Retention Bonus By American Express

American Express

Got Charged $450 on My American Express Platinum Business Card

Now you only have 30 days to decide to keep the card or not, otherwise, your annual fee is non-refundable after 30 days.  I called this morning to asked “Do they offer any retention program if I decide to keep the card for another year?”  They told me that I can either get $100 statement credit or 10,000 membership rewards.  One of my friend was getting 20,000 membership rewards as retention bonus about 2 years ago.  The offers change from time to time and also depend on your spending on your card.  Usually the more you spend, the higher retention will be because they love the clients that spend more and this is how the credit card companies make profit.

Retention Bonus

For the cards that I kept in the past, I usually called to waive the annual fees or asked for retention bonus.  I would say I have 90% success ratio to offer a waiver of annual fees, or commitment to spend a set amount that I can earn the statement credit or extra bonus points which is equivalent to the annual fees.

Remember never hurt to ask.  Usually it works.

Sign Up Bonus

Sign up bonus is the easiest way to earn points fast.  Therefore, if the cards do not give you too much incentives to use in your daily life, you should consider to close them in month 13th, to avoid paying the annual fees.  Usually 24 months after you close your account, you will qualify for the sign in bonus again as a new customer, except American Express sign up bonus is once in a lifetime for both personal and business.

Related posts: