I'm looking for a bit of advice as whether or not it is worth canceling my Amex Charge Card. Currently, I am using an Amex Gold Card as my one and only card. I have had a Charge Card account with Amex since 2008, and am now in my late 20s.
Here's a bit of context. As an avid traveler, I am seeking a more efficient rewards system. For a number of reasons, the likely candidate is the Chase Sapphire Reserve or Preferred. However, the challenge is that since my Amex charge card account is the only line of 'credit' I've ever had, I am unsure of whether it is worth the potentially significant hit to my long-term credit score to cancel my oldest account. Unfortunately, it is not possible to downgrade the card to a free counterpart (the least expensive is the Amex Green Card, which has a $95 annual fee, per the numerous Amex representatives I'd spoken to), and maintaining the card is expensive due to the hefty annual fee. Though I do not anticipate taking out substantial loans/needing a mortgage any time soon, I am hesitant to take the hit as I am unsure of how significant it would be/how much of an impact it would really have in the longer term.
From what I see, my options are:
1.) Simply keep my Amex Gold 2.) Upgrade the Amex Gold to Premier Rewards 3.) Cancel the Amex Gold and open up a Chase Sapphire
What do you recommend (if there are other options, I'd be curious to hear)?