$695 AF post pandemic question: Downgrading or wait for retention offer for Amex Platinum personal ?

[4sallypat]

My personal Plat AF is up for renewal next week - raising from $550 to $695.

Been with Amex since 1993 (Green card, Gold Card, Platinum)....

Question:

Is it worth asking for a retention offer or just downgrading to the Gold card ?

AF renewal is next week and looking at the new $695 AF is a bit daunting considering I just bought my first house (escrow closing in 2 weeks) with a monthly mortgage to worry about. Then I am not seeing much personal travel for the near future.

Recently with a long overdue trip taken to Hawaii, we were able to use the benefits to pay for the AF (FHR credits, travel airline credits, Uber, Dell, etc)...

Next year we are not looking at traveling much for personal (business only) as the house will keep us busy.

I do like my MR points and would like to assume if I downgrade to the Gold, I keep them ?

Based on this forum, it's better to wait until the AF is charged and I have up to 30 days to cancel afterwards ?

The Gold card has better "non travel" benefits that I would use for MR (groceries & restaurants).

$295 AF is much easier to cover with the MR points earned and some benefits.

BTW: Having received an special offer for the Business Plat card with 150K MR SUB is tempting, but the spend on it is tough ($15K in 3 months).

What are your suggestions with the personal Plat renewal?

[SouthJamaica]

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@4sallypat wrote:

My personal Plat AF is up for renewal next week - raising from $550 to $695.

Been with Amex since 1993 (Green card, Gold Card, Platinum)....

Question:

Is it worth asking for a retention offer or just downgrading to the Gold card ?

AF renewal is next week and looking at the new $695 AF is a bit daunting considering I just bought my first house (escrow closing in 2 weeks) with a monthly mortgage to worry about. Then I am not seeing much personal travel for the near future.

Recently with a long overdue trip taken to Hawaii, we were able to use the benefits to pay for the AF (FHR credits, travel airline credits, Uber, Dell, etc)...

Next year we are not looking at traveling much for personal (business only) as the house will keep us busy.

I do like my MR points and would like to assume if I downgrade to the Gold, I keep them ?

Based on this forum, it's better to wait until the AF is charged and I have up to 30 days to cancel afterwards ?

The Gold card has better "non travel" benefits that I would use for MR (groceries & restaurants).

$295 AF is much easier to cover with the MR points earned and some benefits.

BTW: Having received an special offer for the Business Plat card with 150K MR SUB is tempting, but the spend on it is tough ($15K in 3 months).

What are your suggestions with the personal Plat renewal?

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If you've had the card for years, there's no need to wait until the annual fee hits to ask for a retention offer.

If you've only had it for one year, then wait until after 13 months have passed.

My experience with Amex charge cards is that I was always thinking of how I could offset the annual fee with perks. I came to the conclusion that it's too much of an uphill struggle for those of who don't travel a lot.

My understanding is that if you downgrade you do not lose your MR points; you would only lose them if you didn't have another MR account.

I would also point out that, although the Gold card does offer better non-travel points earning options, it does not meaningfully offer non-travel rewards.

[NRB525]

Yes, downgrading to Gold will keep the account history on your CR, as well as maintaining your MR points. Approaching the call within 30 days after the AF posts is the best time. 

[simplynoir]

Asking for a retention offer means keeping the card if accepted and from reading your post it sounds like you would rather have the Gold card moving forward. Have a look at the datapoints for Platinum retention offers and see if it's something you wouldn't mind keeping around. If it then chat/call and see what customer service has for you and keep your points and credit history on the card. If I were you I would just go ahead and ask for the downgrade to the Gold card. Even though you mentioned the Gold card in your post just want to inform you you give up the chance of getting the SUB on the Gold card with the downgrade so something to keep in mind as well

Good luck on what you decide to do

[longtimelurker]

And if keeping MR alive is all that matters, you can get the no AF Everyday card.   But that would involve opening a new account and closing the Platinum.

[4sallypat]

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@simplynoir wrote:

Asking for a retention offer means keeping the card if accepted and from reading your post it sounds like you would rather have the Gold card moving forward. Have a look at the datapoints for Platinum retention offers and see if it's something you wouldn't mind keeping around. If it then chat/call and see what customer service has for you and keep your points and credit history on the card. If I were you I would just go ahead and ask for the downgrade to the Gold card. Even though you mentioned the Gold card in your post just want to inform you you give up the chance of getting the SUB on the Gold card with the downgrade so something to keep in mind as well

Good luck on what you decide to do

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Yes, that is a conundrum I am facing - I'd rather keep the Platinum as my personal travel may change next year if a retention offer is made - I searched past posts and see anywhere from 20K to 50K MR points or cash for retention....

If I can't get a decent retention offer, then I will step down to the Gold as the 4X points on dining & groceries will be fine.

Thanks for the tip on not getting a SUB for the Gold.....

[MrDisco99]

If you've never had the Gold card, I would apply for a new one and cancel the Plat rather than downgrade.

[longtimelurker]

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@MrDisco99 wrote:

If you've never had the Gold card, I would apply for a new one and cancel the Plat rather than downgrade.

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OP said: "Been with Amex since 1993 (Green card, Gold Card, Platinum)...."

but getting the SUB would depend on how long ago (I think lifetime is about 7 years) and possibly which gold card it was (the old plain gold, the old PRG etc) 

[805orbust]

In a post Covid world, that Platinum became a head-scratcher quickly. The gold makes so much more sense now... for us at least 

[4sallypat]

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@805orbust wrote:

In a post Covid world, that Platinum became a head-scratcher quickly. The gold makes so much more sense now... for us at least 

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YES

Isn't that the truth!

Before the pandemic, I used my Platinum benefits, travelled and got more value out of it than now....

Will update after I speak to their retention specialist...