Platinum AMEX Renewal during covid-19

[muppet]

That’s a promising report @Ace3162.

I’m not sure it will be enough to entice me though.

I can’t see many bennies with this card being useful until mid-next year under the best case scenario. I think I’d need a fee waiver.

 

[samuson]

August, update
Summary: 150K points offered to renew card membership.

AmEx Plat Charge card Renewal (personal not business)
$1,450 membership renewal is this month. Spend is about $4K to $5K per month.

When you say renewal is this month, has the $1450 renewal fee already appeared on your latest statement?

 

[sambo]

August, update
Summary: 150K points offered to renew card membership.

Thanks for reporting Ace - that is very good to know, will give them a call shortly and see what they offer me.

 

[Ace3162]

When you say renewal is this month, has the $1450 renewal fee already appeared on your latest statement?

Yes.
This years $1,450 had appeared on the statement already. (Start of this month... due in a few days)
So, I guess either by good luck or good planning, perhaps I’d called them at the right time.

 

[Bell21]

@Ace3162, you did well - my data point is not so good .

My personal Plat card fee is due in a few days. The first rep we spoke to flat-out refused to provide any incentive (including bonus points), referring to the WW $400 credit and shop small as examples of what they're doing to offset the card fee. Even when it was pointed out that we would be unlikely to utilise many benefits of the card in the next 12 months, it got me nowhere. When we called back again a few hours later, we got exactly the same reply.

By way of comparison to @Ace3162, who got offered 150,000 bonus points, we spend similar $ per month, have had the card for a few years, and always pay the monthly $ in-full, on-time.

We did, however, run the card hard during the double points promotion and increased our usual monthly spend substantially, so I wondered if they looked at our account, and figured that we'd gained substantial bonus points during that, hence their unwillingness to offer us anything to keep the card?

If anyone has any ideas, why our experience is so different to Ace3162, I'd be interested.

 

[Doctore1003]

If anyone has any ideas, why our experience is so different to Ace3162, I'd be interested.

I thought credit providers were banned from offering retention bonuses when new credit laws came into effect last year? Not sure of all the details though.

 

[Daver6]

@Ace3162, you did well - my data point is not so good .

My personal Plat card fee is due in a few days. The first rep we spoke to flat-out refused to provide any incentive (including bonus points), referring to the WW $400 credit and shop small as examples of what they're doing to offset the card fee. Even when it was pointed out that we would be unlikely to utilise many benefits of the card in the next 12 months, it got me nowhere. When we called back again a few hours later, we got exactly the same reply.

By way of comparison to @Ace3162, who got offered 150,000 bonus points, we spend similar $ per month, have had the card for a few years, and always pay the monthly $ in-full, on-time.

We did, however, run the card hard during the double points promotion and increased our usual monthly spend substantially, so I wondered if they looked at our account, and figured that we'd gained substantial bonus points during that, hence their unwillingness to offer us anything to keep the card?

If anyone has any ideas, why our experience is so different to Ace3162, I'd be interested.

Couple of points. Firstly, it's a charge card, so you have no option but to pay in full each month. Secondly, I don't think how much you spend each month plays too much into whether they offer a retention bonus or not. Couple of years ago I got a nice sized one, this year they wouldn't offer me a single point. My spending sounds similar to yours and @Ace3162.

I thought credit providers were banned from offering retention bonuses when new credit laws came into effect last year? Not sure of all the details though.

Correct. This is a charge, not credit card so it doesn't apply.

 

[Bell21]

Couple of points. Firstly, it's a charge card, so you have no option but to pay in full each month. Secondly, I don't think how much you spend each month plays too much into whether they offer a retention bonus or not. Couple of years ago I got a nice sized one, this year they wouldn't offer me a single point. My spending sounds similar to yours and @Ace3162.



Correct. This is a charge, not credit card so it doesn't apply.

Thanks - yes, I doubted monthly spend makes a difference nor paying card on time given card requirements - they were just data points - I was intrigued Why @Ace3162 had such a remarkably different outcome to me!

 

[trippin_the_rift]

Got rid of mine.

- Airline points are 100% useless now, and they will be useless even as demand picks up. Think about it - even if the world were to go back to normal tomorrow, there have been more points EARNED into the system than can be BURNED on flights. There will be a backlog of points redemption demand, thus snagging any good seats will be almost zero, even for Platinums.

- Travel credit is worthless this year

- Status benefits on the card (Hilton/Marriott/Shangri-la/Radisson). These chains have extended your status for at least 1-2 extra years anyway. No need for Amex.

- Accor Plus, totally worthless this year

- Priority pass, worthless this year

I may re-apply next year or when travel becomes a thing again.
Until then, this card is garbage.

 

[GoldCanyon340]

I thought credit providers were banned from offering retention bonuses when new credit laws came into effect last year? Not sure of all the details though.

Is that for Australian sourced provders though? Last year I was offered 50k MR points (25k QF) to extend my DJ Amex credit card for a year. TYVM.

 

[GoldCanyon340]

Got rid of mine.

- Airline points are 100% useless now, and they will be useless even as demand picks up. Think about it - even if the world were to go back to normal tomorrow, there have been more points EARNED into the system than can be BURNED on flights. There will be a backlog of points redemption demand, thus snagging any good seats will be almost zero, even for Platinums.

- Travel credit is worthless this year

- Status benefits on the card (Hilton/Marriott/Shangri-la/Radisson). These chains have extended your status for at least 1-2 extra years anyway. No need for Amex.

- Accor Plus, totally worthless this year

- Priority pass, worthless this year

I may re-apply next year or when travel becomes a thing again.
Until then, this card is garbage.

My new Priority Pass card arrived yesterday and its expiry is August 2023. The airline points, if converted from MR, aren't useless as the Plat Charge doesn't sweep. I can drop whatever spending I want onto my Plat and Amex allows it all, maybe because I am an ex-Centurion but that is still a VERY handy option to have in your wallet. The nett fee for Plat Charge this year is $200 (travel credits + supermarket charge back) - that is not my definition of garbage.

 

[trippin_the_rift]

My new Priority Pass card arrived yesterday and its expiry is August 2023. The airline points, if converted from MR, aren't useless as the Plat Charge doesn't sweep. I can drop whatever spending I want onto my Plat and Amex allows it all, maybe because I am an ex-Centurion but that is still a VERY handy option to have in your wallet. The nett fee for Plat Charge this year is $200 (travel credits + supermarket charge back) - that is not my definition of garbage.

Your priority pass is linked to Amex and cancels if you cancel your amex. Therefore the Aug 2023 expiry doesn't mean much. You'll need to continue paying $1450/yr to Amex to keep that PP card active. Hotel status is not linked to Amex activity and operates independently.

Cent lounges are not a thing this year. Neither is travel credit.

I think the card is great in good times, but the annual fee is entirely unjustified in 2020.
Better to cancel now and reapply next year and cash in on the signup bonus too.

 

[GoldCanyon340]

Your priority pass is linked to Amex and cancels if you cancel your amex. Therefore the Aug 2023 expiry doesn't mean much. You'll need to continue paying $1450/yr to Amex to keep that PP card active.

But this year's annual fee is $200 if you utilise the trvbel credits and then get them pushed out or resissued. Even if you argue the renewal is $1450 then that is a good price to have essentially a card without limits in your back pocket; $1450 is not a lot of money.

 

[Daver6]

Got rid of mine.

- Airline points are 100% useless now, and they will be useless even as demand picks up. Think about it - even if the world were to go back to normal tomorrow, there have been more points EARNED into the system than can be BURNED on flights. There will be a backlog of points redemption demand, thus snagging any good seats will be almost zero, even for Platinums.

- Travel credit is worthless this year

- Status benefits on the card (Hilton/Marriott/Shangri-la/Radisson). These chains have extended your status for at least 1-2 extra years anyway. No need for Amex.

- Accor Plus, totally worthless this year

- Priority pass, worthless this year

I may re-apply next year or when travel becomes a thing again.
Until then, this card is garbage.

I disagree that travel credits are useless. Most of us will still travel in Australia or our own state. Travel credits can quite easily be used. Same with Accor Plus but a bit more limited.

Also, for those of us who aren't on AFF and serious about maximising value, I know several of my friends have just decided to use their points for wine and other toaster like things at the rewards store. Their rationale being that they can't use them for flights so burning them down elsewhere. So I'm not as convinced as you are that such a big backlog of points to be redeemed when things return to normal.

At the end of the day, it still makes sense to earn points somewhere for your purchases that you're going to make regardless. The Plat card is useful in terms of warehousing. If you can/do make use of the travel credits and the various cash back offerings, then this is still one of the better options available.

I'm curious what card you see as a better option at the moment for storing points.

 

[GoldCanyon340]

The Plat card is useful in terms of warehousing. If you can/do make use of the travel credits and the various cash back offerings, then this is still one of the better options available.

I agree with warehousing. As one of the few cards grandfathered into the non-sweep regime I find the Plat Charge (and my ex-Centurion) invaluable .

I'm curious what card you see as a better option at the moment for storing points.

...and for benefits in general. Amex has been more than proactive this calendar year compared to other cards in my portfolio.

 

[muppet]

... $1450 is not a lot of money.

By all means GoldCanyon340 .... your donation should help Amex.

I'm with @trippin_the_rift and will most likely (absent an amazing retention offer) cancel next month before the fee is due and then I'll sign up again once travel is a thing.

$1,450 is a lot of money for me to spend on a credit card fee...

• VA Lounges - who knows
• PP Lounge - useless at least until July 2021 maybe even longer
• Amex Lounges - as above
• Credits... sure I could probably make some use of the credits, but Amex travel is hit and miss on price competitiveness ... easier to spend my own money
• Cashback credits - they're available on even the cheapest Amex and co-brand bank cards... no need to pay $1,450 for that privilege

Re: the warehousing of points ... isn't that effectively devaluing your points if you have to pay $1.5k to "warehouse" them??

 

[GoldCanyon340]

By all means GoldCanyon340 .... your donation should help Amex.

And hopefully your sarcasm helps yourself. Ultimately it can only help you.

 

[GoldCanyon340]

By all means GoldCanyon340 .... your donation should help Amex.

I'm with @trippin_the_rift and will most likely (absent an amazing retention offer) cancel next month before the fee is due and then I'll sign up again once travel is a thing.

$1,450 is a lot of money for me to spend on a credit card fee...

• VA Lounges - who knows
• PP Lounge - useless at least until July 2021 maybe even longer
• Amex Lounges - as above
• Credits... sure I could probably make some use of the credits, but Amex travel is hit and miss on price competitiveness ... easier to spend my own money
• Cashback credits - they're available on even the cheapest Amex and co-brand bank cards... no need to pay $1,450 for that privilege

Re: the warehousing of points ... isn't that effectively devaluing your points if you have to pay $1.5k to "warehouse" them??

Pathetic

 

[Bell21]

Got rid of mine.

- Airline points are 100% useless now, and they will be useless even as demand picks up. Think about it - even if the world were to go back to normal tomorrow, there have been more points EARNED into the system than can be BURNED on flights. There will be a backlog of points redemption demand, thus snagging any good seats will be almost zero, even for Platinums.

- Travel credit is worthless this year

- Status benefits on the card (Hilton/Marriott/Shangri-la/Radisson). These chains have extended your status for at least 1-2 extra years anyway. No need for Amex.

- Accor Plus, totally worthless this year

- Priority pass, worthless this year

I may re-apply next year or when travel becomes a thing again.
Until then, this card is garbage.

Thanks - it's a tough one for me - I've gained amazing benefit from the card over the last few years - i typically get conservatively about 3 to 4 times the value of the card fee in the benefits I use on the card, as i run a business, so a lot of the 'perks' I'd actually pay for myself if they weren't included in the card.

I do value the AFR benefit, as I'd pay for it myself, and IF the state borders re-open in the next 6 months, I should be able to use the $850 in travel credits - I also value the $400 WW credit as part this coming year's perks (as well as the significant bonus points I earnt in the promotion) and I might get use out of the Accor Day Stay even for local staycation to celebrate some special events. I also value the nature of the 'no limit' charge card. So I can make a case for the card, but it's definitely a 'justification' in these times!

Mainly though I'm curious if anyone can shed insight on the way the card companies make decisions on retention bonuses - I'm assuming it's not just HUCA and it's likely to be some formula in their systems that gets @Ace3162 to get 150,000 points, whilst I get offered none?

 

[Atom]

By all means GoldCanyon340 .... your donation should help Amex.

I'm with @trippin_the_rift and will most likely (absent an amazing retention offer) cancel next month before the fee is due and then I'll sign up again once travel is a thing.

$1,450 is a lot of money for me to spend on a credit card fee...

• VA Lounges - who knows
• PP Lounge - useless at least until July 2021 maybe even longer
• Amex Lounges - as above
• Credits... sure I could probably make some use of the credits, but Amex travel is hit and miss on price competitiveness ... easier to spend my own money
• Cashback credits - they're available on even the cheapest Amex and co-brand bank cards... no need to pay $1,450 for that privilege

Re: the warehousing of points ... isn't that effectively devaluing your points if you have to pay $1.5k to "warehouse" them??

My card is due for renewal this month. I certainly did not think that $1,450 is insignificant. For that matter, I only pay $1,200 for my card and I struggle to see that amount of value in the next 12 months. $1,200 may not make a big difference in my life but I can think of many things to do with that money and so could many other people regardless of how wealthy they may be.

For example, for me $1,200 could pay for an iPhone 12 when it comes out.