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They're offering SUB of $250 with $95 AF within 60 days. If I take the deal and cancel the card just prior to AF renewal next year are there any repercussions? I've never taken the SUB and run on a credit card. I don't use the BCE card, so I won't miss the relationship.
@Turbobuick wrote:They're offering SUB of $250 with $95 AF within 60 days. If I take the deal and cancel the card just prior to AF renewal next year are there any repercussions? I've never taken the SUB and run on a credit card. I don't use the BCE card, so I won't miss the relationship.
Technically they do have language about downgrading to avoid AF, etc and there's always a possibility Amex will place you on their "naughty list" with their RAT (reward abuse team). No one really knows the ins and outs of the team and/or the algorithim used to place you on the "list" but upgrading and then downgrading to avoid the fee is definitely one way to make yourself look bad.
If you don't care either way about the relationship, you can go for the offer, but if there's any chance you want SUB on future Amex cards I would think twice.
You can always keep the card for 18 or 24 months before downgrading back to BCE. It's not as aggressive as dodging the second AF entirely and still leaves you a bit ahead. Unlike Platinum, the BCP AF is prorated.
I'm unable to post a picture of the letter, but in short is says.
Your requested account transfer and all resulting changes to the terms, features and benefits of your account are effective as of July 16, 2019
The following is a summary of some changes that are being made to your account according to your transfer request. For more details see cardmember agreement etc. You can reverse the transfer to the new product and go back to your previous product by calling the number on your card prior to September 16, 2019.
These changes will impact your account as follows:
Annual Membership Fee: On or about September 3, 2019 you will be billed a prorated AF based on the remaining time until your next anneversary date. Annual Membership Fee $95 < The full amount because my anneversary date was 7/11.
So essentially if I want to back out and avoid the fee, I can do so by 9/16. However, it may put me on their naughty list. While it doesn't say anything about reversing the $250 Statement credit, I would assume they could if truly wanted too? Also any future SUB earning would not likely be available until I'm out of the dog house.
You definitely want tread lightly if you're thinking about dumping it before the AF hits, or even a few months in. Honestly the $250 more than covers the 1st year, so i would wait until the next year to downgrade.
On a side question. Would you be able to downgrad to the CM instead of the BCE, since it's still in that Family? As well as Upgrade to the BCP again at alater date? Or are you only able to go BCE>BCP and the reverse?
@kdm31091 wrote:
@Turbobuick wrote:They're offering SUB of $250 with $95 AF within 60 days. If I take the deal and cancel the card just prior to AF renewal next year are there any repercussions? I've never taken the SUB and run on a credit card. I don't use the BCE card, so I won't miss the relationship.
Technically they do have language about downgrading to avoid AF, etc and there's always a possibility Amex will place you on their "naughty list" with their RAT (reward abuse team). No one really knows the ins and outs of the team and/or the algorithim used to place you on the "list" but upgrading and then downgrading to avoid the fee is definitely one way to make yourself look bad.
If you don't care either way about the relationship, you can go for the offer, but if there's any chance you want SUB on future Amex cards I would think twice.
Thanks KDM, earlier this year they hacked my BCE CL in half. At about the same time I qualified at Merrill Edge for preferred platinum at BofA. With better options than BCE, I didn't bother to call to reinstate the CL as many others did with, I think, 100% success.
Amex has emailed me a few times with RSVP codes for, I assume, instant approval. Call me vindictive, but I'd like to leave them a few dollars short. I'm not a big player and they won't miss me.
There's only the wife and I left in the nest and we dine out a few times a week plus travel. Hence, the grocery bill isn't that big and other than Netflix, there's no other streaming service as Amazon Prime doesn't count. We may struggle to earn $95/yr with Amex as BofA gets the lions share of our charging lately. I figure it to be about $133/mo the break even point for AF.
With a $250 sub, even if you pay the AF once you still net $155 which isn't bad on a card that you don't use.
@Anonymous wrote:With a $250 sub, even if you pay the AF once you still net $155 which isn't bad on a card that you don't use.
Yes, plus 75 cents off each month of Netflix... and of course 6% off groceries for 364 days before cancelation.
@Turbobuick wrote:
@Anonymous wrote:With a $250 sub, even if you pay the AF once you still net $155 which isn't bad on a card that you don't use.
Yes, plus 75 cents off each month of Netflix... and of course 6% off groceries for 364 days before cancelation.
Do you have a card that gives you better rewards for gas than the BCP 3%? I have a BoA Cash Rewards w/3% for gas but when I took the BCP upgrade a few months ago I switched BoA to something else for 3% and use BCP to help cover the AF. My grocery spend isn't huge either, just me & my dog in the nest, and in my small city there's only Walmart & Safeway and Walmart is so much cheaper I get most groceries there and Amex doesn't count Walmart as groceries. But I do like wine and occaisional cocktail and Walmart's selection is awful so I get that at Safeway which evens things up a bit.
If you don't care about Amex then yeah you can cancel before the next AF hits and risk getting put on the naughty list. I'm not a big fan of Amex and my BCE now BCP is one of my least used cards, but I plan to pay the AF at least once more to stay in their good graces. But I look at Amex as a money maker. I got a $150 SUB and 15 months 0% when I got my BCE, and now a $250 SUB with no inquiry or new account. So, combined $400 SUB on the card and they've never earned a nickle in interest from me, I can live with that.