topic AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-) in Credit Cards

AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

Anonymous — Fri, 05 Oct 2018 03:35:33 GMT

I had been thinking of finding a great Supermarket card. AND I don't use all the Platinum benefits enough to justify the $550 fee I paid. I called AMEX to ask about ‘downgrading’ from Platinum to the new Gold card (better fit for my spending) and was offered a $300 retention offer to hold onto it. In addition, they said if I downgrade later, I would get a prorated refund of difference between the $550 & $250 fee.

Scenarios:

A. Switch cards now, $200 refund, keep my 100K bonus earned.

B. Take $300 incentive, spending $4000 over 90 days, then switch cards in Jan after using $200 airline credit for 2019, still get 6 mo difference in fee back ($150)
C. Take incentive, then after earning the $300, take referral to apply for new GOLD card and earn 50K MR points. (of course that would leave me with 2 cards and I would still want to close the Platinum before the next annual fee is charged. Not crazy about negatively impacting credit with a closed account vs a downgrade within charge card products)

Your thoughts and suggestions are welcome, thanks! :-)

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

Shadowfactor — Fri, 05 Oct 2018 04:07:59 GMT

It all comes down to what you want to do, if you care about opening a new account and how much you value 50K in points.

Personally I wouldnt downgrade and miss out on the lifetime bonus on the Gold card. 50K is worth a minimum of $500 towards travel plus the $100 statement credit they are currently offering.

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

Anonymous — Fri, 05 Oct 2018 04:13:08 GMT

@Shadowfactor wrote:
It all comes down to what you want to do, if you care about opening a new account and how much you value 50K in points.

Personally I wouldnt downgrade and miss out on the lifetime bonus on the Gold card. 50K is worth a minimum of $500 towards travel plus the $100 statement credit they are currently offering.

That's cool... so, make the spend for the $300 incentive on the Platinum first, then apply for Gold? Once I am in with Gold, close the platinum? Or wait until AF comes up? Not planning on holding both.

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

Shadowfactor — Fri, 05 Oct 2018 04:17:36 GMT

If you can handle the spend, I would do them at the same time.

With the new language regarding bonuses, closing the platinum might axe your ability to get the bonus on the gold for a while.

But if not, take the retention offer, hit spend , open Gold, then close platinum

How soon is your annual fee due ?

you could always ditch Chase!

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

Anonymous — Fri, 05 Oct 2018 04:29:19 GMT

@Shadowfactor wrote:
If you can handle the spend, I would do them at the same time.
With the new language regarding bonuses, closing the platinum might axe your ability to get the bonus on the gold for a while.

But if not, take the retention offer, hit spend , open Gold, then close platinum
How soon is your annual fee due ?

you could always ditch Chase!

I like the idea of taking the offer, spending $4000. Opening Gold BEFORE Jan 9th to get the 'We'll pay the tip' bonus and the 50K welcome bonus, THEN closing the platinum before July when the fee hits.

But, I can't ditch Chase... Chase Sapphire Reserve is my main card for Trip Cancellation/Delay insurance, Primary Car Rental insurance, AND saving a TON of money booking flights on their portal. (Including Southwest) And I currently have 175K UR pts in my account :-)

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

Shadowfactor — Fri, 05 Oct 2018 04:45:03 GMT

I would go about it the way you described then. If I was in your shoes I would have gone about it the same way.

I would still ditch chase :-p.

I can’t stand flying southwest even with early bird. It’s bad enough that I have to fly them once a year for Xmas. Personal preference though, and I know many people love southwest.

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

Anonymous — Fri, 05 Oct 2018 04:55:06 GMT

@Shadowfactor wrote:
I would go about it the way you described then. If I was in your shoes I would have gone about it the same way.

I would still ditch chase :-p.

I can’t stand flying southwest even with early bird. It’s bad enough that I have to fly them once a year for Xmas. Personal preference though, and I know many people love southwest.

It's definitely not 'LOVE' per se. But they have treated me VERY well, including recently when my stepmom died in the middle of the night and I had to get on the first flight out the following morning. And their routing from BUR and LAX is pretty epic. But, I do hear you!

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

Anonymous — Fri, 05 Oct 2018 05:22:24 GMT

Be wary of the 'pop up', taking retention offer and then close/downgrade sounds like a really good way to get yourself onto that list

I'd simply stay put and see if they comeup with something better for the gold (75K, or no AF for 1 year, etc). There are many ways to get discount for supermarket (buy GCs when discover has amazon 5%, etc) and with the new $100 Saks credit, Platinum's effective AF may or may not be that much higher than Gold's.

