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@jace8602 wrote:
@UncleB wrote:It's being reported on several websites that American Express will no longer be prorating the annual fees on their products effective September 1, 2016.
If this is correct it could be a bummer to many folks, but it makes business sense.
Here are a few highlights from Doctor of Credit:
- Those with a billing address in Massachusetts will retain the old rules and will continue to get prorated refunds on the annual fee
- You still get 30 days from the statement closing date that the annual fee appears; this might be more than 30 days from when the actual fee hit
- The terms indicate that if Amex were to shut down your account for whatever reason, then they will prorate the annual fee; the new change only affects voluntary account closures
There are several sites reporting this; I've not yet received a statement on a card to verify the changes personally but when there's this much smoke there's usually some fire. I'm also very aware of the "echo chamber" effect (where a handful of websites all cite each other as sources) but with this many eyes looking at this I feel comfortable mentioning it here.
Here's my disclaimer: keep in mind that if you would be impacted by this change (i.e. you're planning on closing a card) you'll want to do your own due diligence and not rely solely on the information in this thread to make your decision. If you call or chat with an American Express CSR they should (?) be able to confirm the details (I will leave that for someone else to do - I'm not poking the AMEX bear at this time).
Here's a link to the article on the DoC site:
http://www.doctorofcredit.com/amex-eliminate-prorated-annual-fee-refunds-starting-septmeber/
I guess they are going after the people that apply for the Platinum card, collect the MR points, redeem airline credit, and then close the account and get part of the fee back.
This exactly. This is just another change to prevent abuse. You want the card, you pay the whole fee.
@jace8602 wrote:I'm glad my Gold Delta's 13th statement is in August. I'm planning to move the limit into my ED.
+1
That was my plan as well (in my case moving the CL to the BCP)... and it was a good plan, dangit!
From what I understand depending on how the calendar falls it still might (?) be possible (if you put off paying until the last moment) but if I can get some decent Amex offers over the next few months I won't worry as much about it. (First world problems, right?)
@core wrote:
@Imperfectfuture wrote:it is so hot in Seattle, could not sleep last night
A small air conditioner would make your Amazon Prime card very happy! I asked my Seattle brother why he didn't have A/C. His response, "we don't have them here". Yeah, so? If you put one in, the cops come and get you or something? Heh. No clue.
I grew up in Houston--the most air-conditioned city in the world--and was quite shocked how few Seattle homes have air conditioners, much less central air. (It's hard to justify with only three 90-degree days per year, but that average is shifting upward.) We have two little 110s in our Seattle-area home, and no one has tried to fine us. But neither is in the bedroom, so I get the "could not sleep" statement.
@UncleB wrote:
@jace8602 wrote:I'm glad my Gold Delta's 13th statement is in August. I'm planning to move the limit into my ED.
+1
That was my plan as well (in my case moving the CL to the BCP)... and it was a good plan, dangit!
From what I understand depending on how the calendar falls it still might (?) be possible (if you put off paying until the last moment) but if I can get some decent Amex offers over the next few months I won't worry as much about it. (First world problems, right?)
Actually, I just checked and I was wrong, my 13th statement is in July. This card has been at a $0 balance for a few months, getting it ready for the CL transfer.
@core wrote:
@Imperfectfuture wrote:it is so hot in Seattle, could not sleep last night
A small air conditioner would make your Amazon Prime card very happy! I asked my Seattle brother why he didn't have A/C. His response, "we don't have them here". Yeah, so? If you put one in, the cops come and get you or something? Heh. No clue.
Not to derail, but it is in the box from Amazon . My small apartment is so cramped with huge and heavy boxes for the move, I can not even get to my fan, much less unbox my new air cooler and ionizer.
It's completely fair.
@Imperfectfuture wrote:
@core wrote:
@Imperfectfuture wrote:it is so hot in Seattle, could not sleep last night
A small air conditioner would make your Amazon Prime card very happy! I asked my Seattle brother why he didn't have A/C. His response, "we don't have them here". Yeah, so? If you put one in, the cops come and get you or something? Heh. No clue.
