How do I cancel an Amex Blue Business Cash credit card?

You can cancel an American Express card either online or over the phone at (800) 528-4800. You can also submit a request via mail.

Here’s how you can cancel your American Express credit card:

• Online: To submit your request to cancel an American Express card online, log in to your account and use the “Chat” icon at the bottom right of the page to speak to a customer service representative. Then, ask them to cancel the card for you.... read full answer
• Over the phone: To cancel your card over the phone, call the toll-free, 24/7 customer service line at (800) 528-4800. Alternatively, call the number on the back of your card.
• Via mail: You can also submit your request in writing to Amex’s customer service address:
  
  American Express
  P.O. Box 981535
  El Paso, TX 79998-1535
  
  A written request will take longer to process, but you will have documentation that you requested cancellation.

Keep in mind that Amex will refund the annual fee on a credit card only if you cancel your card within 30 days of when the latest annual fee was charged. After that point, you will not receive a full refund.

Similarly, when you cancel your American Express card, you will have 90 days from the day you requested the cancellation to redeem your rewards. If you have another American Express card, you’ll have 90 days from the day of cancellation to transfer your rewards. If you don’t use or transfer your points during this time, you will lose any unredeemed rewards.

It is better to keep unused credit cards open than to cancel them because even unused credit cards with a $0 balance will still report positive information to the credit bureaus each month. It is especially worthwhile to keep an unused credit card open when the account does not have an annual fee.... read full answer

Still, there are times when it may be beneficial to close your credit cards, such as to avoid expensive annual fees. And if you’re worried about your credit score, you can use WalletHub’s free credit score simulator to see the potential impact closing a credit card will have

Why It Is Better to Keep Unused Credit Cards

Just keeping unused credit cards open helps your credit by maintaining the total amount of credit you have available and preserving the length of your credit history. If you don’t use a credit card, your account will still get reported to the credit bureaus as being in good standing every month, assuming you have a $0 balance. This will continue to add positive information to your credit reports, helping your credit score.

On the other hand, when you close a credit card, especially if it’s one of your oldest credit accounts or one that has a high credit limit, your credit score will likely suffer a bit.

When It Is Better to Cancel Credit Cards

Despite the potential for credit score damage, it’s important to remember that there are a few situations when it might be better to close unused credit cards rather than leave them open. If your unused credit card charges an annual fee, for example, and you don’t need your credit score in its best shape for a while, it’s probably best to save the annual fee and close the account.

On the other hand, if you want to cancel your credit card because you are concerned about overspending, try locking it away in a safe place first. If that doesn’t work, it will likely work out better for you and your financial future to close the credit card account, even if your credit score takes a hit.

Closing a credit card with zero balance is not a good idea if that card has no annual fee. Any credit card you manage responsibly, even an unused one, reflects positively on your credit history. So closing such a card will have a negative impact on your credit standing. But it can be worth it if your card is costly or if you’re worried about falling victim to fraud while you’re not keeping a close eye on it.... read full answer

Here are the arguments against closing a credit card with zero balance:

1. Average account age suffers. This makes up at least 15% of your overall credit rating, so shortening it can hurt. Here’s a quick example: Imagine you have three credit card accounts, which have been open for 3 years, 5 years and 10 years, respectively. The average account age is 6 years. If you close the 10-year-old account, the age of your average account falls to 4 years. Older accounts are better for your score because a long track record of responsibility tells issuers you’re likely to behave the same way in the future.
2. Utilization increases. “Utilization,” or how much of your credit line you use, is important to your score. Creditors care about both your utilization on individual cards and your total utilization. Generally, the lower each is, the better. And closing an account with zero balance will increase your total utilization.Let’s say you have three credit cards, each with a $1,000 credit line. You use 0% of one and 25% of the other two. Overall, that’s 16.7% utilization. But if you cancel the unused card, it jumps to 25%. That’s troublesome because credit score damage typically worsens if your utilization rises above 30%, and you’d be close to that milestone.

So closing an account will be a blow to your credit. You can improve your score afterward by paying on time with your remaining account(s). But it’s usually best to just keep accounts open and avoid the damage entirely. There are a few exceptions, though.

Here’s when to close a credit card with zero balance:

• It has an expensive annual fee.
• You’re worried about fraud and won’t be monitoring the card as closely. All credit cards give you a $0 fraud liability guarantee, but you might not want to count on the issuer to flag every fraudulent charge on its own.
• Keeping it open becomes a hassle, for one reason or another.

By the way, in case you’re wondering, it is possible to close a credit card that has a balance. But you’ll still be responsible for paying and will continue to accrue interest until the balance is fully paid off, even after the account is closed. You just won’t be able to make any new purchases.

If you’d like to monitor how your credit changes after you’ve closed an account, you can track your credit report and score for free on WalletHub, the only site where reports and scores update daily.