Amex Could Partially Credit Annual Fees Due to COVID-19
American Express announced last week that in May some cards will be refreshed and more perks and benefits will be added. We could see more credits and offers that people can use now, during the coronavirus pandemic.
One of those credits could be for annual fees on American Express credit cards. I noticed two data points on reddit where two cardholders were told that there will soon be a universal offer for all cards with annual fees, to makeĀ up for the uncertainty of travel during the coronavirus pandemic. American Express representatives provided this information during retention calls in both cases.
So if your annual fees have posted or are due soon, it might be worth waiting until May if possible, to see what what American Express could offer. We do not have a date on when these new announced perks and benefits could be coming. I reached out to Amex for more information and will update if they get back to me.
Conclusion
Let me know if you have heard anything similar when calling American Express. It makes sense for the issuer to offer some kind of discount on annual fees right now, especially travel oriented cards. Paying $450-$550 in annual fees when you can’t use all the benefits that the card provides does not make sense.
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Have Schwab Amex Platinum. Called, was offered āspend $4000 in 3 months for $300 creditā. I accepted as I wasnāt planning on canceling anyway.
Is $550 a year really that much people? Maybe I can no longer relate to the ācommon manā but no way would I cancel a card I have had for over 30 years (got first Amex in 1987 and later upgraded it to Platinum. To me it isnāt about whether you get full value every year. Long term I have gotten great benefits from it and even this year I will get value. Yeah I canāt use the lounge access but I do use Uber (Uber Eats if not traveling and who doesnāt need food delivery now) plus I will get value when I travel again.
Obviously Iām not someone that has to cost justify everything in my life and I have no intention of cancelling any cards ($1500-$2000 annual fee total) that is a rounding erro on my daily stock market fluctuation!
Thank you very much, Your Majesty Marie Antoinette.
Smug much?
Money has the same value whether youāre rich or poor. To forget that is a tragic decision.
This was a better comment when you posted it the first time on TPG.
Well that $550 AF is certainly mitigated by those $15 of Uber eats a month, I will certainly say. You make a powerful argument.
Same here. Keeping my platinum, gold and bonvoy
Considering what AMEXs ndxrcearnings callous going to look like, I would expect them to give anything away. Everyone’s in self preservation mode.
I see your point but offering a current cardholder a $95 annual fee waiver or some points is a heck of a lot cheaper than finding a new one. I would think people that are not in the rears would be offered something.
Just got my annual fee posted over the weekend called, offered nothing so I downgraded to green. Have the card since 1987. Thatās why itās not closed
I cancelled the Marriott Biz Amex yesterday – No offer to try to retain me at all. I am guessing, but it would not shock me if banks want to lower their unsecured credit risk wherever they can knowing there are a lot of writeoffs that will occur in the future with 30 million people out of work right now.
It is a fine line they have to try to walk for sure.
Cancelled Marriott Amex yesterday? For you I they don’t change course and do like Chase did with *their* Bonvoy cards today. 6X at Groceries! That’s like buying something and finding it on sale the next day! Of course, for *me*, I hope they do!
Gonna be winners and losers all over the place with this craziness going on. I said on another comment somewhere that I think we are seeing the start of the points wars.
I have a Bonvoy card as well and have the 6x points there. The biz card was fine to get the free night for $125 annual fee, but hotel prices for Cat 4 and below in most locations are not going to be that far above that for the next year, as biz travel will be subdued for a long time. Wife already is Marriott Gold so not worth paying the $125 to get the 30 night credit with the 2 cards – had he gave me some incentive to keep the card, I might have, but zippo.