Amex Offering Lucrative Retentions (…On Several Credit Cards)

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Over the past few years, the popularity of travel rewards cards has grown exponentially as many people have begun to recognize the value in having one (or two…or three). This has been great for those of us that love travel. However, as the competition among premium credit cards has increased between credit card issuers, so have the annual fees.

During the current pandemic, this has created a bit of strain between credit card issuers and their beloved customers paying $500+ in annual fees on a single card.

THE BATTLE

Several days ago, Chase began offering statement credits on the Sapphire Reserve card, and now Amex has realized they also need to offer some relief to card holders.

THE NEW DATA POINTS

Several data points are now suggesting American Express recognizes many people are finding it difficult to justify premium annual fees and have given agents discretion to offer some amazing rewards to keep premium travel rewards card open.

While certainly Amex Platinum and Amex Gold are considered “premium,” data points suggest co-branded cards (i.e. Hilton, Delta, and Marriott) are being offered amazing retention offers too.

For example, several customers have reported being offered between 20,000 and 50,000 points to keep their American Express Platinum card open.

Additionally, some customers have reported spending requirements attached to the retention offers OR offers have been extended for statement credits rather than points. For example, Amex will convert a 50,000 point retention offer into $500.

FINAL STAMP

If you plan to cancel a credit card, I suggest having an open conversation with Amex to discuss the reasons and possibilities.

It’s worth noting that the more expensive the annual fee, the higher the retention offer will likely be. For example, the Amex Platinum ($550 annual fee) will likely yield a higher offer than an Amex Gold ($250 annual fee).

Let’s give props where props are due. Remember, it was Amex that was the first bank to offer support to customers that were being affected by the pandemic and this is yet another customer friendly move to keep customers and businesses stabilized (or as close to stabilized as possible).

Has anyone attempted an Amex retention call lately? What was your experience?

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