Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.My Wife’s Amex Platinum Retention Offer – Did She Keep or Cancel?
My wife’s annual fee just hit on her American Express Platinum card so I had to dip into my chest of good will. I had some built up from her Puerto Rico trip and used it to get her to call in. I have had a decent offer and a lump of coal in the past for my Amex Platinum retention calls. In my Aspire Retention phone call write up I suggested that American Express only allows one retention offer per person per year or two. Since my wife has not made a retention call for a few years I felt like the chances of her getting an offer would be good.
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Her Platinum card is the old Mercedes Benz card that was recently transitioned into a traditional Platinum card. I told her to downgrade the card to the Gold card if she didn’t get an offer. I am trying to keep her out of pop-up purgatory so I figured we needed to keep it open somehow. The rumored Green card revamp could have been another downgrade option as well.
When she called in and asked for the retention offer she received the following offer:Earn 20,000 Membership Rewards pointsMust make $3,000 worth of purchases over the next 3 months
I of course told her to take the offer.Crunching the Numbers
I felt like the value of the card outweighed the fee and with banks cracking down I take what value I can get these days. Here are my valuations for the card:20,000 Membership Rewards points – $300 (valued at 1.5 cents each)Airline Incidental Credit – $180 (discounted 10%)Uber Credit – $100 (discounted 50% since she doesn’t use Uber as much and we never use Uber Eats unless burning the credit)Saks Fifth Avenue Credit – $80 (discounted 20% since that is about what I can sell the gift cards for)
That is a total value of $660 for a cost of $550. And that is with some very discounted valuations. Those figures do not include the lounge access or fringe benefits of the Platinum card since she won’t use them often.Conclusion
My wife’s Amex Platinum retention offer is not giving us world beating value but we are coming out ahead. And it hopefully keeps her off of American Express’ naughty list. Has anyone been able to get a better offer lately? Share your data points below.Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.
Mark Ostermann is a father, husband and miles/points fanatic. He left the corporate world after starting a family in order to be a stay at home dad. Mark is constantly looking at ways to save money and stay within budget while also taking awesome vacations with his family. When he isn't caring for his family or taking a weekend trip, Mark is working towards his goal of visiting every Major League Baseball ballpark.The responses below are not provided or commissioned by any advertiser or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by any advertiser. It is not any advertiser's responsibility to ensure all posts and/or questions are answered.