AMEX Platinum Renewal Dilemma

[Open123]

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@MrShush wrote:

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@Open123 wrote:

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@MrShush wrote:

What are the chances that if I PC to a PRG, they waive the AF this year?

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Very good, actually.  I'd say 90% chance of success, but you won't get the sign-up bonus.  When you cancel your Plat, they may offer a retention bonus too.  

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Interesting developments here. Strategy is key; secure message, chat, call? I really don't want to call. I hate calling actually.

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To maximize your chance for a retention bonus, calling is the best option.  For secure messages, they'll just close the account immediately. 

When you call, you can negotiate a retention offer, and still fall back on a PRG for first year fee waiver, if you don't like the retention offer. I'd just share when them how much you like the Plat, Amex, and all of that stuff; but, you just don't travel enough to justify the fee. Then, ask them if they can offer you a retention offer. If not, you can ask to PC to a PRG with first year fee waived.

[MrShush]

Good points. I'll give them a call and let you all know how it goes. Thanks Open!

[Open123]

Good luck!

[HiLine]

Thanks for the retention bonus idea, Open123. Any idea what a typical or reasonable amount would be? 

[Open123]

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@HiLine wrote:

Thanks for the retention bonus idea, Open123. Any idea what a typical or reasonable amount would be? 

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Depends on their computers systems calculations, which is based on a score made up of volume of spending.

I've seen some receive 50K MR points, but it varies. I do know (unlike Barclays!), they will negotiate and the CSR may have some discretion, though I'm not sure how much.  The most common retention I've seen is about 20K - 25K MR.  Also, sometimes for Amex, if you spend a high enough amount, if you request a "courtesy fee adjustment" (never use fee waiver) after the fee posts, you'll receive a credit for the annual fee.

[HiLine]

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@Open123 wrote:

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@HiLine wrote:

Thanks for the retention bonus idea, Open123. Any idea what a typical or reasonable amount would be? 

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Depends on their computers systems calculations, which is based on a score made up of volume of spending.

I've seen some receive 50K MR points, but it varies. I do know (unlike Barclays!), they will negotiate and the CSR may have some discretion, though I'm not sure how much.  The most common retention I've seen is about 20K - 25K MR.  Also, sometimes for Amex, if you spend a high enough amount, if you request a "courtesy fee adjustment" (never use fee waiver) after the fee posts, you'll receive a credit for the annual fee.

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That's fantastic. Even the low of 20k MR points can justify the annual fee if we add the annual airline credit. I'll have to start suggesting this card to high spenders, frequent travelers from now on. Thanks for the info.

[MrShush]

So calling to cancel/PC was a fail. They certainly downgrade but as for moving to PRG with the fee waiver, no go.

[hemi961]

The annual fee on my Platinum came due in May and although I too liked having the card, I called in and downgraded to PRG.  After thinking it over, I called the next day and just closed the account altogether.  The MR points aren't very valuable to me anymore since they've lost several transfer partners and the ones that are left don't do much for me.  I still have a Zync that is the result of downgrading my PRG a year or so ago and If I ever decide I need a Platinum again I can PC it.  Within 2 weeks I got a letter from Priority Pass informing me that since I no longer had a Platinum Amex, my Priority Pass card was no longer valid.  Priority Pass is totally worthless to me since they went to Select but I was amazed at how quickly they contacted me.  I only fly United and US Airways and my United Club Pass will get me into either of their lounges for the time being.  The good news is that I haven't missed the Platinum card one bit, so I predict the mourning period will be short for you as well if you decide to cancel.

[Open123]

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@MrShush wrote:

So calling to cancel/PC was a fail. They certainly downgrade but as for moving to PRG with the fee waiver, no go.

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Sorry to hear that.  These offers are all decided by their computer's algorithms.