July 31, 2017

My American Express Business Platinum Retention Offers

My American Express Business Platinum credit card's annual fee came due this weekend. It costs $450. That's pretty steep. However, I still love the benefits of this card a lot that I strongly believe that those benefits can really pay for the annual fee itself per year. Just with any other services, credit cards also have retention department that you can talk to someone to see if they have any offers prior to closing the card.

Enjoy Complimentary Drinks at American Express Centurion Lounge in Miami Airport With
American Express Business Platinum Credit Card's Privilege.

I called the American Express number on the back of my Platinum card. I said "cancel" to the automated machine. It then took me to a customer service representative. After verification, I told her about considering closing the card. That's when she had to bring up a specialist that handles retention. The process is rather simple and just be prepared to have a reason to answer the question why you want to close the account?

The specialist took a minute or so to check something out and then returned to offer me two options:
  1. $150 statement credit or 15,000 Membership Rewards Points - no spending requirement. 
  2. 6,000 Membership Rewards Points right away, plus if I spend $15,000 on the card in the next three month, I'll be rewarded additional 12,000 Membership Rewards Points
While #2 gives me opportunity to earn more points, but $15,000 spend is ridiculously high. So I opted for option #1. I picked the 15,000 Membership Rewards Points instead of the statement credit. The reason behind that is because I value points more than cash. Amex Membership Rewards Points are worth 1.9 cents a piece to me, so for 15,000 points that equals to $285. 

For the time being, I do think I'll keep my American Express Business Platinum Credit Card for now. As I mentioned above, although the annual fee is high, the benefits of this card can easily pay off the annual fee itself in a year. Here are the benefit that I value on this card:
  • Annual $200 airline credit - that lowers that annual fee to $250 per year. 
  • Access to American Express Centurion Lounges at airports. 
  • Access to Delta Sky Club at airports when flying with Delta. 
  • Access to Domestic and International Lounges at airports with Priority Pass.
  • Gold status with Hilton and Starwood (SPG). Great for complimentary room upgrade and earn bonus hotel points during paid stay. 
  • 10 Gogo in-flight wifi passes and unlimited wifi at Boingo hotspot. 
  • $100 credit for Global Entry and TSA Pre-Check. 
  • 35% points back when redeem Amex Membership Rewards Points for First & Business classes tickets with any airline. 
  • 5 points/$ spend on travel bookings through American Express Travel site. 
  • 1.5 points/$ spend on on purchases of $5,000 or more.
There are more benefits that come with this card such as purchase protection, rental car insurance, concierge services, etc. The concierge service was nice. I used it to book Broadway Tickets for New York City.


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