topic Re: Question on Amex Annual Fees in Credit Cards

Question on Amex Annual Fees

Red1Blue — Mon, 18 May 2009 12:47:32 GMT

Question on Amex Annual Fees. I canclled my Personal Gold Charge Account in May. They charged AF in Feb. I called Amex and askedthem if I can get the refund for the unused portion of the AF. To my surprise Amex CSR says I can not get the fees back. I am trying to talk to the Amex Supervisor now and see if I can get some help.

Re: Question on Amex Annual Fees

Scamp — Mon, 18 May 2009 13:25:24 GMT

concorduser wrote:
Question on Amex Annual Fees. I canclled my Personal Gold Charge Account in May. They charged AF in Feb. I called Amex and askedthem if I can get the refund for the unused portion of the AF. To my surprise Amex CSR says I can not get the fees back. I am trying to talk to the Amex Supervisor now and see if I can get some help.

FWIW, concord, a few months back when I was talking to AmEx about maybe having to get rid of my Gold with them, I did ask if I would be refunded a pro-rated portion of my annual fee, if I cancelled after it had been paid.

I was told "of course". So unless things have changed, they should refund you 7-8 months' worth of your annual fee.

Re: Question on Amex Annual Fees

Anonymous — Mon, 18 May 2009 13:55:11 GMT

When I cancelled my Platinum card they refunded a prorated portion of my AF.

Re: Question on Amex Annual Fees

stefanc — Mon, 18 May 2009 14:12:59 GMT

They cancelled my Starwood the day after the annual fee hit (clever , huh?). I've spent hours and hours on the phone trying to get the $45 refunded -- no go.

Grrrrrrr

I hope you get yours!

Re: Question on Amex Annual Fees

Anonymous — Mon, 18 May 2009 14:24:33 GMT

@stefanc wrote:
They cancelled my Starwood the day after the annual fee hit (clever , huh?). I've spent hours and hours on the phone trying to get the $45 refunded -- no go.

Grrrrrrr

I hope you get yours!

How are they justifying keeping your fee and offering nothing in return?

Re: Question on Amex Annual Fees

stefanc — Mon, 18 May 2009 14:35:05 GMT

@Anonymous wrote:
@stefanc wrote:
They cancelled my Starwood the day after the annual fee hit (clever , huh?). I've spent hours and hours on the phone trying to get the $45 refunded -- no go.

Grrrrrrr

I hope you get yours!
How are they justifying keeping your fee and offering nothing in return?

They're basically just saying they are keeping it because they can. I will call and try again at some point.

They also cancelled my blue and my Costco card the same day (the reason they canceled the accounts was my score dropped - the reason my score dropped is the month before they cut the CL on 2 of my three cards...)

The "bright note" is that I recently got a couple letters from them, for the Blue they are allowing me to cash in my rewards points and they have also credited my Coscto account with my earned rebates. So I now have credit balances on all three closed acounts - gonna have to get a check from them at some point.

Re: Question on Amex Annual Fees

Red1Blue — Mon, 18 May 2009 16:11:06 GMT

They claim, I should have cancelled the card with in 60 days of billing the AF. I told the CSR they recdued my CL and when I wanted it back they started FR and then I closed the accounts. They say at least there should be one open account for them to refund the prorated AF.

Now a days Amex is becoming a Crook and loosing all the good name they earned over the years. Just thinking the name of Amex, I am getting chills and I am petrified to do any thing to do with Amex. I should have listend to every when they advised me to stay away from Amex. They are becoming thieves and crooks treating good customers like piece of trash.

Poor Costco, I have to stop shopping there because the only card they take there is Amex.

Re: Question on Amex Annual Fees

Anonymous — Mon, 18 May 2009 16:19:16 GMT

@Red1Blue wrote:
Question on Amex Annual Fees. I canclled my Personal Gold Charge Account in May. They charged AF in Feb. I called Amex and askedthem if I can get the refund for the unused portion of the AF. To my surprise Amex CSR says I can not get the fees back. I am trying to talk to the Amex Supervisor now and see if I can get some help.

Amex is trying to get back into the charge card business, instead of the credit card business. When they switched over and became a bank right in the middle of the credit crisis their customer service went to nill. Defaults started popping up all over so they are getting sleazy to get the money back hence, cancelling people's card after annual fee's are paid, pushing people's CL to zippo or near that.

Pushing only cards that have high annual fee's and denying people who are credit worthy from getting cards. They are going back to what they were in the 90's a charge card company. At least that is what an acquantiance that i know told me that works there. This is only temporary Amex is a good company, they are just upset because they are taking massive loses even after taking T.A.R.P. money. Hang in there...

