Lost Amex Platinum Sign-Up Bonus, Need Advice

[Save-n-Invest]

OP,  I sailed along with American Express for many years, decades actually.  No issues whatsoever. I was never in a life threatening situation that required cc intervention so I can't speak to that. I was swipe and pay like so many other card holders. 

In 2015 I sinned American Express. I claimed  reward for the first time. Prior to that I never had a reward or SUB. Still no SUB as Amex has a talent for finagling out of those. That Original Sin was to use MR rewards to pay for an item on a then current statement. The rewards person went crazy on me. "I KNOW YOU DO HOME RENOVATIONS. I KNOW YOU SHOP AT HOME DEPOT".  She was determind to deny the item payment with MR and force me to take a useless gift card. Amex faithful, please hold your fire. I don't shop at Home Depot.

The relationship was difficult since that first time of receiving an earned reward per the t&c. My take is that if rewards or even a SUB is important to you consider a different card issuer.

I've used my SD when things get too far out of control with that issuer. If I was on the hook for $550 I would have cancelled and never looked back. 

Sorry for your situation. I hope the EO gives you some consideration.

Good luck!

[Anonymous]

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@CreditInspired wrote:

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

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^This

The part bolded is especially important. A lot of times how we say something in an email is more important than what we say. Saying "I didn't understand the terms. Is there any way you can help me?" puts the agent on your side, and in a position where they are more likely to have empathy and want to help you. Saying "The CSR neglected to tell me the terms", first off uses negative language, but more importantly establishes a sort of adversarial groundwork for the conversation to follow, and sets the current rep on defense.

I'm really glad you brought this up. It's a point so many people miss.

[CreditInspired]

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@iced wrote:

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@CJ7 wrote:

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@Anonymous wrote:
The color of the card has no influence on its spending power.

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There was a time when it did.  In the day, I believe the Gold was backed by at least 25K

through a separate financial institution.  If someone whipped out their Platinum to pay for something,

it meant they had excellent credit and significant resources and could basically buy the whole store

or even a car with it.  It was a thing of prestige.  Now, they'll dole one out to anyone with a 650 score and

$550 they're willing to part with.  And get assigned some laughable internal limit.

Imagine if one or more of your major revolvers cut your limit because they saw a new auto loan on your report.

People would be fuming.  But when AX does it to a charge card, it's somehow OK because it's mitigating risk.

The next time I see someone insert their Platinum into the chip reader, I'll know there's a decent chance that

any card in my wallet actually has more buying power.  So much for prestige.

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If one of my banks, revolving or charge, cut my credit because of my recent financial actions, I'd still think it was mitigating risk. Cutting a limit and reducing "spending power" on a charge card is the same thing. And I'd have nobody to blame for them doing it except me - they didn't make me seek new credit or extend myself further. Why should I (or anyone) take it out on a bank? Own your financial decisions and consequences rather than blame entities that are basically lending you their money on faith.

If I loaned $10,000 to a friend and he went and borrowed another $10,000 from another friend, I'd be pretty concerned that my money is at risk, and if I could pull that money back I probably would.

As for prestige, it's something that should have had and continues to have no place in the credit world. It's an archaic, meaningless concept created by the insecure for the insecure. The next time I see someone whip out a card in a fashion that screams "hey look, I'm a baller!" I'll continue to roll my eyes like I have every other time I see such insecure behavior.

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This is a perfect analogy!!!! Your entire post hits the nail squarely on the head.

[Brian_Earl_Spilner]

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@iced wrote:

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@AverageJoesCredit wrote:

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Good points though i gotta say im sure the banks themselves have a huge part in creating the image of prestige  through countless advertising and promoting. Amex didnt get that old image that many in  john q public still hold onto from the 80's by happenstance

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I completely agree.

People's susceptibility to marketing and being told they're special is what makes this work. Today's version of this is the "influencer" who has throngs of fools who will blindly accept and imitate whatever crap they peddle. Psychics also thrive on this weakness.

American Express didn't become presitgious on its own merits or through word of mouth. They advertised the crap out of it and painted the picture of luxury so long it stuck. A century ago, nobody went xmas shopping for gifts, proposed with diamond rings, or made girls wear pink and boys blue or used mouthwash - these are all entirely things today because people got told they were by marketers and they bought it.

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A good one is Santa. A lot of people don't realize the jolly old elf in a red suit that we know today, was formed by Coca-Cola ad campaigns starting in the 30s.

[Anonymous]

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@blindambition wrote:

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@Anonymous wrote:

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@blindambition wrote:

Sorry about the situation OP.

Amex has certainly changed, like most. I won’t get into whether good, or not. However, it is no longer a prestigious card to have. As stated, they want to charge that $550 to as many people as possible. They seem to cut corners where they can.

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So, are you saying people would pay $550/yr for Prestige?  No, people pay $550 a year for the benefits the card offers. That has nothing to do with the spending power on the card. Again, you’re paying for the benefits. 

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When I say prestige.. I’m referring to the stringent qualifications it once took to have the platinum card. As for benefits... Tell me the actual benefit on this card when they can spend $500, $1000, $1500. There isn’t any if they are prevented from actually trying to use them on those limits.

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Many of the benefits are non-monetary - like the lounge access, Uber credits, etc.  Others require little spend, like the airline credit. To be honest, the card is not that useful for regular spend at all. It’s all about the benefits. And yes, when used properly, they outweigh the AF. 

[Anonymous]

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@iced wrote:

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As for prestige, it's something that should have had and continues to have no place in the credit world. It's an archaic, meaningless concept created by the insecure for the insecure. The next time I see someone whip out a card in a fashion that screams "hey look, I'm a baller!" I'll continue to roll my eyes like I have every other time I see such insecure behavior.

