I don’t want to pay the new $895 American Express Platinum fee — but will canceling the card hurt my credit score?

Before canceling, it’s worth it to look at how much money you’re saving each year by using the Amex Platinum card, which recently raised its annual fee to $895. - Getty Images/iStockphoto Dear Dollar Signs, American Express AXP recently hiked the annual fee for its Platinum card to $895. I’ve had the card for five years, but I want to cancel. However, as I understand it, closing a credit card would hurt my credit score. I am 40 years old, I earned $298,000 last year, and I’m in a very unique life situat ...