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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– 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.

– 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.

– The cancellation process was very straightforward. I initiated a chat with American Express via mobile app and requested an account closure.

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.

#americanexpress #amexbusinesscard #amexgold

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30 Responses

  1. jalabi99 says:

    "I won't be doing any online ad spend in 2022."

    That sponsorship money rolling in, eh? XD

  2. Julius C says:

    I like this video. It was helpful

  3. Trainer Gar says:

    Just got my 10th personal credit card, in the Custom Cash video you mentioned you have 6 Citi cards, how many total cards do you have if I may ask?

  4. Cristian Herrera says:

    Called to downgrade my Platinum card, Amex gave me three options: 55k points after 4K spend, $550 annual fee credit after 4K spend, or just a $150 credit with not annual spend. Definitely worth it for someone who sees value in the platinum.

  5. juan p zapata says:

    How did the cancellation affect your credit score?

  6. Marites Taylor says:

    Fab video.

  7. Grace Unana says:

    Great video Mark!!! How long did you keep this card before cancelling? Also, this one doesn't affect the 5/24? Thanks Mark!!!

  8. Robert Robinson says:

    Great video as usual

  9. Marsel Favre says:

    Hello Mark, I wanted to ask you , what's the recommended credit limit / income ratio? For me it's 23 % , so I think it is kinda low. What do you think ? Probably because I am pretty young and only have credit history for 3 years. My credit score about 760 -770 . And Thank You for your videos , your biggest Russian fan.

  10. Robby S says:

    Nice video

  11. Terrance Steiner says:

    I had a credit issued to a closed platinum account last year. I asked to transfer it to another account. It turns out they would only transfer up to my outstanding balance on the other account. They automatically issued a check for the remainder.

  12. Stephen Putnick says:

    Even the regular Gold card isn't worth it for me. The food credits are basically worthless in my case, and I don't spend neeaarly enough to make the extra 1% worth it for dining and groceries. I know there are other benefits of a Gold card, but assuming you get 3% on groceries and dining from $0 annual fee cards, You'd have to spend at least $25,000 a year on those two categories to make it worth it. I know Amex points can be more valuable than cash, but even still not worth it, at least not at this point in my journey.

  13. Chris says:

    Amex is going to hate you. Cancelling a card the same day you get a Graham Stephan shout out in a video about getting rid of the platinum.

  14. TheFedExMan says:

    Wouldn’t that have been $94 per month on gas/restaurants to break even with the card with the retention offer.

  15. Sabyasachi G says:

    A doubt here. If someone accepts a retention offer, and do not actually acquire the bonus (lets say he/she does not meet the spending requirement within the time threshold), and also cancel the card within 30 days of annual fee post so that Amex should refund the annual fee, can Amex consider this behavior as abuse or misuse? The offer terms say Amex consider it abuse or misuse if cancelling the card within 12 months of acquiring it. He/she did not actually acquire it.

  16. Sixty_one _60 says:

    I canceled mine this year as well , they were stingy with the retention offers.
    I was using it for gas… but I get 6x from Hilton which ends up being the same when I convert the MR points to Hilton… so it was good bye amex gold business.

  17. TheBlinkisback09 says:

    Shoutout to Graham for shouting out to you as y'all posted similar amex videos today lol

  18. Mike_718 says:

    I think you made the right decision in canceling that card.Thanks for sharing that with us.

  19. Familyisthe_key says:

    Can you close a amex gold card and in the future reopen it like the following year would amex let you or give you a hard time?

  20. nick krauser says:

    Congrats on the Graham shout out!

  21. nycabi life is great says:

    Great video once again man. We are in the exact same place…. We consider taking a 125,000 upgrade 2 platinum offer… But, 15k spend is a bit above where we R ! LOL! We owe AMEX big time 4 approving us 4 our first Business card 2 years ago, when no one else would ! LOL! But, now we have business accounts at Chase with no annual fee ! LOL!

  22. Mr Everything says:

    I’m thinking about downgrading my BCP card to the everyday in March when the AF shows up because I do most of my grocery shopping at Walmart and just streaming and gas cashback isn’t going to cover the fee. The first year of the card they waived the fee so in March when I get the $95 fee if I want to downgrade at that point am I supposed to pay the fee off first or can you just let it post, not pay it, downgrade the card and then they credit it back so by balance goes back to $0 and I don’t have to make any payments?

  23. Emily Ann Quinn says:

    My only relationship with American Express is there Business Checking Account with Debit card and checks!

  24. Christopher Renteria says:

    I spend 4-5k a month on Fuel on my Amex Business Gold, It’s an every day card for me. But I do agree. The fact that it does need credits to justify the annual fee. Great Video as always Mark!

  25. Joe H says:

    Nice shout out from Graham Stephan today!

  26. EG says:

    How’d this impact your credit score/ fico score?

  27. Yadnesh Samant says:

    Last year for my amex delta platinum card I was charged $250 on Feb 27th. Around mid march I asked them for any retention offers. They gave me a retention offer of 30K skymiles, and also they had $15 restaurant credit each month.So I accepted this offer. But the skymiles was posted on my account on April 2nd.

    Now I will be getting annual charge on my Feb 27th bill and have only 30days to get full refund.

    I am stuck as to if I cancel, will they take away my last years retention bonus? As they had clause of 12 months you showed.

  28. Kemar Turner says:

    Yes I got a retention for my platinum card for 40k points

  29. Xtreme says:

    I would too. I’m going to downgrade mine too once I leave the army…lol

  30. Xtreme says:

    1st here

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