@red259 wrote:
@SouthJamaica wrote:
@red259 wrote:My amex AF/statement is due 4/5/23. On 4/5/22 I accepted a retention offer. Amex is telling me if I close or downgrade the plat card before or on 4/5/23 they will clawback all those points. This seems rather stupid because I paid a full AF and its a year later but this is what they are telling me. There is no retention offer because I accepted a retention offer in the prior 12 months.
My question is how can I proceed at this point. Can I just pay the balance owed without shelling out the money for the AF and then contact them on 4/6/23? If I do this will I be hit with any interest/late fees or negative reprecussions? I think some lenders don't hit you with late fees/interest on annual fee charges. Again we are talking only about what is owed on the AF as all the regular charges will be paid off in advance. Will there be a retention offer suddenly on 4/6/23 or do you need to wait 13 months for that? How will it play out if I try to downgrade at that point? Closing date was 3/10/23. My understanding is you can get a refund on the AF if you close the account within 30 days of the closing date. What is the best way to proceed here?
My advice would be to pay it all, including the annual fee. Then on May 5th or later close the card.
Well no. If I keep the card more than 30 days beyond 3/10 then I can't get any refund back on the AF, so I'm certainly not doing that.
When date did the AF post? I think that's when the 30-day cancel window begins. If you're still within the window, then you still have a couple of days to downgrade and them reverse the AF (prorated) before the due date, and then just pay the new amount once done.
@jojo79 wrote:
@red259 wrote:
@SouthJamaica wrote:
@red259 wrote:My amex AF/statement is due 4/5/23. On 4/5/22 I accepted a retention offer. Amex is telling me if I close or downgrade the plat card before or on 4/5/23 they will clawback all those points. This seems rather stupid because I paid a full AF and its a year later but this is what they are telling me. There is no retention offer because I accepted a retention offer in the prior 12 months.
My question is how can I proceed at this point. Can I just pay the balance owed without shelling out the money for the AF and then contact them on 4/6/23? If I do this will I be hit with any interest/late fees or negative reprecussions? I think some lenders don't hit you with late fees/interest on annual fee charges. Again we are talking only about what is owed on the AF as all the regular charges will be paid off in advance. Will there be a retention offer suddenly on 4/6/23 or do you need to wait 13 months for that? How will it play out if I try to downgrade at that point? Closing date was 3/10/23. My understanding is you can get a refund on the AF if you close the account within 30 days of the closing date. What is the best way to proceed here?
My advice would be to pay it all, including the annual fee. Then on May 5th or later close the card.
Well no. If I keep the card more than 30 days beyond 3/10 then I can't get any refund back on the AF, so I'm certainly not doing that.
When date did the AF post? I think that's when the 30-day cancel window begins. If you're still within the window, then you still have a couple of days to downgrade and them reverse the AF (prorated) before the due date, and then just pay the new amount once done.
Pretty sure 30 day window begins on the date of statement closing date in the cycle where AF posts unless you have something that says otherwise. Either way the AF posted on the statement closing date of 3/10 so no matter what I should have until 4/10 correct?
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@red259 wrote:Pretty sure 30 day window begins on the date of statement closing date in the cycle where AF posts unless you have something that says otherwise. Either way the AF posted on the statement closing date of 3/10 so no matter what I should have until 4/10 correct?
This language from the AMEX gold annual fee seems to confirm this: LINK HERE. I would imagine it's the same on their other AF cards; specifically this paragraph.
Amex charges the annual fee on your Card anniversary date. So if you opened your Gold Card on March 10, the fee will be charged that day and every March 10 going forward – as long as your account is open. Amex does offer a 30-day grace period for cancelations, so if next year rolls around and you’d prefer to upgrade, downgrade, or close your Card account, you can do so without having to pay the Gold Card annual fee.
THAT being said; looking at my past statements, it appears the fee does post on the closing date so that answers that.
Here was my experience when downgrading my Gold charge card, and Delta Gold revolver; hopefully it helps clarify some things, and DP's for future searches.
Gold Chargecard - $250 fee posted 12/18/22 (closing date of statement). Min Due - $40.00 on 01/12/23
Delta Gold Revolver - $99 fee posted 12/27/22 (closing date of statement). Min Due - $40.00 on 01/21/23
I waited until the January statements came out and contacted CSR 12/31/22 to ask for retention offers on both. I had none available for the chargecard, but the rep did warn that I was still within the 12 month period of my last retention offer I received, which was back on 01/07/22. I would have to wait until at least 01/08/23 to downgrade/cancel that card and not get a clawback.
For the Delta Gold - I got a retention offer that I did NOT take, and downgraded to the no-fee Delta Blue that date (01/31/22). The change was made effective that date and $97.91 of that AF was reversed, leaving me with $1.09 due 01/21/23
For the Gold charge card - I didn't message them back until 01/16/23 - Once again checked if there was a retention offer but there wasn't. I didn't want to cancel so downgraded to the Green ($150 AF). The change was made effective that day and a $230.13 AF credit was posted to my account to cancel the Gold fee (prorated), and then a $137.32 fee was charged for the 'new' Green card).
I hope this makes sense? In any event, if you are looking to have this month's minimum payment reduced, I would contact them right away to cancel/downgrade so there is still time for the changes to post before due date, unless they offer a retention offer that's too good to pass up!
Good luck!
@jojo79 wrote:
@red259 wrote:Pretty sure 30 day window begins on the date of statement closing date in the cycle where AF posts unless you have something that says otherwise. Either way the AF posted on the statement closing date of 3/10 so no matter what I should have until 4/10 correct?
