Will Amex waive annual fee due to Covid-19?

Old Mar 20, 20, 3:17 am
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Will Amex waive annual fee due to Covid-19?

In the same way that many airlines are offering a rollover 12-month blanket extension to frequent flyer status, what is the feeling about Amex waiving/recrediting the annual card fee (Platinum/Centurion) to sweeten renewal given the economic turmoil?
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Old Mar 20, 20, 3:45 am
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Already being discussed in the Centurion US update thread. I think it is unlikely given Amex's reliance on annual fees as merchant fees go down. I suspect they are in enough trouble with people defaulting on payments as this thing spreads.
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Old Mar 20, 20, 7:06 am
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American Express already gives retention bonuses on an individual basis:

American Express retention offers

There was no general waiver of fees in 2009. I would not expect any this time. I DO expect a tightening of credit standards, with accounts closed if payments do not clear, are submitted late, or they see any indication that a cardholder is seeking excessive credit elsewhere.

Last edited by mia; Mar 20, 20 at 11:05 am
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Old Mar 20, 20, 10:31 am
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Originally Posted by Flyer26 View Post
In the same way that many airlines are offering a rollover 12-month blanket extension to frequent flyer status, what is the feeling about Amex waiving/recrediting the annual card fee (Platinum/Centurion) to sweeten renewal given the economic turmoil?
In the same way that many airlines/hotels say that it's too early to talk about status renewals/extensions due to the constantly evolving nature of the situation, I would hope that Amex is potentially considering some good-will measures. Perhaps extending the use of airline credits if travel remains severely restricted for a while. Or at least making it more flexible, perhaps by not restricting it to one airline.
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Old Mar 20, 20, 1:16 pm
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I'm pretty sure that retentions would be given a generous leeway, but i think due to the way credit card contracts are structured the annual fees won't technically change. Amex might if they are nice give a unilateral $100 credit to everyone but that'll be expensive for them
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Old Mar 20, 20, 1:36 pm
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Originally Posted by mia View Post
American Express already gives retention bonuses on an individual basis:

American Express retention offers

There was no general waiver of fees in 2009. I would not expect any this time. I DO expect a tightening of credit standards, with accounts closed if payments do not clear, are submitted late, or they see any indication that a cardholder is seeking excessive credit elsewhere.
As discussed in another thread AMEX has set up a hardship program (such as it is) for those experiencing difficulties due to the crisis. So far they are only waiving late fees and interest for up to two months, but it is a start. Thus if someone is having problems making payment they should read out to AMEX; no need to send them something that will bounce.

Yes, for those taking advantage of this program AMEX will likely freeze their cards and MRP; but if one has access to other credit cards that shouldn't be a huge loss. Indeed during this insane time it might be a good idea to use a credit card instead of charge that requires payment in full in thirty or whatever days.
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Old Mar 20, 20, 1:41 pm
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Profit is not a dirty word, they will move to a lower fee card,

Less travel, why pay for a premium card.,
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Old Mar 20, 20, 2:24 pm
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Personally don't see AMEX offering any mass retention scheme in response to this crisis.

For those who follow the company AMEX didn't suffer much in terms of customer loss after 9/11/01, or last fiscal/credit/economic collapse. They have a strong vetting applicant process and keep careful eye on accounts. Where retention bonuses or whatever are offered it will be IMHO as things always have; after a careful review of account history.

https://www.fool.com/investing/2020/...nvestor-c.aspx

A member for forty years who routinely spends $5k, $10k, or greater sums a month is of more value than someone who barely cracks a few hundred. Also don't forget AMEX has many ways (that they don't disclose) of determining household or business income/wealth for their purposes.

Yes, a great many people and businesses are likely to be impacted by this crisis, but OTOH many others aren't and or will actually come out ahead.
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Old Mar 20, 20, 9:36 pm
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I've been with AMEX since 1968. it would be a "nice" gesture for AMEX to waive PLAT fees after 50 years.
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Old Mar 20, 20, 10:40 pm
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Originally Posted by BugsyPal View Post
if someone is having problems making payment they should read out to AMEX; no need to send them something that will bounce.
Good point - it's far better to pay a bill late (with or without hardship notice or special accommodation) than it is to send in a payment that gets returned. The latter is just about the worst thing you can do.

Originally Posted by satman40 View Post
they will move to a lower fee card, ... Less travel, why pay for a premium card.,
Good point. It might be a bit hard to make the argument that you don't have money to pay your obligations because of how the crisis is affecting you financially, yet you still need access to airport lounges, concierge services, and the IAP. A card downgrade to a more affordable (or free) card would probably be more appropriate. And, when your situation improves, you can always move back to Platinum or whatever card you had before.
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Old Mar 20, 20, 11:12 pm
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I will drop some of my cards next year,

Less travel, and fewer night in the hotel, but who knows..
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Old Mar 21, 20, 1:49 am
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Originally Posted by BugsyPal View Post
As discussed in another thread AMEX has set up a hardship program (such as it is) for those experiencing difficulties due to the crisis. So far they are only waiving late fees and interest for up to two months, but it is a start. Thus if someone is having problems making payment they should read out to AMEX; no need to send them something that will bounce.

Yes, for those taking advantage of this program AMEX will likely freeze their cards and MRP; but if one has access to other credit cards that shouldn't be a huge loss. Indeed during this insane time it might be a good idea to use a credit card instead of charge that requires payment in full in thirty or whatever days.
What's MRP?
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Old Mar 21, 20, 2:12 am
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Originally Posted by lsquare View Post
What's MRP?
Membership Rewards Program?
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Old Mar 21, 20, 6:17 am
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Originally Posted by lsquare View Post
What's MRP?
Member Rewards Points
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Old Mar 21, 20, 7:54 am
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No way do I see them waiving the AF. That is a huge portion of their business. Their clientele isn't hurting as much. If anything, they will extend the payment deadline.
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