Why I CLOSED My Amex Business Gold Card

In this video, I explain why it made the most sense for me to close my American Express Business Gold Card. The Amex Business Gold card has a $295 annual fee and is a card that not everyone can justify having. I also explain all of the perks and benefits the Business Gold has to offer.
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[@willanagnosmusic]

what card did you replace it with? I'm thinking of shutting down my business gold card as well.

[@markplymale]

I’ve been running a chase setup focusing on Chase Ultimate Reward points for awhile now. Still have my regular Gold and BBP tho if I want to swap back to earning MR

[@DCGEMINI202]

Besides the sub this card is not worth it. The bbp is a better option unless u dont mind coughing up the annual fee

[@markplymale]

Totally agreed! Gotta spend a ton to make it worth it

[@73ocampo]

Hello, WOW that camera is the amount of my 4K LG OLED! Thank you for the video .

[@markplymale]

No problem!

[@Kpzkhai]

Did you transfer the point or what did you do with it?

[@markplymale]

I have 4 other MR earning cards so there’s no transferring required they auto pool

[@mostlyfreetravel]

I just cancelled mine too. The card def needs a revamp!

[@stellasmith3168]

Smart move....cancel makes total sense!This card is a hard pass for me, they just sent me an offer for 90k MR points after 10k spend w/in 3 months....now that I heard previously they offered 130k MR point I'm glad I declined the offer!! This card isn't attractive at all...dang amex 👎🏾👎🏾

[@Doggieman1111]

The bonuses are going away and will be gone entirely by the end of 2025.

[@rcsuarez1]

Hi Mark, did Amex present any type of retention offer when you contacted them to cancel? Curious if they offer those for business accounts, as well.

[@markplymale]

They didn't offer one but I also didn't ask. I have asked for retention offers on my personal gold and platinum a few years back to back now and don't want to overdo it. Amex keeps notes on things like that and with all the recent reports of amex pop up and account shutdowns I figured just closing it was the best move

[@paolaroblesgil]

That's the right decision... unless you have an offer to upgrade to the Business Plat for 150K when you already have and got the SUB for that same card.

[@jakea3398]

So just to be clear, you’ve got to keep it just past the one year mark, and you get saddled with 2 annual fees? One right after you open it then again after the anniversary date?

[@markplymale]

You won’t have to pay the fee again. Once the few hits for year 2 just say you want to close and they’ll close it and you won’t have to pay the fee again

[@seand99x]

It does have the 25% points rebate for booking flights through the portal which is not to bad. However unless you are flying a lot it’s hard to get appropriate value for what your spending. Considering there are other cards on the market that are very similar, same type of categories in the like, however with a fraction of the annual fee.

[@markplymale]

Good point I should have added that as it does add a bit of additional value

[@thomasjohnson2916]

This card definitely needs some credits to be competitive!!

[@markplymale]

Agreed!

[@MannyCovington]

No credits on this card really hurts it

[@markplymale]

It really does! Even like an Uber credit would help a lot

[@vitomorris]

Hi! Curious question, a buddy of mine said Chase business cards count towards 5/24 bc they are factored into vour 5/24 score since those cards are issued by Chase. So, if in the last 24 months, you were approved for four personal cards and one business card from Chase, you have no more slots available because you're already at 5/24. Is this true ?

[@markplymale]

Nope! Chase business cards are effected by 5/24 but don’t add to 5/24. In the scenario you gave me you would be at 4/24

[@PhilMo78]

Got it for the same 130k offer. Def a 1 year and done card for me

[@markplymale]

Good move!

[@caribdude8151]

Maybe time to apply for Citi Premier again? 🤔

[@markplymale]

Waiting for elevated offer on CSP!

[@curmudgeonextraordinaire1884]

$10,000 spend is not really a lot for a business card.

[@markplymale]

Yeah not to bad

[@SpencerJohnsonOfficial]

Personally, I wouldn't keep this card after year one either. I think you made the right choice!!

[@markplymale]

I think so too!

[@anabarboza86]

Biggest mistake of 2022 - me getting a golden business card 😂

[@CesarJoel]

Same here! I plan to cancel after year 1 if I don’t get a good retention offer! I got it for the 110k intro offer 😂 I think is a great card for businesses that spend a lot in marketing, fuel, dining or flights!

[@markplymale]

Depending on the business it could make a lot of sense! Definitely not mine tho haha

[@mtnbob]

1 year cancel makes sense. Thanks for the video!

[@markplymale]

Thanks for watching!

[@SOXGATORS]

👍🏻

[@TheCreditFrog]

Just got the Business Gold! It’s a great Year 1 card for the SUB, and I plan on canceling it as well 👍

[@markplymale]

Absolutely!

[@johnmckinstry6057]

Hey, Mark, I don’t blame you for cancelling the the Amex Gold Business card! Many content creators would not really benefit from this card, except for maybe a good welcome bonus and then cancelling it after one full year. That was definitely a good decision on your part!

[@LK_EBM]

Me too, I have two biz gold and plan to cancel both after the first year.

[@markplymale]

They just are so hard to justify. Spending $7500 in the 4X just makes you break even

[@amyhisle5485]

$10,000 is a lot of spend. I agree that you should cancel the card because they do not make it worth keeping longer. Thanks for the video Mark

[@markplymale]

Thanks for watching!

[@roburb73]

I'm with you. My first year is coming to abv end and I'll need cutting ties with this card. I did land the 130k SUB, as well. I finished up the Platinum Business and got those 150k. Surprisingly, I have an offer for another Gold Business. I'm mulling it over, same 130k but in an upgrade offer. 🤷🤣🤦🏼‍♂️

[@GlacialSilenc3]

I am curious if you tried to talk to American Express about a potential retention offer? If they didn't have one then I think this was a good choice, It's expensive for very little upside.

[@jamesyu613]

I personally would keep the gold card if I had to pick