King

Message Edited by 74king on 05-18-2009 09:19 AM

Re: Question on Amex Annual Fees

Anonymous — Mon, 18 May 2009 17:07:58 GMT

@Anonymous wrote:
At least that is what an acquantiance that i know told me that works there. This is only temporary Amex is a good company, they are just upset because they are taking massive loses even after taking T.A.R.P. money. Hang in there...

Does your friend know if they are planning on dumping credit cards entirely in favor of charge cards? Or perhaps just keeping a couple of their credit cards and cutting the rest loose?

Re: Question on Amex Annual Fees

Anonymous — Tue, 19 May 2009 00:51:39 GMT

@Anonymous wrote:
@Anonymous wrote:
At least that is what an acquantiance that i know told me that works there. This is only temporary Amex is a good company, they are just upset because they are taking massive loses even after taking T.A.R.P. money. Hang in there...

Does your friend know if they are planning on dumping credit cards entirely in favor of charge cards? Or perhaps just keeping a couple of their credit cards and cutting the rest loose?

This is what he told me, he said they are scaling down all of the cards that you can use to carry a balance on. That is why so many people are getting hammered and cards canceled for no reason at all. They are going back to what made them great in the first place and that's being a charge card company.

Pay in full every month, Pay your annual fee, and they collect that merchants fee due for accepting Amex. Being a bank doesn't work for Amex any they are changing back. They are not dumping their bank charter by any means they just are changing their practices.Only individuals with stellar credit history's will get cards now and in the future.

King

Re: Question on Amex Annual Fees

haulingthescoreup — Tue, 19 May 2009 00:57:17 GMT

Interesting info! That's what a lot of us were figuring.

For a long time, the Optima was the only revolver. I wonder if they'll stay with that, or Blue instead. I do believe that they will keep one.

If they get rid of all the revolvers, they're gonna have to get those AF's down before they make sense for me. If I suddenly started doing a lot of traveling and so forth, and their rewards were helpful, that would be different, of course. Right now, my unadventurous life certainly doesn't justify those fees.

Re: Question on Amex Annual Fees

Anonymous — Tue, 19 May 2009 01:38:45 GMT

@haulingthescoreup wrote:
Interesting info! That's what a lot of us were figuring.

For a long time, the Optima was the only revolver. I wonder if they'll stay with that, or Blue instead. I do believe that they will keep one.

If they get rid of all the revolvers, they're gonna have to get those AF's down before they make sense for me. If I suddenly started doing a lot of traveling and so forth, and their rewards were helpful, that would be different, of course. Right now, my unadventurous life certainly doesn't justify those fees.

I thinkthey stopped offering Optima Platinum back in 2007 didn't they. I think they only offer the standard Amex platinum, and Corporate Platinum. Optima is obsolete i believe. I'll have to check with my acquaintance Tomorrow. But in any case yes, it is happening and they are cleaning house and from what my acquaintance tells me they aren't finished yet....far from it.

Re: Question on Amex Annual Fees

Anonymous — Tue, 19 May 2009 01:49:03 GMT

Makes sense. They decided to try a taste of the land of revolvers and didn't like it, so now they're reverting back. I love my Amex charge card. It forces me to be responsible with it.

However, like Hauling was alluding to, I think they'll probably keep one. More than likely the generic Blue. If they don't have at least one card without an annual fee, I think they'll lose more marketshare than they'd like.

I've been waiting for them to raise the AFs on the charge cards since they're in need of quick cash. Hopefully it doesn't happen. I wonder if they realize that if they lowered them back to when a Green was $50 instead of $95 like it is now, that more people will use them. In a way, the AF hinders business.

Re: Question on Amex Annual Fees

Itsmeagain — Tue, 19 May 2009 02:07:38 GMT

I have the Amex Gold Rewards Card and love it. I use it everywhere from the Post Office to the liquor store. I shop at Kroger and Men's Warehouse. I buy a meal at Waffle House and then entertain friends at The Petite Aurbage (nice French restraunt in Atlanta). I've earned enough points to take a free trip to Tampa to see the grand-kids. They have never bothered me at all and the customer service is exceptional. But, I pay the bill before the statement drops and so I show a zero high balance for Amex. So what, the AF wouldn't pay for the plane ticket so I'm happy.

Re: Question on Amex Annual Fees

Anonymous — Tue, 19 May 2009 02:14:32 GMT

@Itsmeagain wrote:
I have the Amex Gold Rewards Card and love it. I use it everywhere from the Post Office to the liquor store. I shop at Kroger and Men's Warehouse. I buy a meal at Waffle House and then entertain friends at The Petite Aurbage (nice French restraunt in Atlanta). I've earned enough points to take a free trip to Tampa to see the grand-kids. They have never bothered me at all and the customer service is exceptional. But, I pay the bill before the statement drops and so I show a zero high balance for Amex. So what, the AF wouldn't pay for the plane ticket so I'm happy.

