Retention Offer Success on Amex Platinum Card for Schwab
I’m very happy with my recent retention offer on the American Express Platinum Card for Schwab. Since retention offers on this card don’t seem very common, I want to share my experience with you.
Understanding the Amex Platinum Card for Schwab
This card has all of the normal features of the regular Platinum Card from American Express. You can read our guide to the benefits here.
However, in order to get the Schwab version of the card, you need to have a Charles Schwab brokerage account. I wrote about how to apply (and the fact I was instantly approved) for this card here.
My Retention Offer
I’ve had this card 2 years now and did not get a retention offer last year.
This year, when I called in saying the annual fee had posted and I was considering closing the card, the phone rep started reading off all of the benefits the card has. I pointed out that the main benefit of this card over the regular Platinum card is the ability to cash out points to your Schwab account. However, that lost 12% of its value this year.
He began pointing out every benefit of the card I’d used this year (“You’re enrolled in Priority Pass. You probably got $200 in value from that. You used the $200 hotel collection benefit. You used…)
Eventually, I had to cut him off to point out that I only use many of these benefits “because they’re there”. I told him I would never pay for an exit row seat on an economy flight, I just use the credits because they’re there. “Really, I think many of the benefits I used add $0 in value to my life, and I wouldn’t miss them if I close the card. Since my wife also has a Platinum Card, I’m fine with losing the Priority Pass and other benefits that can’t be used double, since I can share with her.”
From the outset, I could tell that pointing out “You got x value” was leading to me not getting a retention offer. Once I told the phone rep that I just use the benefits “because they’re there” and consider them to have $0 value, his tone changed immediately.
The offer
“In that case, we really want to thank you for your 7 years of loyalty as an American Express card holder and for your excellent history of payments on this card. We would like to keep your business by making you a special offer.
If you agree to keep the card and spend $4,000 in new purchases within the next 3 months, we will give you 55,000 bonus points on top of the points you earn from spending.”
To me, that’s another welcome offer. This card typically offers new applicants the ability to earn 60,000 bonus points after spending $5,000 within the first 3 months. That’s 12,000 points per $1k in spend.
My offer gives me 13,750 bonus points per $1k spend. Plus, I get to keep the credit history on the card to help my credit score.
Lesson Learned
I was on the fence about keeping this card, given the cash out devaluation. From the start of my retention call, I could tell that I was heading for “no offer received”. The phone rep tried to show me a dollar amount of benefits I’d used, and his strategy was to push this number past the cost of the annual fee. When I told him I would close the card and considered many of these benefits to have $0 in value to me, the conversation changed. If you’re seeking a retention offer (and not an explanation of benefits), this could be a worthwhile strategy for you.
Retention offers on the Amex Platinum Card for Schwab don’t seem common, but I’m very happy with mine.
Want more information on this topic? You can check out our resources for how to do a retention call and also our data points on retention offers for all major banks.
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For 2021 Business Platinum retention I got 30k up front and another 50k upon spending $40k in 3 months. I bought a watch for $42k (1.5ppd) so I ended up with 143k miles and a white gold submariner.
I’ve received retention offers the last two years, and I really am not spending much on that card.
2020: 50000 points w/o spend requirement
2021: Annual fee waived with $4k spend on 3 months
Thanks. I added those to our master list.
I’ve received retention offers the last two years, and I really am not spending much on that card.
2020: 50000 points w/o spend requirement
2021: Annual fee waived with $4k spend on 3 months
I was offered the same script via chat and they ended up offering 60k points for the 4k spend. Just another data point.
Nice, thanks for sharing!
What are your thoughts on canceling a regular Amex platinum after the first year if there’s no worthwhile retention offer? I’m about up for my renewal and am not particularly interested in paying the annual fee but don’t want to piss them off by canceling after a single year. I also have the personal gold and 2 biz platinums and a couple of other businesses cards.
Canceling after a year is pretty routine. I wouldn’t worry about it.
Christian – I shared some thoughts here https://milestomemories.com/question-downgrade-amex-platinum/