Platinum American Express cancellation

[tinajen]

Hi, the OH applied and was accepted for the Plat AMEX on the 29th Sept. We’ve already reached the £6k spend (don’t ask!) so we will be cancelling very shortly in order to get the pro-rata refund of the fee (which hasn’t actually been charged yet). As he’s only held the card for a couple of weeks, is there a chance that they’ll ‘be onto us’ and not award the 60K points? Also, with regards to the £150 dining credit, I assume we would lose that once we cancel the card?

[meta]

You lose all benefits the day you cancel the card, incl. points. Although with points you have 30 days to transfer out, but I’d do it before cancelling.

[Maples]

Make sure you spend the £150 dining credit at their restaurants and £50 HN credit before cancelling, if you can be asked.

[tinajen]

Thanks for your replies. I have another question, if he refers me and I am accepted, would he still receive the 24k bonus if his card had already been cancelled?

[Carlos]

tinajen wrote:

Thanks for your replies. I have another question, if he refers me and I am accepted, would he still receive the 24k bonus if his card had already been cancelled?

No he needs an active card and it may take a few days after being accepted

[Chas]

Always wait until all points and statement credits have landed before you cancel.

[StanTheMan]

Get him to refer you to get the 24k points, go out for a £150 lunch, order something from Harvey Nicks for 50 quid. Wait for all points and credits to hit his account. Transfer all the MR points out. Then cancel it. Sounds like you are plutzing for the sake of a few days fees. No need – the benefit of all the credits and referral points far outweigh another couple of weeks fees.

[JDB]

StanTheMan wrote:

Get him to refer you to get the 24k points, go out for a £150 lunch, order something from Harvey Nicks for 50 quid. Wait for all points and credits to hit his account. Transfer all the MR points out. Then cancel it. Sounds like you are plutzing for the sake of a few days fees. No need – the benefit of all the credits and referral points far outweigh another couple of weeks fees.

Surprised you aren’t recommending calling for a retention bonus as well since (s)he has held the card for almost three weeks now. Where will all this very public fleecing end?

[Joe G]

Apologies if this is to basic a question but seems to me the easiest thing for Amex to do to stop this type of thing would be to not issue pro rata refunds of fees for cancellation and only provide the benefits/bonus for those who pay for the full year of membership (which they have already charged). Is there something legally stopping them from doing this or any other reason it’s not in their interest?

[JDB]

Joe G wrote:

Apologies if this is to basic a question but seems to me the easiest thing for Amex to do to stop this type of thing would be to not issue pro rata refunds of fees for cancellation and only provide the benefits/bonus for those who pay for the full year of membership (which they have already charged). Is there something legally stopping them from doing this or any other reason it’s not in their interest?

Indeed, that was sort of my point. When one reads of the OP extracting, in 2-3 weeks, c. 66k MR, maybe 24k referral, then being further egged on by another poster to get £200 credits, all for say £50 of pro rata annual fee all stupidly advertised by people, one does wonder how long it can continue. These boasters primary skill appears to be slowly killing the golden goose.

[NorthernLass]

I would suggest holding onto the card a bit longer, the offers are often so good that you can easily recoup the fee, especially if you get a supplementary card.

@JDB, I am disappointed; I would have thought you would know that the eggs laid by said goose are golden (or platinum in this case), the actual goose was an otherwise unremarkable avian.

[JDB]

NorthernLass wrote:

@JDB, I am disappointed; I would have thought you would know that the eggs laid by said goose are golden (or platinum in this case), the actual goose was an otherwise unremarkable avian.

My use of the term ‘golden goose’ was correct per both the Oxford and Cambridge dictionaries so, apologies, but I will continue to rely on them.

[Joe G]

I have held a BAPP for a few years and always sort of think the annual fee is worth it for the cost of the companion voucher and maybe a couple of good statement credit offers. I also got a Platinum Amex recently and again I think the offer of the 70k sign up bonus, Harvey Nichols Credits, Restaurant Credits, insurance and a few airport lounge visits seems reasonable for the annual fee.

I think as long as loopholes exist people will exploit them and while I don’t cry myself to sleep over the thought of major financial institutions losing money, it seems if these sort of practices are rife there isn’t parity for people who do pay full fees year on year,so it does strike me as a bit unfair in that regard.

[NorthernLass]

@JDB, I don’t think either dictionary knows its fairytales. Nobody actually got anything out of the Golden Goose in the eponymous story – the standard goose in Jack and the Beanstalk (and Aesop) laid golden eggs, which were obviously highly desirable, like Amex bonuses.

[StanTheMan]

JDB wrote:

StanTheMan wrote:

Get him to refer you to get the 24k points, go out for a £150 lunch, order something from Harvey Nicks for 50 quid. Wait for all points and credits to hit his account. Transfer all the MR points out. Then cancel it. Sounds like you are plutzing for the sake of a few days fees. No need – the benefit of all the credits and referral points far outweigh another couple of weeks fees.

Surprised you aren’t recommending calling for a retention bonus as well since (s)he has held the card for almost three weeks now. Where will all this very public fleecing end?

Good thinking that man – welcome to the merry band of golden goose fleecers/killers.

[oldak]

Amex will have modelled all of these different use scenarios, including users who get the bonuses within weeks and cancel. The fees and terms of the card are set with these things in mind. The vast majority of users applying for a high fee card will anticipate spending that fee and keeping it for a year. Amex builds in incentives for retaining the card beyond the bonus period: six-montly and annual bonuses, as well as inability to reapply and get bonuses for certain periods of time. They are certainly not being fleeced.