Amex, No More Prorated Refunds of Annual Fee, Effective September 1, 2016

American Express

 

Prorated refund of Amex annual fee will end in September 1, 2016

As of September 1, 2016, the grace period to close the account and refund the annual fee will be 30 days from the time of closing date of the billing cycle in which the annual fee appears.

Grace period is different for different issuers, like Citi usually has 37 days after the annual fee is billed and Chase is the first 60 days after the annual fee posts.  

I always recommend to close the account after you see the annual fee posted on the account because you will have at least 12-13 months credit period and not to pull down your credit score too much, but I won’t recommend to wait until last minute if you are sure that you won’t keep the card.

If You Like Amex

When the annual fee posts on your account, you can always call Amex to see do they have any retention offers so you can keep the card.  Usually they will not waive the annual fee, but they could offer you additional Membership Rewards bonus to keep the card if they like your spending habit.

Remember Amex Bonus is only one-time for life time, so if you close it and re-apply in the future, you will not qualify for it’s new account bonus offer.

I like my Amex Business Platinum Card

I was targeted with 150,000 Membership Rewards points last year.  If you are interested in the best offer from Amex, please watch out for your mailing for targeted offer.  Usually targeted offer is much better than what you find online. 

Although my Amex Business Platinum Card has a $450 annual fee, there are two perks on the account that might worth me to keep the card.

  • $200 Airline Fee Credit – Receive up to $200 per calendar year in statement credits when incidental fees, such as checked bags and in-flight refreshments, are charged by the airline to the Business Platinum Card account.
  • Airport Lounge Access Program – Experience extra comfort while you wait in the airport.  The Business Platinum Card comes with complimentary airport lounge access to The Centurion Lounge, Delta Sky Clubs, and Airspace Lounges, and you can enroll in Priority Pass Select at no additional cost.  These programs provide access to over 700 domestic and international airport lounges.

Very often, you find some additional benefits on the Amex card, and they often have expiration.  In the past, it had $25 statement credit when you spend $100+ on Amazon, Staples, and Smart and Final etc.  It also has 2X on Neiman Marcus, Uber, and Federal Express etc. 

Whenever you go online, make sure you check on its benefits on the bottom of the page.  Remember you are required to enroll and add-on your card to benefit on the offers.

 

 

 

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