topic Re: Amex Platinum Retention Offer in Credit Cards

Amex Platinum Retention Offer

ibmrad7 — Fri, 04 Mar 2016 21:51:35 GMT

Just wanted to post for people who carry an Amex and thinking about cancelling. I just got off of the call with Amex's retention account manager and successfully got my third consecutive retention bonus. 40000 points or 400$ this year. My last two retentions were 50000 pts in 2014 and 25000 pts in 2015. In short, call them a couple of times before you pull the plug.

Edits:

1. Last year the total charges on my Platinum (including 3 additonal cards) were upwards of 100K.

2. I have 3 other Amex products, Zync, Hilton Surpass, SPG.

3. Been a card member since 2010

4. Highest Charge on Platinum in one month 29K.

Re: Amex Retention Offer

Anonymous — Fri, 04 Mar 2016 21:37:26 GMT

congrats! but if you don't mind sharing more data points then it'd be more helpful. which card, what kind of spend, etc.

Re: Amex Retention Offer

red259 — Fri, 04 Mar 2016 21:39:24 GMT

@ibmrad7 wrote:
Just wanted to post for people who carry an Amex and thinking about cancelling. I just got off of the call with Amex's retention account manager and successfully got my third consecutive retention bonus. 40000 points or 400$ this year. My last two retentions were 50000 pts in 2014 and 25000 pts in 2015. In short, call them a couple of times before you pull the plug.

What Amex card are you referring to?

Re: Amex Retention Offer

ibmrad7 — Fri, 04 Mar 2016 21:45:30 GMT

My bad. This is for personal Platinum.

*I'll update the post.

Re: Amex Platinum Retention Offer

Anonymous — Fri, 04 Mar 2016 22:29:42 GMT

What do you mean by retention offer? Do you call them to try to cancel the card and they throw you offers to stay?

I have an Amex plat. I may product change to the gold later on. I'm not sure. I used the Amex lounges at the airport and used my airline fees for upgraded seats for legroom, so I've taken advantage of their benefits a bit. Just debating if I should continue

Re: Amex Platinum Retention Offer

Anonymous — Fri, 04 Mar 2016 22:35:37 GMT

@Anonymous wrote:
What do you mean by retention offer? Do you call them to try to cancel the card and they throw you offers to stay?

I have an Amex plat. I may product change to the gold later on. I'm not sure. I used the Amex lounges at the airport and used my airline fees for upgraded seats for legroom, so I've taken advantage of their benefits a bit. Just debating if I should continue

Yes, that is what a retention offer is. You tell them in a diplomatic way that you are considering closing your card and wanted to know if they have any offers available for you to keep the card open. The more you have spent on the card, the more likely you'll get an offer.

Re: Amex Platinum Retention Offer

ibmrad7 — Fri, 04 Mar 2016 22:43:32 GMT

@Anonymous wrote:
Yes, that is what a retention offer is. You tell them in a diplomatic way that you are considering closing your card and wanted to know if they have any offers available for you to keep the card open. The more you have spent on the card, the more likely you'll get an offer.

This!!!! Last time around they gave me the direct line to Account managers, so I don't even call the front line CSRs. He just asked for the reason of my call and I compared Platinum with Citi Prestige. The complete conversation took maybe 5 mins.

Re: Amex Platinum Retention Offer

Anonymous — Sat, 05 Mar 2016 01:05:46 GMT

Great offer, but not surprising that you got one. To Amex, you're probably a valuable customer, given all that spend. Unlike those who got the card solely for the 100k MR + $200x2 in airline credit...

Re: Amex Platinum Retention Offer

ibmrad7 — Sat, 05 Mar 2016 14:11:28 GMT

@Anonymous wrote:
Great offer, but not surprising that you got one. To Amex, you're probably a valuable customer, given all that spend. Unlike those who got the card solely for the 100k MR + $200x2 in airline credit...

