I don’t want to pay the new $895 American Express Platinum fee — but will canceling the card hurt my credit score?
1. American Express raised its Platinum card fee to $895, spiking 29%. 2. Cardholders may receive retention offers to avoid cancellation, impacting customer retention. 3. Downgrading to a gold card might reduce perks and sign-up bonuses. 4. Credit score impacts from canceling charge cards are minimal, as utilization rates aren't affected. 5. The growing trend of high fees reflects the fragmented rewards model in credit cards.