American Express gave cardholders a number of pleasant surprises during the past week.
Then they announced some cardholders of the Platinum Card from American Express would receive a $200 travel credit. The only catch: the offer is for members whose cards renew between April and December 2020.
(Of course, we heard reports they’re clawing back some airline incidental credits, too.)
And later in the week, a bunch of cardholders received emails announcing one-time statement credits a discount against upcoming annual fees!
My business Delta Reserve Amex card will give me a $125 credit when I renew the card (which is next year). That’ll knock the annual fee down to $425.
Then Amex emailed me with news of a $100 statement credit when I renew the personal version of the Reserve card.
My Delta SkyMiles Platinum Business Amex will give me a $75 statement credit when/if I renew the card. My friend Rick also received the same offer for his card.
I didn’t receive anything for my personal Delta Platinum Amex card. Perhaps that’s because of the spend challenge offer resulting from my retention call?
Reader Dave was given a $50 statement credit for his Hilton Honors American Express Business Card. There didn’t appear to be any renewal language included.
Why is American Express Doing This?
I think Amex is extending these offers not only so people don’t cancel the card — but also to preempt some retention calls. And, yes, perhaps there’s some goodwill sprinkled in there, too.
But given the offers’ terms as I understand them, you’re essentially giving Amex a microloan upon renewal. An email says, “[The] statement credit will be applied to the eligible card account within 8-12 weeks of the account renewal month…If the eligible [card] is cancelled, or you have downgraded or upgraded your Card up to 45 days after the first day of your renewal month, you will not receive the one-time…statement credit. American Express reserves the right to modify or revoke offer at any time.”
So that 8-12 weeks sounds like it falls during or after a card’s renewal month. Once you pay the bill, then they’ll credit you the money.
If that is indeed the case, you’ll then have that money applied against your balance — or to spend elsewhere (which I bet Amex really hopes you do 🙂 ).
I’m certainly grateful for these opportunities to save money. Whether or not I keep all my cards remains to be seen at renewal time — mostly based on financial standings.
Which Annual Fee Statement Credits Have You Received?
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