I do put all my expenses on AMEX.. even my rent.

Re: Amex Platinum Retention Offer

red259 — Sat, 05 Mar 2016 16:25:36 GMT

@ibmrad7 wrote:
@Anonymous wrote:
Great offer, but not surprising that you got one. To Amex, you're probably a valuable customer, given all that spend. Unlike those who got the card solely for the 100k MR + $200x2 in airline credit...
I do put all my expenses on AMEX.. even my rent.

Why do you run all your expenses through the plat vs something like the Amex EDP where you could have a higher earn rate on spend? Just cuious.

Re: Amex Platinum Retention Offer

ibmrad7 — Sat, 05 Mar 2016 16:40:33 GMT

@red259 wrote:
Why do you run all your expenses through the plat vs something like the Amex EDP where you could have a higher earn rate on spend? Just cuious.

You are right but I don't have EDP. I might PC my SPG card to EDP once Marriott SPG merger details are out. Otherwise Hilton

Re: Amex Platinum Retention Offer

redpat — Sat, 05 Mar 2016 17:18:05 GMT

@ibmrad7 wrote:
@red259 wrote:
Why do you run all your expenses through the plat vs something like the Amex EDP where you could have a higher earn rate on spend? Just cuious.
You are right but I don't have EDP. I might PC my SPG card to EDP once Marriott SPG merger details are out. Otherwise Hilton

red259 is correct. EDP lets the MR point accumulate rather quickly. EDP gets most of my spend.

On the other hand you should have run all that spend through your SPG, points are more valuable.

Re: Amex Platinum Retention Offer

red259 — Sat, 05 Mar 2016 17:19:17 GMT

@redpat wrote:
@ibmrad7 wrote:
@red259 wrote:
Why do you run all your expenses through the plat vs something like the Amex EDP where you could have a higher earn rate on spend? Just cuious.
You are right but I don't have EDP. I might PC my SPG card to EDP once Marriott SPG merger details are out. Otherwise Hilton
red259 is correct. EDP lets the MR point accumulate rather quickly. EDP get most of my spend.

On the other hand you should have run all that spend through your SPG, points are more valuable.

Yes a SPG point is more valuable than a MR point. Of course, given your spend you may not have a high enough revolver limit and need to use the charge card to get the charges all through.

Re: Amex Platinum Retention Offer

Anonymous — Sat, 05 Mar 2016 17:21:35 GMT

The guy got 40k and 50k retention offers. You aren't going to get that volume from SPG or edp retention.

He ended up with 140k membership rewards after 100k spending, versus maybe 160 to 170k on edp or 110k to 120k on SPG assuming they give him retention offers of 10 to 20.

Re: Amex Platinum Retention Offer

redpat — Sat, 05 Mar 2016 17:33:33 GMT

@Anonymous wrote:
The guy got 40k and 50k retention offers. You aren't going to get that volume from SPG or edp retention.

He ended up with 140k membership rewards after 100k spending, versus maybe 160 to 170k on edp or 110k to 120k on SPG assuming they give him retention offers of 10 to 20.

I think OP spends 100k annually across amex cards, not over 3yrs.

Re: Amex Platinum Retention Offer

red259 — Sat, 05 Mar 2016 17:56:56 GMT

@Anonymous wrote:
The guy got 40k and 50k retention offers. You aren't going to get that volume from SPG or edp retention.

He ended up with 140k membership rewards after 100k spending, versus maybe 160 to 170k on edp or 110k to 120k on SPG assuming they give him retention offers of 10 to 20.

A reasonable valuation of a MR point is 1.9 cents point. For SPG 2.5 cents per point. You are assuming that the SPG retention would be way lower, but I'm not sure that would be the case here with this level of spend. Also your example assumes none of the spend would be in a SPG category. Even using your numbers they would have a profit of $2660 but $3000 with SPG. I assume OP use the amex plat benefits, but if they don't then the AF needs to be factored into the profit as well because the Af on both cards are quite different. This is just academic to respond to your particualr points and I totally support OP in however they like to use their cards/ do their spend.

Re: Amex Platinum Retention Offer

ibmrad7 — Sat, 05 Mar 2016 18:27:52 GMT

I spent 100k+ on Amex platinum only. SPG and Hilton would add another 8-12K.

SPG won't work out that well for me because my limit is 17K. I am consultant and travel every week.. it takes a while to get my expenses reimbursed back to me.. with Charge card nothing gets reported against my utilization.

Re: Amex Platinum Retention Offer

ibmrad7 — Sat, 05 Mar 2016 18:30:07 GMT

@red259 wrote:
@Anonymous wrote:
The guy got 40k and 50k retention offers. You aren't going to get that volume from SPG or edp retention.

He ended up with 140k membership rewards after 100k spending, versus maybe 160 to 170k on edp or 110k to 120k on SPG assuming they give him retention offers of 10 to 20.
A reasonable valuation of a MR point is 1.9 cents point. For SPG 2.5 cents per point. You are assuming that the SPG retention would be way lower, but I'm not sure that would be the case here with this level of spend. Also your example assumes none of the spend would be in a SPG category. Even using your numbers they would have a profit of $2660 but $3000 with SPG. I assume OP use the amex plat benefits, but if they don't then the AF needs to be factored into the profit as well because the Af on both cards are quite different. This is just academic to respond to your particualr points and I totally support OP in however they like to use their cards/ do their spend.

Red you are spot on with valuation. I'll tell you my colleague's experience, he puts everything on his SPG, runs upwards of 75K every year but he has never scored a retention bonus of more than 15000 points or 100-200$ statement credit. Not sure if Amex is more leniet for their own cards vs co-branded card.

Re: Amex Platinum Retention Offer

red259 — Sat, 05 Mar 2016 18:40:45 GMT

@ibmrad7 wrote:
@red259 wrote:
@Anonymous wrote:
The guy got 40k and 50k retention offers. You aren't going to get that volume from SPG or edp retention.

He ended up with 140k membership rewards after 100k spending, versus maybe 160 to 170k on edp or 110k to 120k on SPG assuming they give him retention offers of 10 to 20.
A reasonable valuation of a MR point is 1.9 cents point. For SPG 2.5 cents per point. You are assuming that the SPG retention would be way lower, but I'm not sure that would be the case here with this level of spend. Also your example assumes none of the spend would be in a SPG category. Even using your numbers they would have a profit of $2660 but $3000 with SPG. I assume OP use the amex plat benefits, but if they don't then the AF needs to be factored into the profit as well because the Af on both cards are quite different. This is just academic to respond to your particualr points and I totally support OP in however they like to use their cards/ do their spend.
Red you are spot on with valuation. I'll tell you my colleague's experience, he puts everything on his SPG, runs upwards of 75K every year but he has never scored a retention bonus of more than 15000 points or 100-200$ statement credit. Not sure if Amex is more leniet for their own cards vs co-branded card.

Part of the difference in retention awards has to do with the difference in the AFs in addition to the point valuations. It sounds like with your extensive travel the plat benefits would be really beneficial. I totally get needing the charge card due to the high amounts you need to charge. In terms of credit util I understand that as well. With some business cards including amex the balances won't report on your personal credit report. By spending via my business cards it helps me keep my util in check during those months where I need to charge a lot. Have you had the PRG in the past? With soo much travel if you are paying your own airfare or even on fuel and restaurants you can get category bonuses on that spend, which can really add up.

Re: Amex Platinum Retention Offer

Anonymous — Sat, 05 Mar 2016 19:06:19 GMT

It would be nice if they would give me a rentention offer if I told them I wanted to product change my platinum to a gold prg lol. I know they won't cause I'm not cancelling I'm just product changing still staying within their company giving them business.