I just had the same conversation with a representative. In an environment where many small business are struggling and revenue is down to expect some one to spend $42000 for a measly 5,000 miles or $54000 for a waiver of the annual fee seems high. For business who do not maximize credit card rewards that would imply that the business is generating north of $200,000 in annual sales and likely closer to $300,000 since many business expenses are not payable by credit card such as payroll (which tends to be the largest expense), 401k or IRA contributions, etc. For the average business I have seen about 10% - 20% of expenses are payable with a credit card. Now, I know many of us in the hobby know we can pay payroll via Plastiq but for non points maximizers few are aware of Plastiq from my small sample.

It appears more and more likely based on Barclay's actions in hemorrhaging Aviator cardholders that perhaps they are not interested in renewing their contract with American Airlines. They haven't offered any bonuses during the pandemic to encourage spend outside of the crazy offers that were highly targeted during the November 2020 timeframe. They haven't extended the companion passes for business cardholders, and they don't seem keen to downgrade customers to their no annual fee card on the personal side. Plus, they weren't willing to become the exclusive issuer several years ago of the AA credit card, and Gary Leff from Viewfromthewing has indicated that negotiations have already started for a renewal of the card agreement. Therefore, the logical conclusion is they don't find the book of business to be as desirable as some of their other portfolios.