I just got pre selected for the American Express Preferred Green Card. Waited a long time for this and based on all the feedback from this site, it seemed that this offer would be awhile in coming based on two bad marks on my report.

I am going to apply and should get approved, here is my question:

• If I get this card then I will have a total of four credit cards, 2 Visa Signature cards from BOA, Discover More Card and the Amex
• What I want to do at this point is consolidate the Visa Signature's to one card and take my total cards down to three.
• Since this card (AMEX) has an annual fee of $95 that is deferred for the first year, I would pay the $95 now that will cover me for 2010 and if my employment status changes I will be paid up through 2010 and if I decide that I want to cancel this card and apply for a no annual fee AMEX it will be to my advantage to be paid up.
• Or should I not consolidate the Visa Signatures, the BankAmericard Visa Signature I have had for a couple of years and got upgraded, My other Visa Signature is the standard Black Card that the bank offers and I have had that one for little over a year.
• If I keep all four cards active then three of them will have no pre set spending limits and the Discover More Card will have a limit to be reported.

Comments please................

AMEX gave me a CLD and I put my Clear Card in my sock drawer and now they get used for the periodic iTunes purchase. Right now, as it stands, I can't go closing any of my cards (AMEX included). It's gonna hurt my score and don't need that right now. There is no way that I would accept that $300 gift card from them.

Lol! that is what I use my Travelocity and Hooters card for. Itunes only Baby!

When I closed my AMEX card, I knew I was gonna lose my points but it was worth it because they gave me a headache.

AMEX gave me a CLD and I put my Clear Card in my sock drawer and now they get used for the periodic iTunes purchase. Right now, as it stands, I can't go closing any of my cards (AMEX included). It's gonna hurt my score and don't need that right now. There is no way that I would accept that $300 gift card from them.

You can say that again!

Thanks for the post, it wasn't long at all. AMEX deserves all the criticism they have been receiving and we need more publicity and bring this to the attention of the media so they can broadcast the experiences of consumers having an AMEX card.

Well It appears that everyone is bashing on American Express. I think what their doing is wrong also. Maybe this site shouldn't promote any American Express Bank Cards. So that AmEx will at least learn that what they are doing. Will hurt them in the future. Even when the economy recovers. Hopefully everyone will remember who stood by them and who didn't. We all have free will to make concious choice and turn away from the banks that turn their backs to good customers. Just because their own greed got them in trouble. I think that everyone won't soon forget these current financial times and those who have turned their back. I think we all know someone who is suffering during this current downturn in the economy. This needs to be a lesson for all of us. Lets not forget these times!
Sorry if this ran long!

Keep reading everyone, it gets even more interesting:

http://www.usatoday.com/money/industries/banking/2009-03-05-paid-to-close-credit-card-account_N.htm

If they do, who then will be qualified for credit? Those who really don't need it! The main fact is that, when a creditor approves or denies an applicant, the homework should have been well investigated in the beginning. Instead of Amex paying customers to leave them, they should be standing by them with some type of strategy to work with their customers who are having hard times. I know HSBC is full of crap, but they stood by their Hurricane Katrina victims during crisis. Since Amex is one of the first creditors of all times, should they meet the needs of their customers during the economic crisis instead of treating them like dirt?

Nicely said....

in my opinion, is if they do follow that policy and it works, will everyone else fall into place behind them ?

If they do, who then will be qualified for credit? Those who really don't need it! The main fact is that, when a creditor approves or denies an applicant, the homework should have been well investigated in the beginning. Instead of Amex paying customers to leave them, they should be standing by them with some type of strategy to work with their customers who are having hard times. I know HSBC is full of crap, but they stood by their Hurricane Katrina victims during crisis. Since Amex is one of the first creditors of all times, should they meet the needs of their customers during the economic crisis instead of treating them like dirt?

I read this on another website just a moment ago. Its a complete joke. Paying customers to close their accounts and pay off their cards.... I hope no one goes to Amex when the economy gets back on its feet.

could it be hjm331 that the reason they (AMEX) started letting customers have balances because they were losing potential customers to VISA and MC and wanted a bigger share of their pie ?

Maybe young man they (AMEX) should go back to the way they used to be when carrying a balance was taboo?

They started issuing credit cards (Optima) in 1987 so they have been at it for a while. And when I had my Gold card they would offere the option of carrying a balance on some balances (had to call them to set it up).

They really do seem to like their charge card business more, but they do push Blue quite a bit.

could it be hjm331 that the reason they (AMEX) started letting customers have balances because they were losing potential customers to VISA and MC and wanted a bigger share of their pie ?

Maybe young man they (AMEX) should go back to the way they used to be when carrying a balance was taboo?

This must be a PR move. Every card I have accepted over the past two years has had in its agreement a clause that stated that the issuer may close the account for any reason at any time with or without prior disclosure to the cardholder.

Give me a break. I wonder what demographic they are targeting. The closed my mom's account for shopping a specific retailers. When will they learn that their silly rules just aren't doing much for their business?:

I think they're trying to keep their customers who have a charge card because they've never been comfortable with consumers carrying balances.