Photo by Guerric de Ternay on Unsplash
I’ve been hemming and hawing over whether to renew my American Express Platinum card or not. The renewal fee is $550. Honestly, in the past year, the primary value of this card for me has been the use of Centurion Lounges.
The American Express Platinum card has many benefits, most notably,
- Earn valuable Membership Reward points (note to self: I don’t redeem them often enough – my resolution is to start redeeming my Membership Reward points for travel more often perhaps with award trips to Dublin and Asia on points transferred to participating airlines),
- $200 Statement Credit for reimbursement of airline incidentals
- Uber credits (note: I use this benefit because it’s there, but I’m a New Yorker and generally prefer the subway)
- $100 Statement Credit for Saks Fifth Avenue purchases (note: like the Uber credit, I use this benefit because it’s there, but wouldn’t otherwise shop at Saks)
- Centurion and other Airport Lounges (note: I like Centurion Lounges – I frequently fly on AA out of LGA, and my trip begins with a stop at the Centurion Lounge; I’ve visited Centurion Lounges in many cities and there are many new lounges being opened), Priority Pass (note: I get this benefit from other cards as well), Delta Sky Club (note: I’m not flying Delta as much as previously, but I enjoy this perk when I do fly Delta)
- Fine Hotels and Resorts program (note: many people find this benefit valuable, but I admit that I’ve never used it)
- $100 Global Entry reimbursement (note: this is a great benefit, but I’m not due for renewal anytime soon).
On the negative side, I should mention that various travel and consumer protections previously offered by the card have now been withdrawn or diminished, Delta Club Lounge entry is only for one person and the Priority Pass does not include restaurants.
Before canceling a credit card, I usually call customer service to see what options I may have or if there are any additional incentives for me to keep the card.
I decided to call American Express and see if there was a retention offer. I called the phone number on the back of the card and briefly explained why I was considering cancelling the card. I was connected to the Retention Department.
After a brief discussion, the agent, Heather, told me I could use 55,000 Membership Reward points to pay the $550 fee, She said it would normally be 90,000 points. I rejected this offer saying this would be a horrible waste of my points.
Next, she gave me another offer. If I spent $3,000 in three months, I could get either (a) $200 statement credit or (b) 20,000 MR points.
This was a lukewarm offer, but I accepted it anyway, choosing the $200 statement credit. Others say they would have accepted the points. What do you think?
UPDATE: Your responses mean the world to me. You’ve convinced me to switch my response and take points instead of the cash.
A New York frequent flyer who elegantly combines her passions for worldwide travel, running a gazillion marathons all over the globe and staying fit ... without sacrificing her fancy for good wine and food.
I think if you couldn’t get more than 1cpp out of MR, you should cancel. The points are worth way more than $200.
Thanks for your input. I’m leaning towards switching the offer.
Personally I would go for the points
Take the cash…always take the cash. Cash can’t be arbitrarily devalued by Amex. If you’ve been having a hard time redeeming points, why get more?
Points are always more various……..I can think at least in 5 different redemptions to get more than 400 dollars
As a New Yorker, no one generally prefers the subway. It’s just much cheaper.
and faster
Depends. I usually schedule my trips well in advance, that being said, if I had an upcoming trip I’d choose the Airline Credit. If not within the time frame to meet the spend bonus, I’d go with the MR’s and ask for additional MR’s.
If you wouldn’t cash in 55,000 points for $550, why are you willing to take $200 instead of 20,000 points? That’s the came 1cpp value. I would have taken the points.
Hmmm…maybe I should do the same when renewing my Sapphire Reserve. Thanks for the idea….
I’ve never had much luck with a retention offer when renewing a Sapphire Reserve, but maybe now with the price increase perhaps Chase will be more inclined to offer some retention incentives.
Having a hard time getting more than 1cpp value out of Membership Rewards suggests that, yes, you should take the cash. But that you also shouldn’t have an advice blog. Your readers would be better served just going on Reddit.
This was not an “advice” post, but thanks for yours.
Sure it is. You’re recommending people call retention before cancelling a card. Your entire blog is about advising people on how better to earn and use loyalty programs (And profit when they apply for cards using your links that pay you a commission), but it’s clear that you aren’t very proficient yourself.
People would be literally better served on Reddit. Am I mean? Yeah, are you running a business here? Also yeah. Do better.
You are entitled to your opinion, but I disagree with it. This was a personal experience post, not an “advice post.” I welcomed thoughts, including yours. Thanks for sharing.
I did same thing this past summer at my renewal and they gave me a $500 credit. That kept me for another year but not sure i get good value from this card given my limited travel.
I got 30k membership reward points for spending 3k dollars as my retention offer.
Amex no longer provides $ 200 airline credit as of renewal date in 2020
Where did you see that? Do you have a link? The website still says $200 in airline credit. https://www.americanexpress.com/us/credit-cards/card/platinum/
I had the same offer last week but I find the credits hard to use and downgraded to Green. Enough of the Platinum benefits are duplicated on other cards. At least Green gives 3x all travel and dining.
Real simple. Even if you own your business .. Pay thru your business .its a tax deduction . so really costs you much less m
There are many more benefits. There are retail benefits such as purchase protection and/or extended warranty that may be embedded. You may have baggage protection but it would not extend to delayed bags. You also have car rental benefits that acts as secondary and if your primary doesn’t extend, it could become primary. It’s world wide except for a few excluded and/or sacrificed countries.
Sanctioned not sacrificed.
Agreed about the benefits. I was just listing some, not all. Thank you.
Btw your Uber credit also applies to Uber Eats May be more relevant for city dewellers who use the subway
Yes, and I’m thankful that Sweetgreens is on Uber Eats. However, I’ve found that (even with all the discount codes and coupons) the price markup is a lot.