On this blog, over the years, I’ve written about strategies and tactics you can use to get a good retention bonus once your credit card annual fee posts. After its most recent refresh, the Amex Platinum Card now charges a massive $895. However, over the last few weeks, I’m seeing an increasingly common retention bonus offered on the card. So, what is this offer and is it really worth it? Let’s have a look.
Amex Platinum Card Retention Offer
As per data points on Reddit and other forums, a common type of retention offer is being dangled out to customers. Usually, Amex let’s you use your American Express Membership Rewards points to pay for charges made to your card. However, you really lose value as the ratio is pretty abysmal. At just 0.6 cents per point, for every 100,000 points you redeem, you can get a credit of just $600.
By most estimates, if used wisely, you can redeem your Amex Membership Rewards points for well upwards of 1.5 cents per point. Just have a look at these two examples of how I’ve redeemed my Amex points for outsized value:
- This Points Redemption Delivered an Incredible 4.7 Cents Per Point
- A $4,559 villa for just 40,000 Membership Rewards Points!
- Redeeming Amex Membership Rewards points for 4 cents per point value!
With these new offers, Amex chat reps are claiming to ‘sweeten’ the deal by helping you pay for your annual fee by using your Amex Membership Rewards points. In essence, chat reps are saying that you can now redeem your points to pay the annual fee, with a 1 cent per point valuation.
- The annual fee for the card is $895
- You can now use 89,500 Membership Rewards points to pay for the annual fee
Don’t fall for this trap! If you plan to cancel the card anyway, then you may simply proceed with that. However, redeeming your Amex points for to pay for the annual fee at that rate is still not a great way to use your Membership Rewards points. I’ve already highlighted examples in this post which clearly show how you can get much more value than that when you transfer to Amex’s points transfer partners instead.
The Pundit’s Mantra
As more data points pour in, these offers seem are seemingly looking more common across Amex’s card products that help you earn Membership Rewards points. Unless you really have to, I’d advise against redeeming your points at that value to pay your annual fee.
Have you tried getting a retention offer on the Amex Platinum Card after the latest annual fee increase? If yes, what offer did you get? Tell us in the comments section.
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Credit Card Offers
American Express Business Credit Cards
- Earn 200,000 Membership Rewards points with the Business Platinum Card
- Earn 100,000 Membership Rewards points with the Business Gold Card by American Express
Chase Sapphire Cards
