diesteldorf

I currently have the Schwab and Morgan Stanley Platinum Cards.
My most recent Schwab Platinum card statement ended on August 11, and the renewal fee posted for $665.00. Payment is due on September 5, and my Autopay is set for automatic withdrawal on August 26.

I accepted a retention offer August 15, 2021 and was planning to cancel before August 26. However, my Audible Membership renews on September 1, and I feel comfortable waiting until September 7-9 to see if I can get a final $20 entertainment credit.

How does Amex handle credits on canceled cards? If I cancel Schwab Platinum on September 9, will the membership fee be refunded immediately and would they transfer back to my bank account? May seem like a hassle for an extra $20.00, but hoping someone will weigh in.

happychic

You can ask for the credit balance transfer to any of your other Amex cards, or a paper check mailed at your house. You can do this via chat or call. There is an option to do this online too under your account, but I don't know if that still shows up for canceled cards. I think so but am not sure.

mia

Discussion here: Refund for credit balance on account?

Mama

I do admire people who go through great length of complex schemes to get retention offers, and to make sure every single penny of Amex Plat benefits is fully used. And, then CANCEL the card.

Centurion

Mama, Are you being sarcastic? I would agree with you except Amex goes out of their way and advertises to make it seem like you get all of these great benefits that go with a fake lifestyle that people wish and dream for and make them feel like they have a blanket of protection when there are exceptions everywhere and other cards offer cheaper and simpler benefits and protections. Example: Multiple JP Morgan Chase products make it easier to redeem points for value and they offer better rental car insurance and their cards are cheaper than Amex.

diesteldorf

Happy to report that my Audible credit finally posed this morning. I completed the cancelation process for my Schwab Platinum, after learning no retention offers were available.
Hey, it's only $20.00, but I'm still happy. My refund for $695.00 should post in 7-10 days. Tomorrow would've been the 30 day deadline.

LAX

This was an option I was offered when I canceled an Amex card (not Plat) and agreed to. But, a paper check still arrived instead of a credit on another Amex card I still have open. It didn't bother me, though, so never tried to find out what had happend.

LAX

diesteldorf

I just requested a credit transfer to two other Amex cards this morning. The rep said I should see the transfer is 24-48 hours, so I'm waiting to see what happens. Thanks for your feedback.