Hey I'm with you they have never bothered me. I have a Corporate card. Butallot of people are getting hammered. So keep your head low.

Re: Question on Amex Annual Fees

Watchmann — Tue, 19 May 2009 02:31:28 GMT

Man, a lot of emotion and 'facts' that are no more than suppositions in another 'AMEX is the worst ......' thread.

1) American Express is not a company that is run by 'thieves and crooks'. They are a solid company who is in a difficult position as are almost all of the firms that have extended credit. AMEX will most likely recover quicker and stronger. They are a well run company. They are the kings of business travel and that market will come back as the economy improves. They did overextend themselves on a lot of consumer credit in the last five years or so, and that is what they are cutting back. New card holders are the ones mostly (but not all) posting here about how horrible AMEX is.

2) Revolving credit is a legitimate and profitable market. AMEX isn't going to abandon it to VISA and MC, nor should they. They want to be the premier 'go to' card for those cardholders who have the ability to revolve their use for a period of time. They are not getting out of that market.

3) New Optima accounts are no longer issued, but I still have my Optima Platinum card first issued in 1990 when it was their first revolver. Current CL is $37,900 and APR for purchases is a fixed 5.74%. Current accounts are grandfathered. I use this card when I need a high limit card. Used it last December to purchase $20k item overseas with not a problem. PIF the next month. Not a peep out of AMEX. I also use it as one of my backup payment sources with Paypal, again no issues with AMEX.

4) AMEX business model does not hinge on AF income. Say you have an AF of $50, with normal AMEX overrides of 3% that is less than $2,000 in purchases. That's peanuts. AMEX doesn't want you as a customer if all you are going to charge is $2,000 a year. AF's serve many purposes, one of them is that air of exclusivity, but not as a source significant revenue. You are deluding yourself if you believe AMEX is cancelling accounts so they can keep your unused AF.

You can be unhappy with AMEX, and their bedside manner leaves something to be desired in some cases, but they are a solid company who will come out of this in good shape. They are showing some 'Tuff love after some poor business decisions. If you want to bash them, fine, but they are a good company if you fit their model. Many cardholders don't.

Re: Question on Amex Annual Fees

Itsmeagain — Tue, 19 May 2009 02:52:09 GMT

@Watchmann wrote:
Man, a lot of emotion and 'facts' that are no more than suppositions in another 'AMEX is the worst ......' thread.

Kudos . . they are what they are. Nothing more, nothing less.

1) American Express is not a company that is run by 'thieves and crooks'. They are a solid company who is in a difficult position as are almost all of the firms that have extended credit. AMEX will most likely recover quicker and stronger. They are a well run company. They are the kings of business travel and that market will come back as the economy improves. They did overextend themselves on a lot of consumer credit in the last five years or so, and that is what they are cutting back. New card holders are the ones mostly (but not all) posting here about how horrible AMEX is.

I'm a new card holder (Jan. 09), but I'm not complaining. In fact, I think they're great.

2) Revolving credit is a legitimate and profitable market. AMEX isn't going to abandon it to VISA and MC, nor should they. They want to be the premier 'go to' card for those cardholders who have the ability to revolve their use for a period of time. They are not getting out of that market.

Amex already offers "Pay Over Time" to it's Gold Rewards Customers. I haven't taken advantage but someday . . . . that cruise to nowhere is beckoning.

3) New Optima accounts are no longer issued, but I still have my Optima Platinum card first issued in 1990 when it was their first revolver. Current CL is $37,900 and APR for purchases is a fixed 5.74%. Current accounts are grandfathered. I use this card when I need a high limit card. Used it last December to purchase $20k item overseas with not a problem. PIF the next month. Not a peep out of AMEX. I also use it as one of my backup payment sources with Paypal, again no issues with AMEX.

Yep! PIF . . . . that's Amex's way.

4) AMEX business model does not hinge on AF income. Say you have an AF of $50, with normal AMEX overrides of 3% that is less than $2,000 in purchases. That's peanuts. AMEX doesn't want you as a customer if all you are going to charge is $2,000 a year. AF's serve many purposes, one of them is that air of exclusivity, but not as a source significant revenue. You are deluding yourself if you believe AMEX is cancelling accounts so they can keep your unused AF.

I'm averaging $600 - $1,000/mo. But I always PIF before the statement cuts.

You can be unhappy with AMEX, and their bedside manner leaves something to be desired in some cases, but they are a solid company who will come out of this in good shape. They are showing some 'Tuff love after some poor business decisions. If you want to bash them, fine, but they are a good company if you fit their model. Many cardholders don't.

