I'm leaning towards closing my personal spg card since I have the business card now and I don't think spg gold will get me much more than the credit card does already. What happens if I take the rentention offer, get the 500 pts but don't make the additional 1k spend for 1k points and then close the card. Do they claw back those 500 pts? If I close the card now with purchases from this cycle do I not get spg points for that spend? If I close the spg card next month will I get a full refuind on the AF that I paid?
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@kdm31091 wrote:
@red259 wrote:I'm leaning towards closing my personal spg card since I have the business card now and I don't think spg gold will get me much more than the credit card does already. What happens if I take the rentention offer, get the 500 pts but don't make the additional 1k spend for 1k points and then close the card. Do they claw back those 500 pts? If I close the card now with purchases from this cycle do I not get spg points for that spend? If I close the spg card next month will I get a full refuind on the AF that I paid?
They very well could take them back, and just IMO, they should...you're basically asking for a retention offer, getting it, then closing the card with no additional spend. Don't you think that's kind of wrong?
I've read that they don't give me the points for my spend this cycle if I close the card. Don't you think that is wrong? Also, I said I am leaning towards closing. I still haven't decided yet.
@yfan wrote:
@red259 wrote:I've read that they don't give me the points for my spend this cycle if I close the card. Don't you think that is wrong?
I don't understand. Couldn't you just wait till the statement closes and the points post and then close it?
I could but then I have to pay the AF as well and the rep indicated that they can['t guarantee the same retention offer will be available later if I decide I want it at that point. The AF hit this cycle. Actually I take that back. The AF hit in the last cycle and I paid tthe balance already, although its not due for a few more weeks. The outstanding on the card now is for new billing, so I could theoretically wait but I'm not sure how much longer they will give me before refunding the AF. Will be cutting it kinda close because I think its 60 days from when it posts but I could be wrong.
OP, FWIW, I opened a second card, an AMEX Delta Platinum in February 2014 which posted the AF immediately, $175 or so. I closed the card about October of 2014 and got some $65 of the AF refunded.
It's not a 60 day rule for a refund, AFAIK.
@FinStar wrote:
@red259 wrote:
@yfan wrote:
@red259 wrote:I've read that they don't give me the points for my spend this cycle if I close the card. Don't you think that is wrong?
I don't understand. Couldn't you just wait till the statement closes and the points post and then close it?
I could but then I have to pay the AF as well and the rep indicated that they can['t guarantee the same retention offer will be available later if I decide I want it at that point. The AF hit this cycle. Actually I take that back. The AF hit in the last cycle and I paid tthe balance already, although its not due for a few more weeks. The outstanding on the card now is for new billing, so I could theoretically wait but I'm not sure how much longer they will give me before refunding the AF. Will be cutting it kinda close because I think its 60 days from when it posts but I could be wrong.
Well, if you've paid the AF then it's likely that you may get some of it prorated but depends on the timing. Now, I'm not sure if they claw back on the retention offer but I've seen in the past where folks were given an option to keep the card, get those rewards for the spending and then later folks having a change of heart (i.e. maybe the product won't work out after reconsidering or just want so simplify things even if the points were given). As opposed to getting the points because you want or expect them, then give AMEX the middle finger and close the account. I'm not the moral police but I'm not sure what your overall situation is.
Now, how old is the SPG? If it's something recent where the backdating does not become a big factor then you could eventually roll the CL over to another revolver. I'd say, eveluate your options on meeting the spend with the retention bonus and see if it makes sense to keep it for a little while (not really a year) but then you won't get the AF back. See what provides the best value for you in the end.
Looking at my last statement which cut the end of July that was when the AF hit. From my reading it appears I would have 60 days from that date to get a full refund on my AF (after which it is pro-rata).I had significant spend in July so I am not sure when those points post, but that would be a large loss of points. The SPG card is a little over a year old. Got it end of last June I think. I could wait until statement cuts end of august. PIF and then close. I should be able to get a full refund of the AF at that point, since its within 60 days. Benefits of the card are duplicitive to business version, so I'm hard pressed to justify keepijng it unless I want to use it to go for gold status next year.