I think we’re done: cards we closed recently or the product has changed

Closing credit cards

Some travel destinations and hobbies are more enjoyable than others. We all love getting big bonuses for signing up to new cards. Tasks on the other end, including closing credit cards (or changing their product) after a year or more, are a necessary part of the big payoff. I will focus on this today. Here are the cards we said goodbye to and why.

Business Platinum

I’ll start with the obvious. I recently closed another Amex Business Platinum account. I didn’t get any chat retention offers, but I wasn’t too concerned about keeping this or any other Business Platinum long term anyway. Indeed, with all the perpetual language offerings over the past few years, the high turnover game with Amex is paying off. I need this space for a pay-per-time card for another one (remember the limit is ten).

Chase Sapphire Reserve

My wife spent another $300 on the trip and downgraded her Chase Sapphire Reserve to Chase Freedom Flex. We now have two Chase Freedom Flex accounts and two regular Freedom accounts. I’m not sure about the future of our Chase Sapphire Reserve; more on this in another article. In the meantime, we had no problem maxing out the Freedom 5x categories.

Marriott Bonvoy Business Amex

As my second year at Marriott Bonvoy Business Amex came to an end, I chatted with a rep and didn’t get a hold offer. I had no interest in waiting for the anniversary free night before cancelling. After all, I’m interested in many other Amex credit cards and their associated welcome offers. With a limit of five Amex credit cards, I need this slot!

Amex Platinum

One of my annual Amex Platinum fees recently came in at the full rate of $695. This is one of the rare Amex cards I would consider with a proper hold offer. I appreciate the benefits of Amex Platinum. But again, Amex did not provide a hold offer. I closed it and we’ll manage our five Platinums somehow.

Alaska Airlines Visa Signature

When her wife’s two-year annual fee was billed on her Bank of America Alaska card, she called to close the deal. The updated benefits of the Alaska map did not particularly interest us. The agent did not provide any offer of retention. The closing process with BoA was surprisingly easy, which we appreciate when a call to cancel is required.

Rakuten visa

I described how last fall Synchrony forced me to change the product. With the death of the card, Rakuten Synchrony has targeted some cardholders to replace their card with 2% cashback. I was one of the lucky ones; my wife was gone. Turns out I like this card more than what Rakuten Visa has become.

Conclusion

We have a few more steps to clean up, especially with Bank of America and Amex. This is primarily to make room for more cards while avoiding yearly fees. I look forward to these movements in the future! While closing and product changes don’t provide the rush of a new welcome offer, I feel surprisingly refreshed and boxy. It’s nice to trim the excess and be ready for more. Which cards have you recently closed or changed product?