Lost Amex Platinum Sign-Up Bonus, Need Advice

[NRB525]

OP, sorry to hear this happened, but thanks for sharing.

The limit you have on the Platinum was probably not reduced. The payment for the first $4k ( if I have the timing right ) was only starting to clear the banking system. That should be allowed to go a week or so. The $2k was likely the remainder of a line of about $5k total credit line. Waiting a few more days, using a different card if the $1,500 had to be paid immediately, and returning over the next several weeks to finish the $5k on the Platinum May have worked better.

The Platinum is a nice card. Sometimes people don’t keep it.

[Brian_Earl_Spilner]

If I remember correctly, the charge cards work off a rolling 6 month period and your spend limit is based on your spending patterns. You hadn't established a pattern yet so you were limited. You could have asked for a temporary increase to complete the transaction as you had paid the $4k off. Your best bet is to reach out to the executive office and explain that you were not instructed properly about how the card functions, nor did they try to retain you or read any disclosures when you terminated the account.

BTW, the rep is correct, amex will allow you to reopen your card within 30 days, so it is the same account.

[hawkins]

I will not judge you man. I did something stupid the other day myself that caused a loss of bonus but oh well. You did what you did. I did what I did. If you reopened it then leave it that way. If not then leave it that way. Either way call it a learning experience and yes for sure read before you react. Amex did nothing wrong so please just take the hand that was dealt and accept that you make a mistake much like I did. Life goes on. 

[TheBoondocks]

This is also the reason why we shouldn't Chase bonuses, let the bonuses chase us if that makes sense lol. But man, even if you did close it, get it reopen and at least use the credits that you already paid for. That's what I would do but it happens to all of us from the young to the old.

[Anonymous]

the reps pretty much said the same thing about why the $1500 didn't go through, and the payments probably needing time to clear

[Anonymous]

the rep did attempt a temporary increase, but she said ultimately, my car purchase hindered it

i will reach out to executive office

i will update you all if anything changes

from what i'm reading, the terms say they "may" not give the points if i cancel within the first 12 months; it does not say it's set in stone that i can't get them

funny, waited til i was going to spend $5000 to apply for this card and then get blocked from spending $5000.. i personally think there should be a minimum spending power of $5000, no matter what, if they decide you're approved 

either way, i've accepted i made a mistake and moving on; live and learn 

[CJ7]

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@Anonymous wrote:

i personally think there should be a minimum spending power of $5000, no matter what, if they decide you're approved 

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I had no idea that AX would approve a Platinum NPSL card (with a massive annual fee)

without at least $10K of backing.  This whole "You just bought a car" excuse to further reduce

your internal limit absolutely boggles my mind.

It seems AX is so anxious to get that $550 that they're approving Platinum cards with

$500 NPSL's.  In the old days, NPSL pretty much meant unlimited within reason but they

didn't just approve everyone who applied, either!

[Anonymous]

Escalate the case to EO, but please, do stay calm, its not end of the world, and they may help you out in the end.

[CreditInspired]

Hi OP and welcome to MyFICO

OK, so what happened stinks to high heaven but as some have said, what’s done is done. So, I say treat this as a lesson learned and here are some pointers for CCs with bonuses in the future. 

1. You had 90 days to reach the $5K spend to get the bonus. You spent $4K in a few weeks. So there was absolutely no need or rush to spend another $1K so soon after?

2. Remember that CSRs are frontline employees. They deal with all kinds of people’s emotions day in day out. They don’t make the decisions. They follow a script. So, it’s no skin off their backs if a customer gets mad and say “close it then.” Once those words are uttered, unless you’re Bill Gates or somebody that’s really making AmX a lot of money, all they do is hit the cancel card button and say DONE before you even know what happened. 

3. Also, you have a grace period of 30 days interest free, so again, no need or rush to charge up a big balance and immediately pay it off. As others have said, you didn’t even give AmX a chance to understand your spending patterns/ payment history. 

4. Please also understand that just because the Plat has a humongous AF, which of course you knew when you applied, it doesn’t mean that AmX has to give carte blanc power spend on its charge card. It’s their perjogative to limit any possible risk. 

Again, it is a hard lesson learned. And filing a complaint would just cause a bad relationship between you and AmX and you still wouldn’t win. I think a nice polite, kind of grovelling email to the EO saying you really didnt understand the terms (don’t say CSR neglected to tell you the terms) and how you regret cancelling a card that you really want, and respectfully request that the SUB also be reinstated upon reopening the card. Yes, in your email use the words “respectfully request.”

GL2U

[Brian_Earl_Spilner]

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@CJ7 wrote:

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@Anonymous wrote:

i personally think there should be a minimum spending power of $5000, no matter what, if they decide you're approved 

---

I had no idea that AX would approve a Platinum NPSL card (with a massive annual fee)

without at least $10K of backing.  This whole "You just bought a car" excuse to further reduce

your internal limit absolutely boggles my mind.

It seems AX is so anxious to get that $550 that they're approving Platinum cards with

$500 NPSL's.  In the old days, NPSL pretty much meant unlimited within reason but they

didn't just approve everyone who applied, either!

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Indeed. When I got my gold, back in the day, I spent $10k my first month. Just got a couple phone calls asking me if I would like to make a payment near the end.