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AMEX Platinum benefits and potentially cancelling account

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Valued Contributor

AMEX Platinum benefits and potentially cancelling account

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.

Message 1 of 10
9 REPLIES 9
New Contributor

Re: AMEX Platinum benefits and potentially cancelling account

There is a good article if you google amex platinum triple dip and it will explain it. (can't post link)

Message 2 of 10
Frequent Contributor

Re: AMEX Platinum benefits and potentially cancelling account

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.

Message 3 of 10
Valued Contributor

Re: AMEX Platinum benefits and potentially cancelling account

That's fine but don't come crying when you can't get future Amex card SUBs.

MR | UR | Sky Miles | AA Miles | Hilton
Message 4 of 10
Valued Contributor

Re: AMEX Platinum benefits and potentially cancelling account

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. 

Message 5 of 10
Super Contributor

Re: AMEX Platinum benefits and potentially cancelling account

Do you already have all the AMEX cards you want? Any you plan to app for later?
Do you have the Gold card?
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 6 of 10
Valued Contributor

Re: AMEX Platinum benefits and potentially cancelling account

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.

Message 7 of 10
Super Contributor

Re: AMEX Platinum benefits and potentially cancelling account

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. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 8 of 10
Super Contributor

Re: AMEX Platinum benefits and potentially cancelling account

Ok, sounds like you aren’t interested in MR points in general. With three AF AMEX cards planned to close, you should not expect a SUB if you apply for another AMEX in the next year or two, but that sounds like not a problem.

The better choice you are making is to cut AF that don’t provide you benefit, and that is a good financial decision.

The Gold comment relates to, if you had a Gold SUB before, one possible step is to downgrade Platinum to Gold, but it sounds like even that may not be of interest.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 9 of 10
Established Contributor

Re: AMEX Platinum benefits and potentially cancelling account


@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.

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Message 10 of 10
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