ero2

So, after the recent fee increase, as well as the loss of BVG, and the declining of concierge "help" I have decided that this card I wanted 6 months ago, I no longer want. Problem is, my bonus points were just FINALLY awarded, 25k...I know if I cancel I get a prorated refund on the annual fee, but if I spend the points before I cancel, I thought I heard somewhere that they now charge them to you back at an insane cash rate. This could be heresay, but I wanted to check here first to verify.

travelfool

That would be completely ridiculous. I'm guessing the 25000 was a signup bonus. I HIGHLY DOUBT that there was some stipulation in the terms and conditions that states that you must remain a cardmember for a year or whatever to use the points (which would be a way for them to renege on the points). The whole objective of the signup bonus is for you to become a cardmember. Now that that objective was accomplished you can do whatever you please.

Cash them out (on whatever you want), make sure the redemption is complete (you receive your reward), and then cancel. Most likely they'll offer you some kind of retention bonus (again with no obligation to you). If you'd like, accept the retention bonus, redeem again, and then cancel.

fti

I too would be surprised if they tried to get the value of the bonus from you. Would be hard to do.

I used a credit card until about a year ago. Had a disputed charge for which they sided with the merchant. I was not pleased. Long story short, I charged about $2,800 in charges last April, got my 1.5% bonus credited to a retirement account. Had a huge credit a few months later, cashed out the credit. Never used the card again. So I received about $40 benefit that would technically be taken back when I charge sometime in the future. But they can't go take the money out of my retirement account. They won the battle but I won the war

Kagehitokiri

fti, who issued the card you had the problem with?

kuroneko

Make sure you either use the points or have another Amex card with which to maintain your MR account before you cancel. If you cancel the card without using the points and don't have another eligible card to support the MR program, you will lose the points.

Cholula

Good point.

I canceled my Platinum AMEX today due to the fee increase and the fact that I rarely use any of the Platinum bennies any longer. Certainly not enough to justify the $450 annual fee.

The lady I talked to reminded me that I had 30 days to use my Membership Reward points as I also have the Costco True Rewards AMEX which is my primary AMEX card.

I went online and had a great deal of fun burning my remaining 200K points.