American Express Retention: Fees and Credits Explained

When you first sign up for a credit card, you are offered a whole range of credit card rewards and incentives that help you maximize points and miles and score discounts on your travel. But, after you have been using the card for a while, you may start to wonder whether your card’s current offering of American Express membership rewards justifies the annual fee.

If you are currently wondering whether you should cancel your American Express Gold or Platinum cards, then there may be a way to increase their value by looking at an Amex Retention Offer.

What is an American Express Retention Offer?

Once you have used up your bonus statement credits and rewards, you may find that the card no longer fits your spending needs. For example, if you have changed jobs and now need to travel much less or are spending less in categories that offer the most rewards. However, there may be a way to increase the value of your card for another year by accepting a retention offer.

An Amex retention offer is a one-time incentive that the credit card provider will offer if you decide to continue your card membership. These incentives could include statement credits, miles, and points bonuses, and travel-related perks which may make paying the annual fee a valuable investment for another year.

Why do Credit Card Companies make Retention Offers?

Amex has spent quite a bit of money on perks, benefits, and bonuses to tempt you into signing up with them over other card providers. And for them to recoup all of that expenditure, they need card owners to renew their card membership over several years.

If a customer is leaving because the card no longer holds value for them, they may sweeten the deal a little to keep them paying their annual fee for another year. This means that savvy cardholders can enjoy extra benefits for another year before deciding whether to cancel their card.

What Are the Different Types of Credit Card Retention Offers?

The type of retention deals you will be offered will depend on your card provider and the type of card you own. However, here is a breakdown of some of the most common retention benefits offered to cardholders.

· Waiver of Annual Fee. If you are uncomfortable with the idea of paying your annual fee for another year, then your card provider may offer a waiver. This will allow you to enjoy the card benefits for another year before deciding whether you want to cancel.

· Statement Credits. Card providers may also award you a one-time statement credit bonus if you keep your account open. The value of this credit will usually be less than the annual fee but may be enough to make the card a valuable asset for the next year when combined with other benefits. (You may also need to hit certain spending requirements to unlock this credit.)

· Bonus Credit Card Rewards and Points. Card providers may also offer you bonus rewards points to keep your card open. Again, the value will usually not exceed the annual fee cost, so you need to work out if this is valuable enough for you to keep the card when combined with other perks.

Should I Consider an Amex Retention Offer?

If you are currently debating whether to keep your American Express Platinum, Gold, or other cards – then a retention offer may be a good way to maximize points and miles for another year.

If you decide to close your account, then both you and Amex are missing out – you won’t be able to enjoy travel benefits such as TSA Precheck credit and lounge access, and they will lose a customer. So, accepting a retention offer may benefit both parties if the deal is right!

You should be aware that retention offers can differ, and there is no set amount of American Express membership rewards and bonuses you will access if you mention you are thinking of closing your card. However, it is always worth investigating what retention offer you may be offered.

How to Ask for an American Express Retention Offer

The process of getting an Amex Retention offer is very straightforward. All you need to do is call the retention department and say that you are considering closing your American Express credit cards. The Amex agent will then provide you with a retention offer if it is available and you can decide whether you wish to accept or decline it.

You should try to make sure that you ask for a retention offer only when your annual fee is posted. This will increase your chances of receiving an American Express retention offer. Here are the steps to follow to access a retention deal from Amex.

Phone the Amex Retention Department

You should call 800-452-3945 between 8 am and 11 pm (EST). Alternatively, you can call the phone number on the back of your American Express charge cards or credit cards and ask to be transferred to the retention department.

Explain That You Are Thinking of Closing Your Card

You will need your card number and ID verification details such as your billing address and the last four digits of your Social Security Number.

Once you have verified your identity, you should explain that you are a current Amex credit card holder and are considering closing your account. You could say:

“I currently hold an American Express Gold card and saw that my Annual fee has been posted. I am not sure that the current benefits justify the annual fee and am considering closing my card. But I wanted to call to check if there were any retention offers available before I made my decision.”

Discuss Your Current card Usage with the Retention Specialist

The Amex agent will ask you some questions about your card and benefits usage throughout the year, and the reasons you are considering closing the account.

Accept or Decline Your Amex Retention Offer

After discussing the issue with the agent, you may receive a retention offer. These are not automatically offered, and not everyone who calls will receive extra benefits or an annual fee waiver. However, you may be in luck.

If you receive a retention offer from American Express, then you can decide whether you want to accept or decline it based on how much extra value it adds to another year of card membership.

What Benefits Are Available with an American Express Retention Offer?

Retention offers can vary according to the type of card you have, the reason you want to cancel your cards, and your card usage. However, here are some examples of retention offers that have been offered to Amex cardholders in the past.

American Express Gold Card

• Bonus points or miles (e.g., 20,000 Membership Rewards points)
• Annual fee waiver

American Express Business Gold Card

• Statement credit (e.g., $295)
• Bonus points or miles (e.g., 20,000 Membership Rewards points)

Hilton Honors American Express Aspire Card

• Bonus points or miles (e.g., 10,000-20,000 Membership Rewards points)

American Express Platinum Card

• Bonus points or miles (e.g., 60,000 Membership Rewards points)
• Statement credit (e.g., $695)

Takeaway: Understanding Annual Fees and Statement Credits: American Express Retention Offers

An Amex retention offer can prove valuable for a cardholder who is on the fence about whether they want to cancel. You may receive waived annual fees, statement credits, and bonus points if you call the Amex retention department. These may prove valuable enough for you to decide to keep the card for another year.