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Only time I even have it on me is to get into a lounge. I have more need of the physical gold card, for restaurants.

[AverageJoesCredit]

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@Brian_Earl_Spilner wrote:

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@iced wrote:

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@AverageJoesCredit wrote:

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Good points though i gotta say im sure the banks themselves have a huge part in creating the image of prestige  through countless advertising and promoting. Amex didnt get that old image that many in  john q public still hold onto from the 80's by happenstance

---

 I completely agree.

People's susceptibility to marketing and being told they're special is what makes this work. Today's version of this is the "influencer" who has throngs of fools who will blindly accept and imitate whatever crap they peddle. Psychics also thrive on this weakness.

American Express didn't become presitgious on its own merits or through word of mouth. They advertised the crap out of it and painted the picture of luxury so long it stuck. A century ago, nobody went xmas shopping for gifts, proposed with diamond rings, or made girls wear pink and boys blue or used mouthwash - these are all entirely things today because people got told they were by marketers and they bought it.

---

A good one is Santa. A lot of people don't realize the jolly old elf in a red suit that we know today, was formed by Coca-Cola ad campaigns starting in the 30s.

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🤯 say it aint so? Not 🎅😥 at least tell me he DOES still carry an Smex or at least drives a Panzer??😯

[Anonymous]

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@iced wrote:

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@CJ7 wrote:

---

@Anonymous wrote:
The color of the card has no influence on its spending power.

---

There was a time when it did.  In the day, I believe the Gold was backed by at least 25K

through a separate financial institution.  If someone whipped out their Platinum to pay for something,

it meant they had excellent credit and significant resources and could basically buy the whole store

or even a car with it.  It was a thing of prestige.  Now, they'll dole one out to anyone with a 650 score and

$550 they're willing to part with.  And get assigned some laughable internal limit.

Imagine if one or more of your major revolvers cut your limit because they saw a new auto loan on your report.

People would be fuming.  But when AX does it to a charge card, it's somehow OK because it's mitigating risk.

The next time I see someone insert their Platinum into the chip reader, I'll know there's a decent chance that

any card in my wallet actually has more buying power.  So much for prestige.

---

If one of my banks, revolving or charge, cut my credit because of my recent financial actions, I'd still think it was mitigating risk. Cutting a limit and reducing "spending power" on a charge card is the same thing. And I'd have nobody to blame for them doing it except me - they didn't make me seek new credit or extend myself further. Why should I (or anyone) take it out on a bank? Own your financial decisions and consequences rather than blame entities that are basically lending you their money on faith.

If I loaned $10,000 to a friend and he went and borrowed another $10,000 from another friend, I'd be pretty concerned that my money is at risk, and if I could pull that money back I probably would.

As for prestige, it's something that should have had and continues to have no place in the credit world. It's an archaic, meaningless concept created by the insecure for the insecure. The next time I see someone whip out a card in a fashion that screams "hey look, I'm a baller!" I'll continue to roll my eyes like I have every other time I see such insecure behavior.

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the idea of them mitigating risks is funny to me.. in my opinion, banks are not extending revolving credit in good faith.. they're lending it to people they know will only make minimum payments and they're racking up on interest.. the only faith they have is in people not wanting to miss payments and incur late fees and mess up their credit with a late payment.. i know too many full-time students with no jobs, $7000 credit limits and making minimum payments with their student loans

if i lend $10,000 to a friend, it should be after researching that even if he went and borrowed another $10,000 from someone else, they'd still be able to pay me back.. if we have a contract, i wouldn't seek to take it back because they borrowed from someone else; i'd wait for a breach in our contract and then sue.. i shouldn't be loaning $10,000 if i'm not in a position to lose it.. 

while i disagree with your view that banks are the good guys, i do believe it's ridiculous for people to do things like, spend more than what's in their accounts and then get mad at overdraft fees and call banks evil.. 

with products like the centurian card, crafted for elite spenders, kinda hard to believe presitge is a meaningless concept 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

thanks

yeah, seems like best thing is to cancel again..

I do attend Laker games and the Centurian lounge at Staples would come in handy, but I was also in it for the flights and without the 60,000 kickstart, seems like a lost cause 

they only asked why i wanted to close it and i said because I'm trying to make purchases to get the sign up bonus but i'm being blocked from pursuing the bonus.. after that, they didn't say or read anything. they just said okay and closed it.

when you canceled, did you have to pay the annual fee?

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I'm not sure I understand the portion of your comment I highlighted.  Your intention was to use the Platinum card to purchase airline tickets?

BTW, what would be the basis of your complaint to the CFPB?

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yes, i want to use points to get airline tickets 

i never said i was going to file a complaint.. i just said i'd look into it, as in research what could be done..

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

thanks

yeah, seems like best thing is to cancel again..

I do attend Laker games and the Centurian lounge at Staples would come in handy, but I was also in it for the flights and without the 60,000 kickstart, seems like a lost cause 

they only asked why i wanted to close it and i said because I'm trying to make purchases to get the sign up bonus but i'm being blocked from pursuing the bonus.. after that, they didn't say or read anything. they just said okay and closed it.

when you canceled, did you have to pay the annual fee?

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I'm not sure I understand the portion of your comment I highlighted.  Your intention was to use the Platinum card to purchase airline tickets?

BTW, what would be the basis of your complaint to the CFPB?

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yes, i want to use points to get airline tickets 

i never said i was going to file a complaint.. i just said i'd look into it, as in research what could be done..

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The answer is... there is nothing you can do. You have no recourse because you closed the account and because sign up bonuses are added perks, not contractual, and AMEX or any other issuer can decide not to give them any time for any reason.