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Amex has made some helpful moves recently to try to get cardholders to keep their cards – particularly for the expensive Platinum Card, because it’s basically impossible to make use of its (normally valuable) travel benefits at the moment.
Things like double points, double value for statement credit redemptions, and extended time periods to hit minimum spend requirements are welcome, but for many cardholders they aren’t really sufficient to justify keeping a card that has an annual fee of £575.
I rang Amex last week to ask if it was possible to have some of the annual fee refunded and was (politely) told there was no way that was happening at that time.
I then explained that I really was looking to keep my card if they could do anything to help me make that decision and was offered a goodwill gesture of 5,000 Membership Rewards Points, which were credited to my account instantly:
That barely makes a dent compared to the annual fee though, so I asked whether my account might be eligible for an additional bonus based on spending x amount over x time period. The agent checked and offered me another 5,000 bonus points for spending £2,500 in total over the next 3 months. With the standard 1 point per £1 earning rate, that was effectively 3 points per £1 on spend I’d likely be making anyway. Amex has since introduced double points on all spend, so I am now earning 4 points per £1 on my next £2,500 of spend, which is an excellent return.
Bottom line
If you are considering cancelling an Amex card, give them a ring first and ask if they can help you justify keeping it instead. As always, being friendly, proactive and persistent will likely lead to the best results.
I am actually expecting to see Amex introduce some additional measures to help keep cardholders happy (I’ll explain my reasoning in a future article), so am content to keep my card for now.
Have you received any bonus points or a different retention offer from Amex? Let us know in the comments what you were offered and whether you accepted!
Would there be any point in calling up with a gold card?
Not sure to be honest, but certainly possible if you’re after your first year so paying an annual fee, or are considering keeping it once the fee kicks in.
I was told this and no offer for 5000 points : You will get one additional point for each full pound charged for an eligible purchase on your Platinum Card®. You will also receive two additional points for each full pound spent with
Platinum Travel service and American Express Travel Online (for a total of four points for each full pound spent). Eligible purchases can be made by the Basic Cardmember and any
Additional Cardmembers on a single Card Account. Eligible purchases are purchases for goods and services minus returns and other credits. Eligible purchases do not include fees or
interest charges, purchases or reloading of prepaid cards, purchases of gift cards, or purchases of other cash equivalents. Points will typically be credited to your Membership Rewards
Account within three days after an eligible purchase you made is posted to your Account. Additional points are not applicable to any Cardmembers who have already opted-in to a double
Membership Rewards point offer. Additional terms and restrictions apply.
The value of your Membership Rewards points when redeemed for the Select & Redeem (Use Points Towards Purchases) option will automatically double from £0.0045 to £0.0090 per
point for the period of the offer. You must always redeem a minimum of 200 Points at any one time for each Eligible Transaction. For full Select & Redeem Terms and Conditions, please
see americanexpress.com/uk/usepointstowardspurchases
The promotions begin on 21 April 2020 and end on 20 July 2020, inclusive. Your Card Account must not be cancelled or past due at the time of fulfilment of any offers. Terms and
Conditions for the Membership Rewards program apply. Visit membershiprewards.co.uk/terms for more information.
American Express Services Europe Limited has its registered office at Belgrave House, 76 Buckingham Palace Road, London, SW1W 9AX, United Kingdom. It is registered in England and
Wales with Company Number 1833139 and is authorised and regulated by the Financial Conduct Authority.
Copyright © 2020. American Express Company. All Rights Reserved.
Quick update for gold members who are in their second or onward years and paying the fee:
I called and asked and they initially said no then I asked again she put me on hold comes back 2 mins later says she’s approved 2000 points max. I said ok.
I then asked for an extension of 6 months to be able to meet my 15k pa spend to get the bonus points and she said she will put a request in and they will let me know in 10 days. I made the point that in previous years I’ve always met 15k pa spend for the bonus so this year it’s simple because of not being able to travel and use my card which is the main reason I have it. I’m hopeful that they will extend it.
I know 2000 points is a small gesture but it’s a gesture none the less and despite them not really being worth a lot I’m more than happy to remain an amex customer and pay the annual fee.
Thanks for they article Joe.
Cheers for the data point Evo!