But you have to calculate the expected gain and decide for yourself whether is that gain really worth the risk of losing each and every AMEX sign up bonus going forward.

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

Anonymous — Fri, 05 Oct 2018 05:26:50 GMT

@Anonymous wrote:
Be wary of the 'pop up', taking rentention offer and then close/downgrade sounds like a really good way to get you onto that list

I'd simply stay put, there are many ways to get discount for supermarket (buy GCs when discover has amazon 5%, etc) and with the new $100 Saks credit, Platinum's effective AF may or may not be that much higher than Gold's. You have to calculate the expected gain yourself and decide for yourself whether that is really worth the risk of losing each and every AMEX sign up bonus going forward?

'pop up'? get on the list? not trying to rock the boat so much. But overall, the Gold is a better fit for my life than the Platinum which I stretched to justify. I COULD hold both, I just don't see that as wise. If I get the Gold, and cancel the Platinum after one year, will that get me on the naughty list? They swore up and down on the phone that they wouldn't do such a thing.

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

redpat — Fri, 05 Oct 2018 10:00:18 GMT

Well if you are a world traveler why wouldn’t you be able to use Amex international program and all the other perks that plat offers which kick the crap out of CSR. Don’t get me wrong I have CSR but it’s getting used less and less now except it’s my main card for international usage.

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

Cred4All — Fri, 05 Oct 2018 11:34:30 GMT

@Cueball73 you have me torn between two thoughts here. As others mentioned and going through this thought process as if it were myself, I would be saying two things. 1. Regardless of the deal, you want to have and carry the card that's right for you, your spend, and gives you back what you make the most of while all being within your spending ability. 2. The devil on my other shoulder however is also able to recognize a heck of a good retention offer and would not hesitate to snatch that Platinum renewal right up with $300 off. If you really, truly feel the Gold card is still all that for your spend and a cup of tea, then add it as an additional card as mentioned.

So me personally, and knowing my reasons for the cards, I'd hold onto the Platinum and 2nd that vote up above and either hold out on the Gold or add it as a new card.

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

Anonymous — Fri, 05 Oct 2018 12:59:14 GMT

As stated above, just not getting enough use of platinum benefits to justify $550 fee. Also CSR kicks the crap out of all cards with its Trip delay/cancellation & rental car insurance. And their UR travel portal where points count as 1.5.

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

Cred4All — Fri, 05 Oct 2018 13:02:45 GMT

@Anonymous wrote:
As stated above, just not getting enough use of platinum benefits to justify $550 fee. Also CSR kicks the crap out of all cards with its Trip delay/cancellation & rental car insurance. And their UR travel portal where points count as 1.5.

I fully agree there, the CSR is what I've opted to use for Rental Insurance and love the protection it provides in regards to air travel + delays. If you aren't getting use of the Platinum, and still can't justify the $250 fee (Taking into account the $300 retention offer) then the smart move would be to opt for the more useful option. I'm not a Gold card expert by any means so, waiting on more experienced folks to chime in.

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

Anonymous — Fri, 05 Oct 2018 14:07:43 GMT

I think the smartest move might be to earn the $300 retention bonus, get the 50K pts for Gold before Jan 9 (with additional $100 dining promo), then decide whether or not to cancel Platinum by July.

I happened to learn this morning of the $0 AF UBER card with 4% Cashback on dining and incredible Cell Phone protection that covers mysterious disappearance with only a $25 deductible. So, that would be a major contender for both things.

UPDATE: Just read horror stories about the phone insurance by Barclay and mysterious disappearance coverage mysteriously disappeared!!!

@Cred4All wrote:
@Anonymous wrote:
As stated above, just not getting enough use of platinum benefits to justify $550 fee. Also CSR kicks the crap out of all cards with its Trip delay/cancellation & rental car insurance. And their UR travel portal where points count as 1.5.
I fully agree there, the CSR is what I've opted to use for Rental Insurance and love the protection it provides in regards to air travel + delays. If you aren't getting use of the Platinum, and still can't justify the $250 fee (Taking into account the $300 retention offer) then the smart move would be to opt for the more useful option. I'm not a Gold card expert by any means so, waiting on more experienced folks to chime in.

