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Amex Platinum — cancel or downgrade?

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wasCB14
Super Contributor

Re: Amex Platinum — cancel or downgrade?


@1LostArk wrote:

Downgraded my card to a Green after the 13th statement rather than cancel it. I had my green card for less than two weeks before receiving an offer to upgrade to the Gold for 60k MR points. Obviously I accepted without hesitation. I did put heavy restaurant spend on the green during the short time I had it, not sure if that played a part. I must say I do feel rewarded for doing "right" by Amex and not canceling. Now a question for the Amex experts: if I downgrade to the green again next year, will that flag my account to the RAT? 


Not that I've seen. Just be sure to wait at least 12 months before downgrading.

 

Nice Green-to-Gold offer!

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select
Message 21 of 29
GrandBaker
Contributor

Re: Amex Platinum — cancel or downgrade?

Cancel. But make sure you have another card that allows you to retain any MR points to your account. AFAIK all 3 charge cards plus the EveryDay (regular and preferred) cards would work.

Message 22 of 29
OmarGB9
Community Leader
Super Contributor

Re: Amex Platinum — cancel or downgrade?


@GrandBaker wrote:

Cancel. But make sure you have another card that allows you to retain any MR points to your account. AFAIK all 3 charge cards plus the EveryDay (regular and preferred) cards would work.


OP already decided to downgrade to a Green and then upgrade to a Gold.


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 23 of 29
Eagered2succeed
Frequent Contributor

Re: Amex Platinum — cancel or downgrade?


@BronzeTrader wrote:

The AmEx Green is really a bad card.  You get little with the $150 AF.  You'd be better off sticking with Plat.  Or just close it.

 

Even the Gold is a far better card than the Green.  The AF is only $100 higher.

 


This is the exact reason I just decided to close mines 2 days ago. The green is not appealing at all except to keep the trade line. Also the gold doesn't beat anything in my portfolio especially considering the annual fee. While I enjoyed my platinum I just don't think I'm doing the kind of spending to justify the annual fee ATM. Have 2 other amex products so the door is always open.

Message 24 of 29
Buch1840
New Visitor

Re: Amex Platinum — cancel or downgrade?

Amex is banning SUBs for people who have closed a Plat, Gold or Green card in less than 3 years of holding the card. I applied for Gold (Dec2020) and a Platinum (April2021). I held the Gold until July 2022 and decided to close the account. The retention offer was 20K for $3K spend. Just recently, I went to apply for a Green and got the pop-up. I called Amex and they stated it could be 3 years from July 2021, that I would be allowed to get any SUB from Amex. Not happy about this at all. I use my cards and sometimes carry large balances as I get paid monthly and quarterly from my investments. Amex is all about Amex. They lie about everything just like any other bank.

Message 25 of 29
alocksley
New Contributor

Re: Amex Platinum — cancel or downgrade?


. . .FWIW, two Platinums and a Gold work for me, but a Green doesn't. But I have Gold for dining, Platinum for flights and lounges, limited non-award hotel stays, and cheap mass transit.


Can you explain why you would need two platinum cards?  Is one an authorized user? I use green for transit (parking, tolls, mass transit).  Yes, AXP gives a $15 credit on uber, but i also list the green card on the uber account and pay the overage with that, thereby getting point multiples for it.  Also, I have green for everyday dining because the AF is less than gold.  Fine Dining goes on AXP. 



...and debt free.
Message 26 of 29
longtimelurker
Epic Contributor

Re: Amex Platinum — cancel or downgrade?


@alocksley wrote:

. . .FWIW, two Platinums and a Gold work for me, but a Green doesn't. But I have Gold for dining, Platinum for flights and lounges, limited non-award hotel stays, and cheap mass transit.


Can you explain why you would need two platinum cards?  Is one an authorized user? I use green for transit (parking, tolls, mass transit).  Yes, AXP gives a $15 credit on uber, but i also list the green card on the uber account and pay the overage with that, thereby getting point multiples for it.  Also, I have green for everyday dining because the AF is less than gold.  Fine Dining goes on AXP. 


This was @wasCB14 I think?    One Platinum is a Business Card, the other a personal one (Charles Schwab version) so two cards with different purposes.

 

(@wasCB14 retains me to speak on his behalf at standard PR rates.   He just doesn't know it yet)

Message 27 of 29
wasCB14
Super Contributor

Re: Amex Platinum — cancel or downgrade?


@longtimelurker wrote:

@alocksley wrote:

. . .FWIW, two Platinums and a Gold work for me, but a Green doesn't. But I have Gold for dining, Platinum for flights and lounges, limited non-award hotel stays, and cheap mass transit.


Can you explain why you would need two platinum cards?  Is one an authorized user? I use green for transit (parking, tolls, mass transit).  Yes, AXP gives a $15 credit on uber, but i also list the green card on the uber account and pay the overage with that, thereby getting point multiples for it.  Also, I have green for everyday dining because the AF is less than gold.  Fine Dining goes on AXP. 


This was @wasCB14 I think?    One Platinum is a Business Card, the other a personal one (Charles Schwab version) so two cards with different purposes.

 

(@wasCB14 retains me to speak on his behalf at standard PR rates.   He just doesn't know it yet)


Thanks for the @, LTL. Would have missed it otherwise.

 

Schwab Platinum - I got it when it launched in 2016. I use it for lounge access, the "coupon book" credits, and 5x on airfare.

 

Business Platinum - Inherited rental properties. The card has some major advantages:

1. High spending power...somewhere in six figures.

2. Extended warranties on all the appliances I buy.

3. 1.5x MRs at all hardware stores (Home Depot and Lowes are popular but sometimes have poor product selection) as well as all transactions of $5k or more. (Up to $2M per year)

4. Great customer service...usually.

5. MRs can be tricky to use for a lot of people, but with the "35% back" feature, I can redeem reasonably well on close-in domestic Delta flights without needing exotic transfers.

 

I am the primary on both cards. The trusts that technically own the properties have names that are too long to fit on Amex application forms. When I was trying to apply I called Amex for help about that and the CSR gave up and I think hung up on me (possibly a bad connection or in error, but I think she was stuck and wanted to throw in the towel). The one bad Amex rep I've had in several years.

 

So the business card is in my name as a sole properietor and the bill is paid with funds from the trusts (in proportion to which trust's properties the spend is for). The trusts have ample cash and no debt so I'm not worried about business failure or being stuck with the debt.

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select
Message 28 of 29
OmarGB9
Community Leader
Super Contributor

Re: Amex Platinum — cancel or downgrade?


@Buch1840 wrote:

Amex is banning SUBs for people who have closed a Plat, Gold or Green card in less than 3 years of holding the card. I applied for Gold (Dec2020) and a Platinum (April2021). I held the Gold until July 2022 and decided to close the account. The retention offer was 20K for $3K spend. Just recently, I went to apply for a Green and got the pop-up. I called Amex and they stated it could be 3 years from July 2021, that I would be allowed to get any SUB from Amex. Not happy about this at all. I use my cards and sometimes carry large balances as I get paid monthly and quarterly from my investments. Amex is all about Amex. They lie about everything just like any other bank.


That's the first time I've ever heard of that.


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 29 of 29
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