Danwriter

Longtime airline-thread poster but this is the first one for CCs, so forgive if it's a dumb question.
During the Covid shutdown my use of the Amex Plat card has gone to near zero, since I'm not buying flights or hotel stays. I'd like to cancel the card ahead of the renewal and save the $550 fee. Should I transfer my points to a preferred airline (Delta, in this case) well ahead of the anniversary? I've had experiences with Amex before, invalidating all the accumulated points when canceling a card. Can they claw back points already transferred? Thanks.

mia

If you close an American Express card that earns Membership Rewards points -and- if you have no other cards issued by American Express (USA), the points will expire immediately.

If you close an American Express card before it has been open for a full 12 months you risk the penalties disclosed in the application terms and discussed here:

Amex USA terms now penalize:abuse,misuse,gaming;1st yr downgrade/close;leaked offers.

However, there is no reason to close a card in the first 12 months. Wait until the renewal fee is billed, ask for a retention offer, and cancel if the offer is not attractive.

Duke787

I would pick up the AMEX EveryDay. It competes with the Chase Freedom/Chase Freedom Unlimited but unlike those two cards, you get access to full MR usage without needing a premium card. No fee, gets 2x at the grocery store, 20 transactions a month gives you a 20% bonus and it'll keep your MR safe as long as you hold the card.

That's the easier route to go if you are in a position to pickup a new card.

Otherwise, now is a good time to transfer to DL if that's your preferred airline because Federal Excise Tax is on a temporary holiday so you won't pay any taxes to transfer to DL like you normally would.

Gig103

If it was me, I'd prefer to keep my points in the Amex ecosphere where they have more potential value. Delta is probably safer than many of the other partners for transfer right now, but still, why commit to Skymiles that are often terrible redemption rates? That's why I second the advice to get an Everyday card - I have one and I use it more than my Plat because of the 2x grocery and 20% bonus.

That's great info about the excise tax, though, Duke!

Danwriter

Thanks for the replies and yes, good info indeed about the excise-tax holiday. Incidentally, I've had the card for three years, so the 12-month rule is not an issue. I will try to get a retention offer, though. It's a Delta/Schwab card, and I have zero loyalty when it comes to hotels, so DL is the only useful place to put them.

rdh0924

I'm surprised you can't get $550 value out of it. Amex has been throwing all sorts of perks to cardholders throughout the pandemic. Keep in mind:

• Amex is providing a $100 statement credit for renewals between now and March 2021
• Amex is providing $20/month credit for streaming services and another $20/month for phone bills (started in May, runs through December). That's $320.
• Currently most Amex Platinum cardholders have a $100 credit for Dell via Amex Offers. (Spend $100+, get $100 credit.)

That alone covers $520 and doesn't even dig into the Uber credits, which can be used for Uber Eats ($200 annually); $200 airline credit, $100 in Saks credits.

We're personally getting in excess of $1,000 in value that we would've already been spending. Not bad when you can't use the lounges.

Just wanted to play devil's advocate before you close or downgrade your card.

Danwriter

0924: I appreciate the detailed input. I'm aware of some of the credits Amex Plat is doing (I'm getting Netflix credit without even realizing it) but the those details are why I checked with the experts here. I just don't have the bandwidth to play the game like I used to. Cheers,

MSPeconomist

If you sign up the card, you can also get $50 (10 X $5) in small business purchase credits during the next six weeks or so.

rdh0924

No problem! I also neglected to share that Amex is throwing an additional $200 travel credit to cardholders renewing through March 2021. It's good for anything booked through Amex Travel, so different than the Chase Sapphire Reserve's travel credit - but also different from Amex's $200 airline credit. It's unlikely this will continue as an annual credit, but to me, there's no doubt I'd be renewing at least this year - then reassess in 2021.

Kacee

I won't use a dime of the Dell, Uber, and Saks credits. And I relate to OP's comment about not having bandwidth to play the game to earn the streaming and phone credits . . . it's a pita to constantly switch payment cards to maximize current best values.

The value I get from the Plat card is FHR and 5x on airline tix. But I'm getting pretty close to the edge with them, due mostly to not really trusting AMEX anymore after an AMEX Travel debacle and an accumulation of smaller annoyances.

PHLondoner

Why won't you use a dime? It's free stuff w/ almost zero effort? And I find it hard to believe that someone in SFO can't use an Uber Eats order to get a Kale smoothie delivered once a month either. And switching my Netflix and ATT account to my Plat probably took a combined total of 6 minutes.

I'm with the other posters, while we're all in a temporary travel hold I think Amex has done a great job providing literal value - like real, actual money - to offset the card's cost.

rdh0924

Understood. It definitely depends how much you want to jump through hoops. For my wife and I, we use the Uber for Uber Eats (currently and primarily under normal circumstances), but occasionally through regular Uber. This Dell credit we used on Bose speakers we were already in the market for. There's a lot of non-Dell brand products that I'd venture to say most could find value out of. The Saks credit is the hardest, but we've found that it works well for gifts, especially wedding gifts. We're in our late-20s and have lots of friends getting married. Most register for items that are also available at Saks (Schott Zwiesel, Le Creuset, etc.).

It makes it worth it for us to have the Delta and Centurion lounge access under normal circumstances. (We already have Priority Pass through our CSR.) Without the extras in light of COVID-19, we'd likely downgrade in March. But Amex has done enough to keep our business at least until we can use the lounges again.

At any rate, I've hopefully done my job playing devil's advocate to at least give some more critical thought for OP.

notquiteaff

I must have missed that. When was that announced, and does every cardholder qualify? (the $200 travel credit seems to be targeted)

Kacee

Not everyone in the bay area is a gluten-free kombucha sipper :-)

Seriously though, I don't like Uber Eat's business practices, particularly the way they squeeze restaurants on commissions.

safigan

I notice nobody answered the questions OP originally asked. To my knowledge, points transferred from AmEx to airlines are not clawed back, so you should be free the cancel once the points show up the DL account. Anybody have a data point that says otherwise?