I CANCELED My Amex Business Gold Card (PLUS Amex Retention Offer & Annual Fee Refund)
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After getting a retention offer on my Amex Business Gold Card, I still decided to cancel it and get the annual fee refunded to my checking account. Learn why & watch the entire process! Click “Show More” to see Ad Disclosure.
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WHY I CANCELLED THE CARD
– I originally applied for the Amex Business Gold Card to earn 4X Membership Rewards points on online advertising in 2021. Now in 2022, I don’t have any ad spend, and the other rewards categories don’t make sense for me.
– The card has a $295 annual fee without any credits to help offset it (unlike the personal Amex Gold Card, which has a $120 Dining Credit and a $120 Uber Credit).
– I’d need to have a lot of spend on the card in order to earn enough rewards to break even and get into profit. Since that won’t be the case, I was no longer able to make sense of the annual fee.
THE RETENTION OFFER
– I did get an Amex retention offer, which was a $250 statement credit. That was a great offer, especially since there was no spend requirement associated with it. However, that would still leave me with an out-of-pocket cost of $45 ($295 – $250). That’d still be a loss for me.
CANCELLING THE CARD
– The cancellation process was very straightforward. I initiated a chat with American Express via mobile app and requested an account closure.
GETTING THE ANNUAL FEE REFUND
I received a $295 statement credit for the annual fee within 24 hours. Since my account was closed, I could not use the card to spend those funds. So, I decided to have it refunded. The 3 main options are:
– Check via mail
– Deposit to a linked checking account
– Transfer to another Amex card to lower that card’s balance
I initially attempted getting the refund myself via my online Amex account. Here’s the process:
1. Log into your Amex account
2. Click on the Payments tab on the top horizontal menu
3. Under ‘Useful Links’ on the right-side menu, select “Request Credit Balance Refund”
4. Verify your email address
5. Choose “I have a credit balance on my account”
6. Go through the rest of the on-screen prompts for the Dispute a Payment process
Unfortunately, it didn’t work as the request was processed for $0 instead of $295. So, I then decided to chat with Amex Customer Support to get it refunded to my linked Bank of America checking account. That worked well, and the deposit appeared the next day.
Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
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