Canceling a credit or charge card, such as your American Express account, involves more than scissors and shredders. When you tell American Express to close an account, you may be shedding certain responsibilities -- and benefits -- of being an American Express member.
Call Amercian Express at the number on the back of your card or 1-800-528-4800. You also can request cancellation in writing at the address listed on your credit card agreement or statement. Ask the customer service representative to send written confirmation of your cancellation. To follow up, get a free credit report from AnnualCreditReport.com to verify that the account is closed.
Use or Lose Perks
You may be able to keep reward points if you have another American Express rewards card linked to the one you cancel. If you close all reward accounts, American Express gives you 30 days to use your remaining points so long as you keep at least one American Express account open. However, you immediately lose all your points if you close all of your American Express accounts.
If your account carries an annual fee, you'll be charged on the anniversary of your enrollment. American Express treats the annual fee as nonrefundable, which means you must pay it once it's on your bill -- even if you later cancel the account. Of course, the fee won't be assessed again after you cease your membership.