Which just goes to show you. When considering a CC, one should decide ahead of time if this is going to be a match made in Heaven or Hell. You don't go to a seafood house and order Italian. No more than you should apply to a charge card company for a credit card. You have to consider the specialty of the house and decide it that's right for you. For example, I never buy steak at Waffle House even though it's on the menu. But their Bacon and Egges are Great.Same with a creditor. Stay with what their specialty happens to be. In the case of Amex, it's charge cards.

Re: Question on Amex Annual Fees

Anonymous — Tue, 19 May 2009 03:53:43 GMT

@Watchmann wrote:
Man, a lot of emotion and 'facts' that are no more than suppositions in another 'AMEX is the worst ......' thread.

1) American Express is not a company that is run by 'thieves and crooks'. They are a solid company who is in a difficult position as are almost all of the firms that have extended credit. AMEX will most likely recover quicker and stronger. They are a well run company. They are the kings of business travel and that market will come back as the economy improves. They did overextend themselves on a lot of consumer credit in the last five years or so, and that is what they are cutting back. New card holders are the ones mostly (but not all) posting here about how horrible AMEX is.

2) Revolving credit is a legitimate and profitable market. AMEX isn't going to abandon it to VISA and MC, nor should they. They want to be the premier 'go to' card for those cardholders who have the ability to revolve their use for a period of time. They are not getting out of that market.

3) New Optima accounts are no longer issued, but I still have my Optima Platinum card first issued in 1990 when it was their first revolver. Current CL is $37,900 and APR for purchases is a fixed 5.74%. Current accounts are grandfathered. I use this card when I need a high limit card. Used it last December to purchase $20k item overseas with not a problem. PIF the next month. Not a peep out of AMEX. I also use it as one of my backup payment sources with Paypal, again no issues with AMEX.

4) AMEX business model does not hinge on AF income. Say you have an AF of $50, with normal AMEX overrides of 3% that is less than $2,000 in purchases. That's peanuts. AMEX doesn't want you as a customer if all you are going to charge is $2,000 a year. AF's serve many purposes, one of them is that air of exclusivity, but not as a source significant revenue. You are deluding yourself if you believe AMEX is cancelling accounts so they can keep your unused AF.

You can be unhappy with AMEX, and their bedside manner leaves something to be desired in some cases, but they are a solid company who will come out of this in good shape. They are showing some 'Tuff love after some poor business decisions. If you want to bash them, fine, but they are a good company if you fit their model. Many cardholders don't.

I feel i need to respond to some of this...First off everyone is entitled to their own opinion. I trust my acquaintance friend that has worked for Amex for 15 years over you who's laying out good talking points about your experiences with Amex. Try selling that too the many thousands that have excellent credit histories that have seen their cards canceled right after the annual fee was due and paid or for no reason at all.

So you are saying Amex is the only honest card company out there, that they haven't done anything wrong and they are above reproach and can't do wrong. Come'on....you don't even believe that yourself. But that's what your trying to sell, Amex is dirty and i trouble just like everyone else. What was stated in this thread was that Amex was cleaning house, and they are doing just that, just like every other bank.

No one here stated Amex was bad company, I for one think they are a great company if they can get back to what they once were. So let me be clear" I BELIEVE MY ACQUAINTANCE when he states these things are going on inside American Express he's worked their for 15 years so I'm sure he would know what's going on.

King

Message Edited by 74king on 05-18-2009 08:53 PM

Re: Question on Amex Annual Fees

CHARGE_IT — Tue, 19 May 2009 08:32:18 GMT

So you are saying Amex is the only honest card company out there, that they haven't done anything wrong and they are above reproach and can't do wrong. Come'on....you don't even believe that yourself. But that's what your trying to sell, Amex is dirty and i trouble just like everyone else. What was stated in this thread was that Amex was cleaning house, and they are doing just that, just like every other bank.

No one here stated Amex was bad company, I for one think they are a great company if they can get back to what they once were. So let me be clear" I BELIEVE MY ACQUAINTANCE when he states these things are going on inside American Express he's worked their for 15 years so I'm sure he would know what's going on.

King
You are very naive to put so much faith in a mere "acquaintance". What you are writing does not have the ring of truth, but if it somehow means something to you then you should, by all means, share it.
CI

Re: Question on Amex Annual Fees

Red1Blue — Tue, 19 May 2009 10:06:32 GMT

King, I really dont care what you say. They need to return my AF. If they do not return the prorated AF they are crooks and thiefs and stealing people's money. I dont care they are solid or weak, who cares. I'll never touch an amex card again in my life. Visa/MC is accepted every where, much easier to deal with and generous CL. If Amex is in trouble they brought it on them self. Dont blame it on customers. Trust me, subprime CreditOne card has much better work ethics and standard than Amex. They are thieves not returning my prorated AF.