Buenos dias everyone. The annual fee posted on my American Express Business Platinum Charge Card on April 26, and since I hate making phone calls, I waited until the very last minute to call about canceling the card. American Express will only refund your annual fee if you cancel or downgrade within 30 days of when the annual fee posts to your card.
Once I finally resigned myself to getting on the phone, I told the representative that I wanted to speak with someone about closing my account because of the recent changes to the Membership Rewards Pay with Points rebate. She mentioned the fact that the card now earns 5 points per dollar spent on amextravel.com, then placed me on hold for several minutes and then handed me off to someone from their OPEN Membership Consulting team.
The second representative was very friendly, mentioned my long history with American Express (I’ve been a “Member Since” 2010), the amount of spending I have put on this card, and commented on the fact that I have several accounts with them. He acknowledged my concerns about the changes to the program, and noted that the benefit has gone from 30% to 50% back down to 35% over the past 8 months.
He then told me since I’m a valuable customer to them, he had two options for me if I wanted to keep the account open: a $350 statement credit or 50,000 Membership Rewards points – with no spending requirement. He even pointed out that with the $200 annual travel credit, they were basically paying me to keep the card open.
My jaw literally dropped when he told me the offers, but I quickly recovered and said that I would take the points. He read me a long disclosure, which I acknowledged, and then we went our separate ways. This is the largest retention bonus I’ve ever heard of for any Platinum card – American Express must be hearing from a lot of people about the recent changes.
Do the changes to the Pay with Points rebate affect your desire to apply for or keep the American Express Business Platinum Charge Card? What’s the best retention bonus you’ve ever received? Let me know in the comments.