Question about Amex Member Rewards

[Anonymous]

I'm planning on getting a Green Amex this September and I want to just keep accumulating and accumulating my Rewards Points.

Is it safe to keep accumulating them?  Or should they be cashed out right away and spent?

Has anyone ever had a problem with Amex later taking away your card and confiscating your rewards points?

[Creditaddict]

If the card was cancelled you would loose your points.

I trade mine in every 10k for $100 statement credit. 

[Anonymous]

Cancelled by who?

Can Amex cancel your card if you never have had a problem with them and take away your points?

[Creditaddict]

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@Anonymous wrote:

Cancelled by who?

Can Amex cancel your card if you never have had a problem with them and take away your points?

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They don't seem to be doing it to charge cards, but people are seeing there credit cards canceled left and right. they only seem to take away the option to revolve charge cards.

[Anonymous]

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@Creditaddict wrote:

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@Anonymous wrote:

Cancelled by who?

Can Amex cancel your card if you never have had a problem with them and take away your points?

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They don't seem to be doing it to charge cards, but people are seeing there credit cards canceled left and right. they only seem to take away the option to revolve charge cards.

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I plan to get an Amex Green, not a credit card and use it for large purchases.

I just want to build up points and cash them out maybe once every 5 years or so.

I know the credit card Amexer's don't "get no respect."

I want to build up a charge card history with them.

[Anonymous]

I've had an amex (green, gold and platinum) for over 13 years and I have never had any problem with my points.  I've cashed out over 300,000 for miles, gift cards and purchases.  Really, they're great and you should never have to worry about losing them. 

Message Edited by jenolin on 05-12-2009 10:11 PM

[Anonymous]

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@Anonymous wrote:

Cancelled by who?

Can Amex cancel your card if you never have had a problem with them and take away your points?

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There were several reports of Amex cancelling Costco cards without apparent reason in February, right before a whole years rewards were due. One report spoke of Amex pocketing $750 this way. There were also also several reports of Amex taking away all charge card points during a financial review, and keeping them even when the cards were reinstated.

It's hard to say whether the people who reported these instances left out something from the whole story. Given the number of these reports, I tend to believe the general gist. I haven't heard any similar stories about any of the other card issuers.

This means that I believe it's safer to lay your hands on the rewards as soon as you can at the moment.

[Anonymous]

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@Anonymous wrote:

I'm planning on getting a Green Amex this September and I want to just keep accumulating and accumulating my Rewards Points.

Is it safe to keep accumulating them?  Or should they be cashed out right away and spent?

Has anyone ever had a problem with Amex later taking away your card and confiscating your rewards points?

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if you hold a charge card with amex and pay in full every month, you don't have to worry about losing your points. according to reports in this forum, amex has been targeting consumers who hold amex credit cards. so far i have not seen reports of AA against charge card holders. I myself have been a charge card holder since the mid 90s and have not had any problem with them.

[Anonymous]

Also no problems here with the point (Amex Platinum Charge Card).

[GST2008]

If you get the Green, you should have no problem.  Since you pay the charge cards in full every month and they can regulate your monthly line of credit, I think that they are viewed as less of a risk.  I've never had any problems with my gold card.

As long as the bill gets paid each month, there should be no problem.