Amex Platinum - Downgrade or Cancel?

[TheDude]

I'm considering my options on what to do with my Amex Platinum card as it is my one year anniversary.  I enjoyed the benefits of the card this first year, but I think going forward, I don't think I'll be able to extract enough value to offset the AF.  I haven't used any of my MR points yet--I have about 175000.

I have an Amex EveryDay card that I've had for a long time, and when I switch between the EveryDay and the Platinum accounts, it shows the same MR points so they seem to be linked together such that I will not lose the points if I decide to just close the Platinum.

I've read a lot of people like to downgrade and hope to get presented with a retention offer, or maybe get an upgrade offer again later on.  While that seems appealing towards earning more points for future travel, I don't really know what the hit rate is for that.  With the change in the Gold AF to $325, I'm thinking my two primary options are the Green Card, or cancel.  I don't know how much I would actually use the Green card though, because I have other cards with better benefits.

As I see it now, the main pro to canceling is I'll save $150 right now.  Since Amex changed their policy to only 1 SUB in the family (Green/Gold/Platinum), I doubt that I will ever reapply for any of these cards, unless that policy changes again in the future, or unless they revamp the card benefits to make it more compatible with my spending.

If I switch to Green, it costs me $150 with potential for future retention or upgrade bonuses, but I don't have any idea what the likelihood is.

Anybody want to weigh in with their experiences, or if there are any factors I am not considering?  TIA

[NoMoreDebt]

Your MR points will pool between all of your MR earning cards so you wouldn't loose them.

Personally I would just cancel if its not bringing you value instead of going to the Green. I have all 3 Plat, Gold and Green and also the Everyday Preferred. I already paid the AF on all of them for this year but plan on dropping the Gold ,Green and the Everyday Preferred next year. The Green was a dud for me unfortunately and the first year I got good value out of the Gold especially with the SUB but now not so much and especially with the AF going to $325 NO WAY!

Sticking with my Platinum being the Charles Schwab variant as i like the ability to transfer the MR points if wanted.

[swankytiger]

if it doesnt work for you just close it, imo the green isnt that competitive. 

[CreditCuriosity]

I would venture to say 90% of people on this forum and likely people in general close the platinum or downgrade after the 1st year due to the AF whether they get the value back or not as 695 / yr now if not mistaken is tough for many people to pallet after they realize the card is nothing that special for most.  Sure if Platinum still had say a 300 AF would I have it possibly but no way at the current AF and I would never have the gold anywhere either and the greens AF will like > 200 in two more years.  Really own two Amex's I find value long term and both has 0 AF and that is blue business cash and Amex Prime card.  Amex has lost their minds on AF's but they obviously have data to show they can continue to hike them every few years even if losing customers.

[xenon3030]

Canceling the card is a good move. Green almost does not have perk (not sure why it has AF).

It is better to get cards that work for you. You should not work for the credit cards to justify their AF, while trying to use their extensive coupon books.

[4sallypat]

Try calling into Amex customer service - they might persuade you try another year with MR points bonus or offer half off AF.

That's what happened to me during the pandemic having never travelled for a year and the AF just posted.

I was thinking of downgrading it to gold or green since I had the Amazon Business Prime card and found value in that.

Customer service offered to try another year with the 60K MR points and I agreed.

Next year started travelling and found value.

Have travelled 3x since the pandemic restrictions were lifted.

Plat card is the best for travel - domestic or international.

[swankytiger]

If you want to see what the current retention offers are, there is a thread on the flyertalk forum that is fairly active with what people are getting offered this year. Looks like the normal offer is 35k for $4k spend in 3 months.

[CreditCuriosity]

Make sure you keep that card a year though as not mentioned they can claw back that MR bonus as well as RAT is alive and well.

[creditrizz]

I like to skip a couple of meals before I know I'll be showing up at a Centurion or Delta lounge, and then I put in work and hit the buffet hard -then  chase it with a couple of free cabernets!    Makes me feel like I'm getting a better deal out of the annual fee.

[Dancingbear45]

@TheDude 

At $695.00 AF for the platinum basically $57.92 per month might be a bit more difficult getting enough value out of but $325.00 AF for the gold or $27.08 a month shouldn't be too hard. The green just doesn't seem to really offer anything that would make it appealing. Ultimately you've gotta decide whether it'll work for your needs. It's nice to have a down grade option available but it's also fine to just close out whatever accounts are no longer holding value.