Trying to reopen a canceled Amex card? You’ll have to pay a $25 fee for that

May 9, 2020

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If you recently canceled a premium American Express card and now regret it, you may not be too happy to hear that Amex is charging a $25 fee to reinstate canceled cards, as first reported by Doctor of Credit.

Additionally, the $25 fee will not go toward the annual card fee. The canceled card is also still subject to approval, which could take up to 10 business days.

Related: Here’s why you should never close your credit card before the one year mark

With travel restrictions in place due to coronavirus, many cardholders couldn’t justify the high annual fees on some of the premium cards like the Amex Platinum, therefore decided on canceling. It wasn’t until May 1 that Amex announced it would be adding new credit card perks as a part of its coronavirus response.

However, now that there’s new, more applicable statement credits available for purchases such as streaming services, wireless phone service and prepaid trips, it’s not surprising that people are reopening closed accounts.

While a reinstatement fee is certainly annoying, if you can really max out and find value in the new perks it may be worth reinstating.

If these new perks still don’t make sense for you, it’s worth considering your options before canceling your card.

Alternatives to canceling a credit card

As a general rule of thumb, you shouldn’t go canceling your credit cards willy nilly. Instead, you should consider other, less credit damaging options first.

Ask for a product change

If it’s a pricey annual fee that’s pushing you toward canceling, consider downgrading to a lower or no annual fee option instead. For instance, if you can’t justify forking up the $695 for The Platinum Card® from American Express (see rates and fees) during these uncertain times in travel, call Amex and see if you can switch to a card like the American Express® Gold Card, which could offer you a lot more value due to its high earnings on takeout and groceries at U.S. supermarkets.

Related: No travel, no problem: 6 Amex Platinum benefits you can use from home 

Ask for a retention offer

As the saying goes, “it never hurts to ask” — and that’s especially true when it comes to credit card issuers. No business wants to see its customers leave, which is why issuers will often offer some sort of retention offer in points or cash to keep you. It’s not guaranteed, but it’s most definitely worth a shot.

Related: Your ultimate guide to credit card retention offers 

Featured photo by Isabelle Raphael / The Points Guy.

For rates and fees of the Amex Platinum card, click here.

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More Things to Know
  • Limited Time Offer: Earn 90,000 Bonus Miles and 10,000 Medallion® Qualification Miles (MQMs) after you spend $3,000 in purchases on your new Card in your first 3 months. Offer expires 11/10/2021.
  • Earn up to 20,000 Medallion® Qualification Miles (MQMs) with Status Boost® per year. After you spend $25,000 in purchases on your Card in a calendar year, you can earn 10,000 MQMs two times per year, getting you closer to Medallion® Status. MQMs are used to determine Medallion® Status and are different than miles you earn toward flights.
  • Earn 3X Miles on Delta purchases and purchases made directly with hotels.
  • Earn 2X Miles at restaurants worldwide, including takeout and delivery and at U.S. supermarkets.
  • Earn 1X Miles on all other eligible purchases.
  • Receive a Domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. *Payment of the government imposed taxes and fees of no more than $75 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details.
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Regular APR
15.74%-24.74% Variable
Annual Fee
$250
Balance Transfer Fee
N/A
Recommended Credit
Excellent/Good
Terms and restrictions apply. See rates & fees.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.