If they are offering a $400 credit, then that card is costing you $150 for the year, not a bad price and that gives you a full year to try and get you EX score up.
I can't see Amex shutting you down if you are consistently putting that spend on the card each month.
I can't see Amex shutting you down if you are consistently putting that spend on the card each month.
@Anonymous wrote:The annual fee for my platinum card is approaching in a few weeks. I called in to customer service to confirm this, and the represenative offered me 40,000 memembership points or a $400 statement credit to keep my card membership. My monthly spending average on this card is typically around $9-10,000 and have always paid in full with no late payments. I'm still debating on whether or not to accept their offer for 2 main reasons - (1) My FICO 8 score from experian is getting demolished from a single charged off account with Bank of America from a few years back (before I founded my company) around 610, (2) my fiancé has the personal centurion card and offered to add me as an authorized user.
Even though the card is in excellent standing and my annual income ($210,000) supports my spending habits, I know my FICO score alone still leaves me looking risky to Amex. I heard in scenarios like mine that Amex will typically close the account (even if it's in good standing) because the card member's scores were too low. Perhaps it's paranoia, but the last thing I want to do is spend over $500+ in annual fees only for the card to get cancelled a month later because of my score. Being an authorized user on my fiance's account wouldn't be the end of the world, but I honestly would prefer to keep our accounts seperate out of simplicity. What should I do? Do I call back the representative to accept their offer? Or should I just avoid the annual fee and risk altogether? Any opinons would be super helpful!
Honestly I'd keep the card with that type of offer. I don't see why amex would close your account now since the charge off was years ago
;
@Anonymous wrote:The annual fee for my platinum card is approaching in a few weeks. I called in to customer service to confirm this, and the represenative offered me 40,000 memembership points or a $400 statement credit to keep my card membership. My monthly spending average on this card is typically around $9-10,000 and have always paid in full with no late payments. I'm still debating on whether or not to accept their offer for 2 main reasons - (1) My FICO 8 score from experian is getting demolished from a single charged off account with Bank of America from a few years back (before I founded my company) around 610, (2) my fiancé has the personal centurion card and offered to add me as an authorized user.
Even though the card is in excellent standing and my annual income ($210,000) supports my spending habits, I know my FICO score alone still leaves me looking risky to Amex. I heard in scenarios like mine that Amex will typically close the account (even if it's in good standing) because the card member's scores were too low. Perhaps it's paranoia, but the last thing I want to do is spend over $500+ in annual fees only for the card to get cancelled a month later because of my score. Being an authorized user on my fiance's account wouldn't be the end of the world, but I honestly would prefer to keep our accounts seperate out of simplicity. What should I do? Do I call back the representative to accept their offer? Or should I just avoid the annual fee and risk altogether? Any opinons would be super helpful!
I don’t know how you value MR points but 40,000 points is worth a minimum of $800 based on my own valuations. That’s more then the AF on the card.
How long has this charge off been reporting to your credit ? I could see if it was a new Chargeoff they may close your platinum account but if it’s been reporting for a while now I don’t see them taking any action unless new additional negatives are reported
I’d take the offer. If they close your account they should prorate the annual fee back to you.
Cancel an AMEX Platinum? I've never heard of such a thing. 
Your retention offer is solid. Take the MR points AND get the AU on Centurion.
Your retention offer is solid. Take the MR points AND get the AU on Centurion.
@Anonymous wrote:
@Shadowfactor wrote:I don’t know how you value MR points but 40,000 points is worth a minimum of $800 based on my own valuations. That’s more then the AF on the card.
How long has this charge off been reporting to your credit ? I could see if it was a new Chargeoff they may close your platinum account but if it’s been reporting for a while now I don’t see them taking any action unless new additional negatives are reported
I’d take the offer. If they close your account they should prorate the annual fee back to you.
@I've accumulated so many MR points within the first year of using this card and have no idea what to redeem them for. Everyone tells me airfare and hotel reservations are the way to go - we'll see. Transferring points to airlines seems like a giant headache, and the travel conceirge @ Amex always manages to find a lower rate for business class tickets.
The charge off has been reporting for at least four years now - and has only recently started updating as late. Which is why my FICO score took a sudden plunge. When I applied for the platinum card last January it was an instant approval and I've never had any issues since then. One time my balance reached approx. $14,500 and I got an email from Amex to call in to customer service to avoid any interruption with charging (I was on vacation). The represenative just called my bank to verify the funds and that was it. Guessing it was just an anomaly.
Thanks for your input! I'll keep you updated and let you know how it goes.
I’m not sure how you can find a lower rate then free ?! There’s some fuel charges but those are under $300 mainly.
Transferring to airlines can definitely be a headache to learn at first but saving several thousand on business/first class tickets is worth the headache to me. Luckily there are forums like this one or FlyerTalk where you can ask questions and people will help you with using your points.
Theres also paid services that do everything for you and you just transfer the points to the airline program.
With the type of spend you are doing I'd consider getting the amex business blue plus. 2 pts on every dollar you could double the amount of points you are earning on your spend. If you don't know what to do with your points you can give them to me. I'll make sure you never have to worry about what to do with them. 
Very Very solid retention offer -
My thoughts, again just my humble thoughts,
1. I keep the AMEX PLATINUM for another year with the Retention offer
2. Next year, I would just down grade to the Gold.
This is what I did. Also since the new Gold has 4X on dining and supermarkets, it was a Win/Win for me. I personally don’t like to push my Retention luck with AMEX, it any company, because I believe eventually they will tell u “Ok leave”. We have to be FAIR.
Hope this helps.
My thoughts, again just my humble thoughts,
1. I keep the AMEX PLATINUM for another year with the Retention offer
2. Next year, I would just down grade to the Gold.
This is what I did. Also since the new Gold has 4X on dining and supermarkets, it was a Win/Win for me. I personally don’t like to push my Retention luck with AMEX, it any company, because I believe eventually they will tell u “Ok leave”. We have to be FAIR.
Hope this helps.
