dining and groceries of 4X vs. 3X on no AF card is $250 / .01 = $25000 per year or a little more than $2000 per month. " So without considering the credits, that would be the number you're looking for.
@@SpencerJohnsonOfficial Ah thanks for sharing that! I’m actually heading torwards the same mindset as you as I’m starting to get sick of thinking about the monthly credits. The mental gymnastics of remembering that is outweighing the benefit.
Yeah. Gonna be dropping my BCP for the BCE soon bc i can get grocery & Gas returns in other cards (Savor/Sams) not to mention that BCE online 3% is strong af Then I will likely be getting the Green and Gold just for the SUBs (&Flex) before getting a Plat due to the family rule. Let them all run for at least a year and likely cancel.
Between Amex offers and my normal spend this card is a no brainer. Pretty easy to use $20 a month between Uber and grub hub. Should be able to get 50k points annually no problem assuming I’m not chasing a SUB on something else.
That's fair enough! My VX covers me just fine at Costco, but the Costco card is of course a solid option too. Costco's been a lifesaver for me, that's for sure haha.
What do you like to use at costco? I had cancelled my Costco membership last Sept because I was going hard on Amex cards. I recently restarted my Costco membership and realized how much easier it made life with regards to groceries so now Costco > Amex. I’m thinking C1 VX is the easiest for Costco? But I don’t really want to add another high AF card…
The AAA Daily Advantage has 3% back on wholesale retailers and gas, and 5% back on grocery stores no annual fee. Costco also has a card that offers 2% back specifically at Costco. Points is a little more difficult, most point cards I know about don't offer a bonus on wholesale.
@@SpencerJohnsonOfficialI’m also switching my marriot boundless for the ritz!!! The 85k free night award and the $300 travel credit alone justify the annual fee. 🫡
I'm glad you canceled. You are practicing what you preach and not just saying it. That retention offer was trash. I would quite literally laugh them off the chat or phone or whatever. So im torn on the credits. So i pretty much use the dining and Uber credits to get myself breakfast/lunch at work. Would i normally get that meal? No, but i sometimes go whole days without eating, ." I get so wrapped up in work or stuck in my head that i forget to eat." But i hate losing money, so it forces me to actually eat something. Should i count it as an actual credit to reduce my effective annual fee or not?
I'm glad you agree with my decision here. Practicing what I preach is really important to me, so I'm glad you resonate with that too. And yeah dude, that retention offer was trash. As for your credit debate, it sounds like the credits are benefiting your life by causing you to stay healthy and work longer or at a higher efficiency, so I'd personally count that in lowering your EAF. Others may not say so, but for your situation, I think it should.
My AF will post in a couple of months and am sure going to cancel! I was able to hit the old 90k SUB and every since late Nov. the card hasn’t been used at all since I’m also constantly working towards new SUBS
Sometimes cards are great for the welcome offers and not much more! Maybe the card will make more sense for you one day when you stop going for welcome offers, but until then, it could be a good idea to save the $250/year.
chase freedom unlimited currently has a promo adding 1.5 pts to every category for the 1st year which makes the lowest catch all rate at 3x. i will def use it at costco and walmart. No af either and if you have a sapphire you can use those points with travel partners.
@@MrHawaiiboy510 Same goes with clear, you still queue up at TSA line. Paying clear isn't worth it even with plat/green credits. You aren't buying time with clear, but paying extra for a nonsensical service. Get the GE, have your credit card pay for it, then you get TSA pre along with it.
I think it's pretty airport dependent, but I personally have Global Entry (which comes with TSA Precheck) and I get through the TSA line much faster than people with clear in a lot of cases.
No need for it when the Amex Business Gold is in your wallet already, at least the Amex Business Gold has some travel value and 4x gas stations and some useful credits!
In those higher cost-of-living areas, the Gold card really shines! Of course you can add this card over 5/24, but the more personal cards you add now, the longer you have to wait for Chase cards so it's a toss-up.
Burnout? Dude you’re like 12 years old. You use all of the credits and earn enough points to outweigh the AF by “going out of your way to eat.” 😂 Just say you’re going after new sign up bonuses with other cards. It’s a “game” you’re playing, which is completely fine.
Close on the age there! It’s all about your natural spending habits, and this cards credits don’t fit that for me. And you’re correct, I play the welcome offer hunting game which makes this card less useful for me. I’m glad you like it though!
