AmexPlatinum Retention Offer: What's worth it?

[jasonbourne84]

Hi everyone. I am thinking about closing both my personal Amex Platinum and DH's. The main reason is that we recently switched our banking ot Charles Schwab, and are planning getting the CS Platinum. That said, despite the high annual fees, we could get the value out of the additional Platinum accounts, it would just mean a lot of babysitting to make it happen. That brings me to my question: 

What kind of retention offer do you think Amex can/should give for us to keep them?  For context, our total spend on each card has been: Mine: 2019 (June--Dec): $58K  2020 (YTD): $79K  |  DH's: - 2019 (July--Dec): $20K  2020 (YTD): $34K. 

[Loquat]

Retention offers are hit or miss with Amex. What you could be offered is anyones guess. Those are decent numbers but keep in mind that there are some folks who run that kind of money through a Platinum card in a few months.

With that being said I've seen everything from 20-30k MR points. Some requiring spend, some not. It all just depends. Good luck to you on your retention call.

[wasCB14]

https://www.flyertalk.com/forum/american-express-membership-rewards/2002987-american-express-retenti...

I got 50k in April before the wireless/streaming credits were announced: https://ficoforums.myfico.com/t5/Credit-Cards/50k-Schwab-retention/td-p/6004001

[jasonbourne84]

Further context, here is some recent details that have been logged on another forum: 

• 4/2020 - 20K MR or $200 credit for $3000 spend
• 4/21/20 - 30K MR or $300 credit for $4,000 spend. Took MR
• 5/2020 - 50k MR or $500, no spend requirement
• 5/13/20 - 30k MR (no spend requirement) or $300 credit for $2,000 spend. Took MR. Annual spend 2019: $10k.
• 6/7/2020 - 50k MR - no spend requirement. 22 years with Amex and heavier spend on other Amex cards, my Platinum card gets less than $5,000 a year in spend
• 7/6/2020 30,000 MRP on first anniversary with card (2 days before 30 day limit, moved points before call)
• 7/13/2020 - 3rd anniversay and no offer so cancelled. Got retention bonus previous year. Annual spend: ~$3k all airfare
• 8/7/2020 - 20K MR for AF due next month (Received retention 2 years ago, nothing last year).

EDIT: Great timing @wasCB14  haha.

[jasonbourne84]

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@wasCB14 wrote:

I got 50k in April before the wireless/streaming credits were announced: https://ficoforums.myfico.com/t5/Credit-Cards/50k-Schwab-retention/td-p/6004001

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This is really helpful. Thank you!

[TheFIGuy]

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@jasonbourne84 wrote:

Hi everyone. I am thinking about closing both my personal Amex Platinum and DH's. The main reason is that we recently switched our banking ot Charles Schwab, and are planning getting the CS Platinum. That said, despite the high annual fees, we could get the value out of the additional Platinum accounts, it would just mean a lot of babysitting to make it happen.

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FYI: I'm merely one data point but from my experience, CS Platinum doesn't seem to get much traction on retention offers from AMEX. Also, since CS Platinum is a co-branded card there is currently no downgrade path available for this card. Welp must just be me :https://ficoforums.myfico.com/t5/Credit-Cards/50k-Schwab-retention/td-p/6004001

Answer Question: I think retention offers are computer generated now from what I have read. You can AMEX chat and see if any retention offers are available for DH's and your accounts.

I have:

1. CS Platinum (Travel)
2. Gold (Eating/Groceries)
3. BBP (Everything)
4. Business Amazon Prime (Amazon)
5. Rakuten Visa (Stores that do not accept AMEX) 

I was very hesitant about the #5 card but eventually caved and it's been a smart decision! I didn't like the purple color, stupid I know!

[jasonbourne84]

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@TheFIGuy wrote:

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@jasonbourne84 wrote:

Hi everyone. I am thinking about closing both my personal Amex Platinum and DH's. The main reason is that we recently switched our banking ot Charles Schwab, and are planning getting the CS Platinum. That said, despite the high annual fees, we could get the value out of the additional Platinum accounts, it would just mean a lot of babysitting to make it happen.

---

FYI: I'm merely one data point but from my experience, CS Platinum doesn't seem to get much traction on retention offers from AMEX. Also, since CS Platinum is a co-branded card there is currently no downgrade path available for this card. Welp must just be me :https://ficoforums.myfico.com/t5/Credit-Cards/50k-Schwab-retention/td-p/6004001

Answer Question: I think retention offers are computer generated now from what I have read. You can AMEX chat and see if any retention offers are available for DH's and your accounts.

I have:

1. CS Platinum (Travel)
2. Gold (Eating/Groceries)
3. BBP (Everything)
4. Business Amazon Prime (Amazon)
5. Rakuten Visa (Stores that do not accept AMEX) 

I was very hesitant about the #5 card but eventually caved and it's been a smart decision! I didn't like the purple color, stupid I know!

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This is all great, hobbyist. Thank you! It's highly unlikely that we'll ever want to downgrade the CS. If we get a retention offer on the Vanillas, we may downgrade them to Gold at some point down the road. I'm curious as to your idea of doing online chat instead of calling. Do you think there's any reason that's better than calling? Thanks again.  

[wasCB14]

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@jasonbourne84 wrote:

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@wasCB14 wrote:

I got 50k in April before the wireless/streaming credits were announced: https://ficoforums.myfico.com/t5/Credit-Cards/50k-Schwab-retention/td-p/6004001

---

This is really helpful. Thank you!

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My single-card spend was pretty modest. My offer may have been helped by:

- It being my first request on Schwab.

- My BBP spend

- Fear of losing customers on travel cards before they had the chance to announce the upcoming "stay at home" promotions on many of their cards (wireless and streaming, grocery rewards, earning travel credits with grocery spend, etc.).

[TheFIGuy]

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@jasonbourne84 wrote:

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@TheFIGuy wrote:

---

@jasonbourne84 wrote:

Hi everyone. I am thinking about closing both my personal Amex Platinum and DH's. The main reason is that we recently switched our banking ot Charles Schwab, and are planning getting the CS Platinum. That said, despite the high annual fees, we could get the value out of the additional Platinum accounts, it would just mean a lot of babysitting to make it happen.

---

FYI: I'm merely one data point but from my experience, CS Platinum doesn't seem to get much traction on retention offers from AMEX. Also, since CS Platinum is a co-branded card there is currently no downgrade path available for this card. Welp must just be me :https://ficoforums.myfico.com/t5/Credit-Cards/50k-Schwab-retention/td-p/6004001

Answer Question: I think retention offers are computer generated now from what I have read. You can AMEX chat and see if any retention offers are available for DH's and your accounts.

I have:

1. CS Platinum (Travel)
2. Gold (Eating/Groceries)
3. BBP (Everything)
4. Business Amazon Prime (Amazon)
5. Rakuten Visa (Stores that do not accept AMEX) 

I was very hesitant about the #5 card but eventually caved and it's been a smart decision! I didn't like the purple color, stupid I know!

---

This is all great, hobbyist. Thank you! It's highly unlikely that we'll ever want to downgrade the CS. If we get a retention offer on the Vanillas, we may downgrade them to Gold at some point down the road. I'm curious as to your idea of doing online chat instead of calling. Do you think there's any reason that's better than calling? Thanks again.  

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IMHO: I don't think it really matters since it's a computer generating the response. I'm one who doesn't like talking on the phone and rather chat someone! Wish we could chat AMEX concierge!

You're more than welcome!

[jasonbourne84]

Well, Amex made no retention offer for either of us. So that was easy enough. Closed both accounts.