Amex "I'm going to cancel my card" - bonus points given thread.

[Superhappykid]

Just an update, made another call saying I'm applying for another card (Not Amex) and am cancelling the Amex soon. Any retention offers. Nothing.

This time it sounded like a local bloke.

So unless they offer something only after you straight up cancel the card, looks like there isn't much hope.

 

[Waddygib]

Maybe Amex is aware that anyone that asks for a retention offer is just gaming them?

They have a pretty good idea of what each cardmember is worth, and unless you are spending six figures on (certain) travel, ATO or (some) third party payments (eg Payment Logic), you aren't going to be worth them throwing a thousand bucks of points at you.

 

[Superhappykid]

Maybe Amex is aware that anyone that asks for a retention offer is just gaming them?

They have a pretty good idea of what each cardmember is worth, and unless you are spending six figures on (certain) travel, ATO or (some) third party payments (eg Payment Logic), you aren't going to be worth them throwing a thousand bucks of points at you.

Definitely spending 6 figures on personal spend but there are people here saying they have 7 figures on business spend and still not getting anything.

But you are probably right the script they use probably has the retention offer towards the tail end of the cancellation procedure (If such an offer exists).

 

[Waddygib]

Definitely spending 6 figures on personal spend but there are people here saying they have 7 figures on business spend and still not getting anything.

But you are probably right the script they use probably has the retention offer towards the tail end of the cancellation procedure (If such an offer exists).

Even personal spend doesn't mean they want you - it depends what it is. They lose money on major retailers and Sniip, and also most small businesses. Margins on Square etc are very low. You need to spend a LOT for them to be making even $200 a year net from you, assuming you cash in all your coupons to cover the annual fee.

 

[daft009]

Definitely spending 6 figures on personal spend but there are people here saying they have 7 figures on business spend and still not getting anything.

But you are probably right the script they use probably has the retention offer towards the tail end of the cancellation procedure (If such an offer exists).

Someone putting 6 and 7 figures through is better off keeping the card without empty cancellation threats IMO.

They would be earning more in a regular month than any retention offer

 

[bits]

Even a person spending only $3000/month is enough to justify the $1450 fee:

$3000/month ($36k annual) spend = 81k points/yr = min $405 cash value (more for those getting business class flights etc)
+ $450 annual travel credit
+ $400 grandfathered reserve travel credit
+ $200 local dining credit
=$1455 value

Don't even need to count the value if the other things like $200 international dining credit; accor plus membership; priority pass membership...

Amex know most of their existing client base won't switch. There's only so many times you can say you're considering cancelling, yet the computer shows you've been a member since 20xx lol

 

[Waddygib]

Even a person spending only $3000/month is enough to justify the $1450 fee:

$3000/month ($36k annual) spend = 81k points/yr = min $405 cash value (more for those getting business class flights etc)
+ $450 annual travel credit
+ $400 grandfathered reserve travel credit
+ $200 local dining credit
=$1455 value

Don't even need to count the value if the other things like $200 international dining credit; accor plus membership; priority pass membership...

Amex know most of their existing client base won't switch. There's only so many times you can say you're considering cancelling, yet the computer shows you've been a member since 20xx lol

Not quite with you on the math. There are points earning cards with no fees (eg NAB) so you should only include the additional points you would get with Amex, which is probably about 20K. Though to your point, given the accor plus, it still pays for itself provided you travel a lot (enough to justify using Amex travel to book two flights, and stay (at least) twice at accor hotels, use the lounge access).