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

Anonymous — Fri, 05 Oct 2018 21:37:58 GMT

Maybe just maybe I had a large Home Depot receipt to return/re-ring that gave me a $1500 start towards the $4000 this morning...

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

red259 — Fri, 05 Oct 2018 22:31:50 GMT

@Anonymous wrote:
@Shadowfactor wrote:
It all comes down to what you want to do, if you care about opening a new account and how much you value 50K in points.

Personally I wouldnt downgrade and miss out on the lifetime bonus on the Gold card. 50K is worth a minimum of $500 towards travel plus the $100 statement credit they are currently offering.

That's cool... so, make the spend for the $300 incentive on the Platinum first, then apply for Gold? Once I am in with Gold, close the platinum? Or wait until AF comes up? Not planning on holding both.

I would not be cancelling the plat in the first year. Wait for the next AF and then cancel if you do that. Otherwise Amex may mark you as gaming the system and you will be shutout on future SUBs.

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

red259 — Fri, 05 Oct 2018 22:41:26 GMT

@redpat wrote:
Well if you are a world traveler why wouldn’t you be able to use Amex international program and all the other perks that plat offers which kick the crap out of CSR. Don’t get me wrong I have CSR but it’s getting used less and less now except it’s my main card for international usage.

Yea with this new gold card I think my CSR will get used a lot less. I'm starting to wonder what I will do when my amex plat AF hits. I'm wondering if I may keep the Amex plat for the benefits and maybe do away with the CSR. Harder to justify having both going forward. I may downgrade the CSR to a CSP for a year until I can app for a new ink card and then get rid of the CSP. As long as I have one card that allows me to transfer URs I'm good. Further devaluations to Chase URs might be the death knell for chase with me.

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

Anonymous — Sat, 06 Oct 2018 05:32:06 GMT

@Anonymous wrote:
@Anonymous wrote:
Be wary of the 'pop up', taking rentention offer and then close/downgrade sounds like a really good way to get you onto that list

I'd simply stay put, there are many ways to get discount for supermarket (buy GCs when discover has amazon 5%, etc) and with the new $100 Saks credit, Platinum's effective AF may or may not be that much higher than Gold's. You have to calculate the expected gain yourself and decide for yourself whether that is really worth the risk of losing each and every AMEX sign up bonus going forward?

'pop up'? get on the list? not trying to rock the boat so much. But overall, the Gold is a better fit for my life than the Platinum which I stretched to justify. I COULD hold both, I just don't see that as wise. If I get the Gold, and cancel the Platinum after one year, will that get me on the naughty list? They swore up and down on the phone that they wouldn't do such a thing.

Pop up thing is still so new and doesn't seem to be quite clear cut as 5/24 (reddit has a spreadsheet collecting info and it looks very random) so nobody knows for sure, front line CSRs are not known to be the most dependable source of info either.

Sorry can't be of more help here, you'll probably have to decide for yourself whether the extra 'earnings' on gold card and the lower AF is worth the risk of lossing sign up bonuses going forward.

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

jdbkiang — Sat, 06 Oct 2018 06:31:29 GMT

If you travel internationally, the CSR might still be worth keeping. The Gold Card is only 4x back on restaurants in US and the 3x on airfare is only when booked through Amex travel or directly through the airline. Their $100 airline credit is only incidentals and their $120 dining credit is also limited to certain restaurants. CSR is simply far more versatile and Amex just doesn't have a travel card that is as good as the CSR.

Re: AMEX NEW Gold vs Holding PLATINUM! Thoughts and perspective please :-)

Anonymous — Sat, 06 Oct 2018 06:58:32 GMT

@jdbkiang wrote:
If you travel internationally, the CSR might still be worth keeping. The Gold Card is only 4x back on restaurants in US and the 3x on airfare is only when booked through Amex travel or directly through the airline. Their $100 airline credit is only incidentals and their $120 dining credit is also limited to certain restaurants. CSR is simply far more versatile and Amex just doesn't have a travel card that is as good as the CSR.

They almost have "one" now. Card is named (PlatGold), it gives 5x on air and "hotel", 4x on restaurants, $300 in airline credit, $200 uber credit, $120 dining credit, $100 Saks credit, among many other american express benefits that you love including complimentary gold elite status at hilton and marriot as well as no interest, all for a modest annual fee of $800.