Not to derail, but it is in the box from Amazon . My small apartment is so cramped with huge and heavy boxes for the move, I can not even get to my fan, much less unbox my new air cooler and ionizer.
Okay, it was not in my abilities, but found a way to move huge heavy box by myself, and get fan. . Feeling much better. Almost ready for extended nap after I feed kitties.
@kdm31091 wrote:
@jace8602 wrote:
@UncleB wrote:It's being reported on several websites that American Express will no longer be prorating the annual fees on their products effective September 1, 2016.
If this is correct it could be a bummer to many folks, but it makes business sense.
Here are a few highlights from Doctor of Credit:
- Those with a billing address in Massachusetts will retain the old rules and will continue to get prorated refunds on the annual fee
- You still get 30 days from the statement closing date that the annual fee appears; this might be more than 30 days from when the actual fee hit
- The terms indicate that if Amex were to shut down your account for whatever reason, then they will prorate the annual fee; the new change only affects voluntary account closures
There are several sites reporting this; I've not yet received a statement on a card to verify the changes personally but when there's this much smoke there's usually some fire. I'm also very aware of the "echo chamber" effect (where a handful of websites all cite each other as sources) but with this many eyes looking at this I feel comfortable mentioning it here.
Here's my disclaimer: keep in mind that if you would be impacted by this change (i.e. you're planning on closing a card) you'll want to do your own due diligence and not rely solely on the information in this thread to make your decision. If you call or chat with an American Express CSR they should (?) be able to confirm the details (I will leave that for someone else to do - I'm not poking the AMEX bear at this time).
Here's a link to the article on the DoC site:
http://www.doctorofcredit.com/amex-eliminate-prorated-annual-fee-refunds-starting-septmeber/
I guess they are going after the people that apply for the Platinum card, collect the MR points, redeem airline credit, and then close the account and get part of the fee back.
This exactly. This is just another change to prevent abuse. You want the card, you pay the whole fee.
+1
Hard to dispute. Like anything else, once something is abused that advantage is taken away.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
@RM21 wrote:
@kdm31091 wrote:
@jace8602 wrote:
@UncleB wrote:It's being reported on several websites that American Express will no longer be prorating the annual fees on their products effective September 1, 2016.
If this is correct it could be a bummer to many folks, but it makes business sense.
Here are a few highlights from Doctor of Credit:
- Those with a billing address in Massachusetts will retain the old rules and will continue to get prorated refunds on the annual fee
- You still get 30 days from the statement closing date that the annual fee appears; this might be more than 30 days from when the actual fee hit
- The terms indicate that if Amex were to shut down your account for whatever reason, then they will prorate the annual fee; the new change only affects voluntary account closures
There are several sites reporting this; I've not yet received a statement on a card to verify the changes personally but when there's this much smoke there's usually some fire. I'm also very aware of the "echo chamber" effect (where a handful of websites all cite each other as sources) but with this many eyes looking at this I feel comfortable mentioning it here.
Here's my disclaimer: keep in mind that if you would be impacted by this change (i.e. you're planning on closing a card) you'll want to do your own due diligence and not rely solely on the information in this thread to make your decision. If you call or chat with an American Express CSR they should (?) be able to confirm the details (I will leave that for someone else to do - I'm not poking the AMEX bear at this time).
Here's a link to the article on the DoC site:
http://www.doctorofcredit.com/amex-eliminate-prorated-annual-fee-refunds-starting-septmeber/
I guess they are going after the people that apply for the Platinum card, collect the MR points, redeem airline credit, and then close the account and get part of the fee back.
This exactly. This is just another change to prevent abuse. You want the card, you pay the whole fee.
+1
Hard to dispute. Like anything else, once something is abused that advantage is taken away.
So (manufacturing rumors!) maybe the PRG is next, no waiver of AF the first year. That is an equivalent loophole.