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Hello and Happy New Year!
Like many who are looking for a better 2019, I have been re-evaluating the many cards in my possession. Specifically, my AMEX Platinum card comes up for renewal late this month. I already know that I will not be traveling as much this year and have decided that the $550 fee will not be worth it this year.
I am attempting to utilize a few benefits prior to closure and was wondering if AMEX will charge back the credits.
The first is the Saks 5th Ave. credit of $50, I ordered a closeout Polo sweatshirt for a family member for $70. This will ultimately cost me around $28 after the $50 semi-annual credit applies.
Second, I am going to get some Delta gift cards, they have been reimbursed in the past provided they are in $50 amounts (total of $200 calendar year credit)
My plan is to let the credits apply in January and pay off the card completely. Once the statement cuts in late January, I will call in to cancel the card. My understanding is that I have 30 days after the fee posts to get a refund.
Will this work? I look forward to your thoughts. The various travel sights seem to have conflicting information about this strategy.
There is a good article if you google amex platinum triple dip and it will explain it. (can't post link)
Can you get away with it? maybe. I would be afraid it may hurt my future dealings with Amex.
It just feels a little shady also. I mean, you have an agreement with a company that if you pay X amount of dollars annually, they will give you certain benefits. If I understand, you want to basically act like you are going to pay the fee, quickly snap up the benefits, then try to get the fee refunded. Maybe the loophole will work, but I'd imagine that somewhere along the way Amex has thought about this situation.
I dunno man, whatever the outcome I wouldn't feel right doing it myself. Each to their own I guess.
That's fine but don't come crying when you can't get future Amex card SUBs.
Thanks for the search words to look for the triple deal.
I understand the concern others may have with trying to maximize benefits. I will certainly let the discussion board know if there are any adverse actions.
Had 6 AMEX cards last year. Cancelled the Delta Gold card last year and the Platinum card is next on the closure list.
Not sure I have much use for the Gold card, what were your thoughts on the Gold card.
Also, I do not anticipate applying for any new cards in the foreseeable future. 2019 is a trim the herd year for me.
The more people who do this the more likely Amex is to take action. Its really only a matter of time. Amex is not stupid and they can over react to people who do things like this. I'm not talking about fairness or juding you. I just think this is something that could burn you with Amex later on. If too many people do this Amex will certainly take adverse action. No way would Amex allow this to continue if a large number of people were doing it and costing them money. Heck they may even change the rules to make it worse for all of us for example making the credit once in a member year which would mean nobody would even be able to get a double dip anymore on signup.
@Appleman wrote:Had 6 AMEX cards last year. Cancelled the Delta Gold card last year and the Platinum card is next on the closure list.
Not sure I have much use for the Gold card, what were your thoughts on the Gold card.
Also, I do not anticipate applying for any new cards in the foreseeable future. 2019 is a trim the herd year for me.
Gold card is probably the only card I can see using frequently, mostly on groceries (no WMT or TGT though). If there is one Amex card I think more people will find useful, it would be the Gold card. As long as you can use 100 airline fee credit and can buy food via grubhub once a month.
There is nothing wrong with closing high AF card that you have absolutely no use for. SUB chasing is a problem for sure, but I doubt you are the shining example of that. Lenders should be the ones coming up with a solution, not consumers.