AMEX Caught RED HANDED!! Is Your Closed Account Still Open?!

Have you ever closed an Amex credit card? Are you sure it’s really “closed?” You may be surprised that merchants could charge your Amex card anyway! Learn how to prevent this… Click “Show More” to see Ad Disclosure, links, and additional information below.

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If you have the Amex Platinum Card, Amex Gold Card, Amex Blue Cash Everyday Card, or any other Amex credit card that has been closed, you might be surprised that it could be still open…to some extent.

While data points are still scarce, it seems that if you have an Amex credit card on file with a merchant, they might still be able to charge it even if you previously closed the account.

This could have big implications if not dealt with properly. Here are some of the red flags I see…

1. NO REWARDS get earned. Amex Membership Rewards points? Hilton Honors points? Marriott Bonvoy points? If a merchant charges your closed Amex card account for something, you will not earn any rewards. While not the end of the world, that’s definitely far from great.

2. PAPER STATEMENTS. If a closed credit card has a balance on it, it appears that American Express will only communicate that to you via paper statements. This makes you question things like mail getting lost, accidentally throwing the statement in the trash thinking it was something else (like a credit card balance transfer offer), going out of town for an extended period of time, or even having moved to a new address and not getting the mail forwarded.

3. LATE FEES. If don’t submit a credit card payment by the due date, you could be charged late fees by the bank. However, if you’re not aware of a balance due, that’s a problem.

4. ACCOUNT GOES INTO COLLECTIONS. If you have an outstanding credit card balance on a ‘closed’ account that you’re unaware of, that account could become delinquent and go into collections. From there, a negative mark on your credit report could appear, and that could affect your credit score for 7 years!

5. SECURITY. Although credit cards do come with $0 fraud liability insurance, I still think about what could happen if someone were able to use a closed Amex card account. Could they somehow use it to access an active account, and then get additional info about the cardholder?

RECOMMENDATIONS…

1. Review your prior 30-day transaction history for any monthly recurring charges before closing the Amex card in question. Move them to a different card.

2. Review your prior statements for quarterly, semi-annually, or annually recurring charges before closing the Amex card in question. Move them to a different card.

3. Review account profiles that might have the Amex card on file (hotels, airlines, online retail, etc.) and remove it.

4. Make sure Amex always has your current address.

5. Close your Amex card.

6. Consider leaving closed Amex card connected to your login.

7. Always get receipts for purchases (incl. folio statements at hotels). Check which card was used.

8. After closing the card, call Amex and request that ALL new charges be declined.

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.

#creditcards #amex #americanexpress