Amex Platinum Retention Offer 2022! (Exactly What I Said)

My Amex Platinum Card’s annual fee hit for $695 and I’m fighting back by asking for a retention offer! See what I said & what kind of offers may be available so you can do the same! Click “Show More” to see Ad Disclosure.

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BACKGROUND
I opened my American Express Platinum Card for Schwab back in May 2018, so I’ve had it for about 4 years. Despite having inquired for Amex retention offers nearly every year, I never received one for the Schwab Platinum Card. But with a new year comes a new opportunity to try again!

When it comes to the Amex Platinum Card, Amex Gold Card and Amex Green Card you DEFINITELY want to make sure that the cards work for your lifestyle (that is, how you spend your money, how often you travel, your financial goals, etc.). That’s because each one of these cards carries a large annual fee ($695, $250 and $150 respectively), so in a way you’re prepaying for benefits upfront each year. As long as you value the benefits and would normally spend money in those areas, then all checks out. If not, then you’ll likely want to reconsider the card. Instead of canceling or downgrading / product changing right away, you can ask for an Amex retention offer to see if there are some bonus points, statement credits, or other offers that can help you make sense of renewing the card for another year.

After chatting with Amex Customer Support, I received 3 different retention offers:
1. Earn 40,000 Membership Rewards Points after spending $3K in 3 months
2. Earn a $400 statement credit after spending $3K in 3 months
3. Receive a $150 statement credit with no spend requirement

I opted for the 1st one.

To me, 40K Amex Membership Rewards Points are worth $440 when redeemed via my Schwab Platinum Card into my Charles Schwab brokerage account as cash back.

So for the next year, my out-of-pocket cost will be:
$695 - $440 = $255.

AMEX PLATINUM CARD BENEFITS (short version as of May 2022)

- Earn 100,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership.

- Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.

- $200 Hotel Credit: Valid on Fine Hotels + Resorts® or The Hotel Collection bookings, which requires a minimum two-night stay, through American Express Travel when you pay with your Platinum Card®.

- $200 Airline Fee Credit

- $240 Digital Entertainment Credit

- $155 Walmart+ Credit

- American Express Global Lounge Collection

- $200 Airline Fee Credit:

- $200 Uber Cash

- $300 Equinox Credit

- $189 CLEAR® Credit

Terms apply to American Express Card benefits & offers.

OTHER TRAVEL CREDIT CARDS TO CONSIDER
- Amex Gold Card: Great to earn travel rewards points on gas and grocery purchases
- Chase Sapphire Preferred: Great to earn Chase Ultimate Rewards points with a lower annual fee. Many include this card as part of building a Chase Trifecta with the Chase Freedom Unlimited and Chase Freedom Flex cards.
- Citi Premier Card: Great travel credit card that earns Citi ThankYou points on a lot of at-home categories. Also serves as one of the best catch all credit cards.
- Capital One Venture X Card: Simple-to-use travel rewards card with access to transfer partners, access to Capital One Lounges and Priority Pass lounges, a $300 travel credit, and more

🎬 MORE CREDIT CARD VIDEOS

🔹Amex Platinum Card Review 2022: https://youtu.be/IaLBFpQj-eE

🔹Amex Platinum Authorized User Benefits: https://youtu.be/7EI7IV3DIoU

🔹Amex Gold vs. Chase Sapphire Preferred 2022: https://youtu.be/HolY8a3Jva4

🔹How to Use Amex Membership Rewards Points: https://youtu.be/OAos9ucMPVo

🔹Amex Gold Card Review: https://youtu.be/vRV5CsjGgRo

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.

#amexplatinum #americanexpress #amexretentionoffer