I spent about $10k in the past year on this particular card, but about $40k across all Amex cards combined.

I'll also note that my wife called in this evening and they offered her 30k points (or $300) on $4k spend within 3 months. She tried haggling to see if there was any other offer, but got nowhere.

She took the offer. Not bad, I mean my annual fee is basically $50 and hers is basically $175 (30k points redeem to Schwab as cash at a 1.25 rate, i.e. they're worth $375 at a minimum to us).

Add in the airline credits (i.e. AA seat upgrades), Saks 5th free underwear (what else can you buy there for 50 bucks..) and free visits to the lounges, Hertz platinum rate/upgrades, it's definitely worth it to keep them open.

But if we had to pay $550 per card, and they didnt have retention offers, we'd both cancel. Absolutely positive of that, without these retention offers it's nowhere near worth $550.

Final note, before anyone asks, we both have our own schwab platinum cards because of the signup bonuses, and when we opened the cards we were able to double dip the airline credits as AA gift cards (2018 calendar year/2019 calendar year, since we opened them dec 2018). And the annual fee was lower back then.