This language from the AMEX gold annual fee seems to confirm this: LINK HERE. I would imagine it's the same on their other AF cards; specifically this paragraph.
Amex charges the annual fee on your Card anniversary date. So if you opened your Gold Card on March 10, the fee will be charged that day and every March 10 going forward – as long as your account is open. Amex does offer a 30-day grace period for cancelations, so if next year rolls around and you’d prefer to upgrade, downgrade, or close your Card account, you can do so without having to pay the Gold Card annual fee.
THAT being said; looking at my past statements, it appears the fee does post on the closing date so that answers that.
Here was my experience when downgrading my Gold charge card, and Delta Gold revolver; hopefully it helps clarify some things, and DP's for future searches.
Gold Chargecard - $250 fee posted 12/18/22 (closing date of statement). Min Due - $40.00 on 01/12/23
Delta Gold Revolver - $99 fee posted 12/27/22 (closing date of statement). Min Due - $40.00 on 01/21/23
I waited until the January statements came out and contacted CSR 12/31/22 to ask for retention offers on both. I had none available for the chargecard, but the rep did warn that I was still within the 12 month period of my last retention offer I received, which was back on 01/07/22. I would have to wait until at least 01/08/23 to downgrade/cancel that card and not get a clawback.
For the Delta Gold - I got a retention offer that I did NOT take, and downgraded to the no-fee Delta Blue that date (01/31/22). The change was made effective that date and $97.91 of that AF was reversed, leaving me with $1.09 due 01/21/23
For the Gold charge card - I didn't message them back until 01/16/23 - Once again checked if there was a retention offer but there wasn't. I didn't want to cancel so downgraded to the Green ($150 AF). The change was made effective that day and a $230.13 AF credit was posted to my account to cancel the Gold fee (prorated), and then a $137.32 fee was charged for the 'new' Green card).
I hope this makes sense? In any event, if you are looking to have this month's minimum payment reduced, I would contact them right away to cancel/downgrade so there is still time for the changes to post before due date, unless they offer a retention offer that's too good to pass up!
Good luck!
I can't do this. The due date is exactly one year from when I accepted the retention offer. If I did this there would be a clawback of 40k points. I can only make the change after the due date.
@red259 wrote:
@SouthJamaica wrote:
@red259 wrote:My amex AF/statement is due 4/5/23. On 4/5/22 I accepted a retention offer. Amex is telling me if I close or downgrade the plat card before or on 4/5/23 they will clawback all those points. This seems rather stupid because I paid a full AF and its a year later but this is what they are telling me. There is no retention offer because I accepted a retention offer in the prior 12 months.
My question is how can I proceed at this point. Can I just pay the balance owed without shelling out the money for the AF and then contact them on 4/6/23? If I do this will I be hit with any interest/late fees or negative reprecussions? I think some lenders don't hit you with late fees/interest on annual fee charges. Again we are talking only about what is owed on the AF as all the regular charges will be paid off in advance. Will there be a retention offer suddenly on 4/6/23 or do you need to wait 13 months for that? How will it play out if I try to downgrade at that point? Closing date was 3/10/23. My understanding is you can get a refund on the AF if you close the account within 30 days of the closing date. What is the best way to proceed here?
My advice would be to pay it all, including the annual fee. Then on May 5th or later close the card.
Well no. If I keep the card more than 30 days beyond 3/10 then I can't get any refund back on the AF, so I'm certainly not doing that.
I'm pretty sure my experience with American Express has been that they issued me a pro-rated refund. But what do I know? It was years ago, and I'm no American Express expert.
@red259 wrote:I can't do this. The due date is exactly one year from when I accepted the retention offer. If I did this there would be a clawback of 40k points. I can only make the change after the due date.
Ahh... my bad; I missed the date you accepted the offer; I would say then you're only option would be to make the payment due, and contact them on 04/06 or 04/07 to downgrade/cancel and either have them issue a refund if you cancel, or take the prorated statement credit next month.
It may be worth a chat with CSR on options, or to see if reducing you payment below the minimum due will have a negative impact on your relationship with them, if you explain why. I'd error on the side of caution and just pay what's due, and deal with refund/credit after. In any event, you'll still owe about one month of the AF.
@SouthJamaica wrote:
@red259 wrote:
@SouthJamaica wrote:
@red259 wrote:My amex AF/statement is due 4/5/23. On 4/5/22 I accepted a retention offer. Amex is telling me if I close or downgrade the plat card before or on 4/5/23 they will clawback all those points. This seems rather stupid because I paid a full AF and its a year later but this is what they are telling me. There is no retention offer because I accepted a retention offer in the prior 12 months.
My question is how can I proceed at this point. Can I just pay the balance owed without shelling out the money for the AF and then contact them on 4/6/23? If I do this will I be hit with any interest/late fees or negative reprecussions? I think some lenders don't hit you with late fees/interest on annual fee charges. Again we are talking only about what is owed on the AF as all the regular charges will be paid off in advance. Will there be a retention offer suddenly on 4/6/23 or do you need to wait 13 months for that? How will it play out if I try to downgrade at that point? Closing date was 3/10/23. My understanding is you can get a refund on the AF if you close the account within 30 days of the closing date. What is the best way to proceed here?
My advice would be to pay it all, including the annual fee. Then on May 5th or later close the card.
Well no. If I keep the card more than 30 days beyond 3/10 then I can't get any refund back on the AF, so I'm certainly not doing that.
I'm pretty sure my experience with American Express has been that they issued me a pro-rated refund. But what do I know? It was years ago, and I'm no American Express expert.
I'm pretty sure I read you can't get a refund after 30 days. Maybe you can't get a full refund after that time and I just misunderstood.