Cancelling AMEX? Annual Fees no longer prorated

NRB525 · ‎06-30-2016

In my June AMEX statements, for PRG, EDP, SPG and Delta all have this language added, as part of changing terms.

In the past, when you closed an AMEX card some time during the member year, there would be a pro-rated Annual Fee refund. With this change, you must make the decision to ask for the refund, to close the account, within 30 days of the AF being charged.

Since many folks work an AMEX card with the intention of cancelling it at the point where the annual fee charges, this changes the decision point when you can get any of the AF removed.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

CreditCuriosity · ‎06-30-2016

Ya heard about that change coming.. Saw it on my statement that generated today as well.. Need to remember to cancel my Platinum next month after statement generates. PRG I will keep

nitrov · ‎06-30-2016

Wow good to know. I just called my platinum a few months ago and got the pro-rated AF refunded to me and credited on one of my other amex accounts.

My Top 3: Amex Delta Platinum ($30k) | Amex PRG | Citi Prestige ($30k) |

Starting scores 600-640 (2013), current 765-775 (2019); It is possible!

Anonymous · ‎06-30-2016

I'm not trying to act 'higher than thee', but didn't you guys know that you'd have to pay the AF when you signed up for the card? Did you just sign up for the bonus and plan on closing after?

longtimelurker · ‎06-30-2016

@Anonymous wrote:
I'm not trying to act 'higher than thee', but didn't you guys know that you'd have to pay the AF when you signed up for the card? Did you just sign up for the bonus and plan on closing after?

That is what a lot of people do. Bonus chasing or "trying out the card", depending how you want to spin it!

CreditCuriosity · ‎06-30-2016

@longtimelurker wrote:
@Anonymous wrote:
I'm not trying to act 'higher than thee', but didn't you guys know that you'd have to pay the AF when you signed up for the card? Did you just sign up for the bonus and plan on closing after?
That is what a lot of people do. Bonus chasing or "trying out the card", depending how you want to spin it!

Yeppers. I did indeed pay the AF on the platinum of $450 for the first year, but didn't meet my needs as Ritz is better for me. I will take my 100k MR's though. On the other hand I didn't have an AF on the PRG for the first year got the 50k MR's, but plan on keeping it and paying the AF when the year hits as I find value to the card.

NRB525 · ‎06-30-2016

@Anonymous wrote:
I'm not trying to act 'higher than thee', but didn't you guys know that you'd have to pay the AF when you signed up for the card? Did you just sign up for the bonus and plan on closing after?

3 of the 4 AMEX that I have with AF did not have the first year AF. I will be keeping all four beyond the AF and paying the AF, for various reasons because each is providing benefits for the up coming year. Future years will be different.

The he point of noting the change is that it becomes more important for someone to know this is changed, that old strategies may not work the same.

The point is not "these cards have AF", but rather, the terms around those AF are changing.

Someone interested in a Platinum AMEx used to be able to sign up, earn the bonus, get an airline credit, then close the card and get a large part of the AF back. That seems unlikely in the new terms and conditions.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

Anonymous · ‎06-30-2016

thanks for sharing NRB.

do we know when the AF is first charged?

kdm31091 · ‎06-30-2016

@NRB525 wrote:

Someone interested in a Platinum AMEx used to be able to sign up, earn the bonus, get an airline credit, then close the card and get a large part of the AF back. That seems unlikely in the new terms and conditions.

The policy change is pretty unsurprising. Amex is probably tired of people doing exactly what you describe. If people want the Platinum perks, then they will have to pay the whole fee. It makes sense to me.

Anonymous · ‎06-30-2016

CreditCuriousity,

Did you ever take advantage of the Centurion lounges at Airports? That's one of the main reasons I would get the Platinum card. Pair that with the $200 airline credit and the annual fee really takes care of itself. Problem with me is I don't think I travel enough to take advantage of all that. And when I do travel, sometimes I fly out of Mineta SJC which does not have a lounge..