I Canceled My Amex Business Platinum Card...

The Amex Platinum Cards have BIG annual fees and require you to use a bunch of credits to get good value. The business benefits didn’t make sense for me anymore, so it’s time to CANCEL. Click “Show More” to see Ad Disclosure, links, and additional information below.

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American Express credit cards offer a ton of value for certain types of people. Lately, a number of Amex cards have been getting annual fee increases along with additional benefits. Many of those benefits come in the form of credits valid at select partner merchants (e.g. Dell, Adobe, Indeed, etc.). So, if you wouldn’t normally spend at those businesses, then the current annual fee of $695 could be difficult to justify.

While the Amex Business Platinum Card did provide me with good value over the past cardmember year, especially with the Dell credits, I don’t see the same value for the next year.

So, I asked for an Amex retention offer to see if there’d be a way to justify paying the annual fee for the next year.

Unfortunately, I only received a $100 statement credit.

After running the numbers, I’d still end up paying Amex in order to keep the account open, so it made the most sense to close it and move on.

Keep in mind that Amex retention offers can vary from one person to another (i.e. overall account) and one card to another. They’re also targeted and not guaranteed, so it can still be worthwhile to ask at least once per year if an offer is available. That way if you’re on the fence about canceling your credit card, you can at least explore more options before taking that action. Also bear in mind that product changes (e.g. downgrading to a credit card with a lower annual fee or upgrading to a more premium credit card) can be another option. For the purposes of this situation, my downgrade options from the Amex Business Platinum Card were the Amex Business Gold Card and the Amex Business Green Card. However, I already have the Gold and the Green isn't a rewarding card.

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Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.

#americanexpress #amexplatinum #amexcreditcards