Just wondering if you think it’s fair for Amex to charge full annual fee for perks, mainly travel and hotels, that cannot be redeemed or utilised. I asked if they could waive it but I got a straight “no we cannot”. Thoughts or advise?
AmEx seems to be seeking to offset its annual fees by bringing out what are, on the face of it, some reasonably generous offers via their “AmEx Offers” promotions and in some other ways. You haven’t specified what cards you have, but examples include:
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Doubling both the number of points given, and the value of those points, on Platinum charge card purchases.
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Giving two extra points per dollar spent at supermarkets with the Platinum Edge card
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10x Membership Rewards points on food delivery, 20x points on Amazon Prime, etc etc.
Different cards have different offers so you need to check what’s being offered on whatever cards you have, but you get my drift. You then need to look at which offers you can/will take up, and whether the value of those offers offsets the annual fee.
I’ve crunched the numbers on the AmEx cards I have and have come to the conclusion that the extra points and other offers that I’ll use, will more than offset the annual fee. But your spending is different so you might come to a different conclusion – in which case you have the option to cancel your card.
You should also be aware that AmEx will almost certainly extend the deadline on any card travel credits you have, if those travel credits are about to expire and you haven’t been able to use them because of Covid-19.
Thanks. I have the platinum charge card which attract $1400 annual fee.
I have the Platinum charge card too (though I pay a lower annual fee than you do). As with all point hacking, the trick is being hard-nosed about it. If the benefits outweigh the cost, keep the card. If they don’t, ditch it. Only you can decide. But you’re earning double points on your purchases, and you will be able to use your travel credits sooner or later (even if they have to be extended) – at least for travel within Australia and NZ.
Do you have the Platinum Reserve card which you can apply for for free if you already have a Platinum charge card? That comes with a $400 travel credit on top of the $450 you get with the charge card.
$850 in travel credits, double points, currently lots of juicy offers … for me in my situation, it’s a no-brainer. But your miles may vary!
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An update from the USA overnight: AmEx is offering what it’s calling “Appreciation Credits” for certain American cards after the annual fees have been paid. Those credits range from US$50 to US$200, depending on the card, and they’re paid into each account after the annual fee is due.
Whether that happens in Australia is anyone’s guess, but it does show that AmEx is working to retain customers through adding value to its cards.