In response to my post a couple of days ago about closing a bunch of credit cards, I’ve had a few people ask me this question: If I close my Amex Premier Rewards Gold card, is there a no fee card I can open so I can keep my Membership Rewards points?
This isn’t new info, but Membership Rewards is confusing enough that I thought it would be helpful to recap here:
- If you have 1 Amex card that earns Membership Rewards (Green, Gold, Platinum, Centurion) and you close that card, you will lose those points.
- HOWEVER, you can keep those points if you open a no annual fee American Express Blue card.
- HOWEVER (again), those are Membership Rewards Express points, meaning you CANNOT transfer them to airlines or hotels (which, for many people, defeats the primary benefit of Membership Rewards)
- The GOOD NEWS: Having the Blue card allows you to park those MR points in a safe place when you cancel a card. When you open another Amex card at a later date that earns regular MR points (such as the Green, Gold, Platinum, or Centurion), those MR Express points become full MR points once again.
- If you absolutely want to close, say, the Amex PRG card to save the $175 annual fee, but you do want to keep the full MR points, the Green card is $95 a year and is the cheapest full MR card.
- Unfortunately, the Amex Starwood card DOES NOT have anything to do with the Membership Rewards program. If that’s your only remaining Amex card, it will not help you keep the MR points.
(Did that help or make it more confusing?)