amex platinum annual fee waived?

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bozell
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amex platinum annual fee waived?

Postby bozell » Wed Feb 11, 2009 4:19 am

i saw on another blog that american express may launch a promo singup offer soon that will waive the annual fee on the platinum charge card for the first year. has anyone on the forum heard of this and if so when will it be taking place? i would be willing to get the amex platinum card if the annual fee was waived but its pricey to pay and not get any kind of discount or offer with it. from what i have discovered there is no reason for most to pay $450 annual fee for the platinum when the gold card offers almost the same benefits for around $165. the only reason to get a platinum mostly is for looks so your card is platinum instead of gold....if you care about that enough. without that reason i cannot think of one legit reason to pay an annual fee that is almost 3 times that of the gold card.

Update by administrator: In agreement with the posts below, to the best of my knowledge it is not possible to get the Platinum Card's annual fee waived. That being said this website is offering a special sponsored signup promotion worth up to $500 in rewards which easily offsets the annual fee of $450. To learn more visit this American Express Platinum Card review. Please note this is a limited time offer and subject to change. It is the first time we have ever featured a promotion this generous in the entire history of this website so check the aforementioned link to confirm its still available.

[RIGHT]Last updated March 17, 2011[/RIGHT]


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The Fuzz
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Postby The Fuzz » Wed Feb 11, 2009 10:09 am

Bwahahhahahaahahahahahaah!! Yeah, that's a good one! AMEX waiving the fee on the Platinum card! BWAHAHHAHAHHAHAHAHAH!!! Wheww!!! I needed a good laugh this morning. lol

AMEX has no reason to waive the fee on such a successful card product. To my knowledge they never have waived the fee. $450 really isn't that much considering everything you get with it. And if you think the Platinum card is the same as the Gold card, then you haven't done a whole lot of research on them. The Platinum card gets you access to all of the airport lounges, access to their concierge, better reward points, Platinum card member benefits like the travel services, hotel program, rental car program, and the list goes on. The Platinum card is ten times the card that the Gold card is and people line up to pay the $450 fee on it. AMEX could raise the fee and people would still pay it. The benefits are only slightly below the Centurion benefits and that fee is $2500 with a massive initiation fee attached. If I traveled enough to benefit from the travel perks that the card offered then I'd have a Platinum card in a heart beat. It is only going to really benefit travelers though. If you stay at home mostly and shop around town, then the Platinum card isn't the product for you. That is why the Gold card exists.

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Cucumber
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Postby Cucumber » Fri Feb 13, 2009 8:39 pm

Hey it could happen if the economy keeps getting worse. I think it's totally possible even if they don't waive it they could up their signup incentive on the platinum card.

Even in Beverly Hills plastic surgery is way down because people don't have money or credit to do that stuff anymore. That's why I postponed by boob job :ppp
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The Fuzz
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Postby The Fuzz » Fri Feb 13, 2009 10:56 pm

I think American Express would get out of the credit card business altogether before it waived fees to get business. AMEX actually grew over 8% in 2008 in cardmembership in spite of the rough economy. If anything right now they are hoping that people will drop off so they can get spending and paying under control. They seriously have no reason to bribe people to get a platinum card and spend even more money on servicing it when they have people lined up to pay the fee now. How would that be good for the company at all?

More and more of AMEX's focus is on collecting from the accounts that are going delinquent. I think before you see any fancy offers or new products you are going to see a serious crackdown on current card products and members who aren't paying their bills. We are already seeing credit lines decreased and a massive volumes of declined applications coming in. AMEX is tightening the belt and that doesn't mean they are going to waive fees. Quite the opposite... I wouldn't be surprised to see the fees going up late second or early third quarter of this year.

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fffresh
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Postby fffresh » Sat Feb 14, 2009 9:19 pm

Perhaps I am wrong but I do not believe people are lining up for the Platinum card as of lately. I have seen much of the opposite actually where individuals and businesses are not upgrading or canceling their Amex platinum card because they can't justify the annual fee.

In the past we have seen American Express offer 25,000 bonus points for signup which equates to $250. I would not be at all shocked if we saw a 30,000 or possibly even a 40,000 bonus point incentive for signing up. It is not out of the realm of possibility at least.

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The Fuzz
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Postby The Fuzz » Mon Feb 16, 2009 4:35 pm

fffresh wrote:Perhaps I am wrong but I do not believe people are lining up for the Platinum card as of lately. I have seen much of the opposite actually where individuals and businesses are not upgrading or canceling their Amex platinum card because they can't justify the annual fee.

In the past we have seen American Express offer 25,000 bonus points for signup which equates to $250. I would not be at all shocked if we saw a 30,000 or possibly even a 40,000 bonus point incentive for signing up. It is not out of the realm of possibility at least.


I can certainly understand the perspective. I'm basing my comments off recent sales data from American Express for the consumer and business platinum cards. There may be some card shifting from one premium card product to another, but cardmembership in the area of those cards is solid and growing. Membership rewards points are great incentives to sign up and statement credits are terrific as well, but in spite of all the offers past and present to bribe you to sign up for one of these premium card products, the annual fee has not been offered to be waived. There is one sales department within AMEX that makes outbound calls to targeted customers who would benefit from a Platinum card or Delta Reserve card and there is a significant statement credit being offered, but even on those they don't offer or have the ability to waive the fee.

Not long ago there was a situation where a card member was put through the wringer. I mean he was literally put in a situation that would have had me on the phone to my lawyer in a matter of seconds and I would have taken the company to task for what they did. AMEX did everything they could to try and fix it, but the problem just kept getting worse and worse and worse. Overall they comped this customer nearly $20,000 on his account, but they never waived his fee. It is something sacred to American Express I think. They'll do it for other card products, but Centurion and Platinum cardmembers have to pay to carry the card. I don't think they want to set a precedent of waiving the fee that would devalue the brand of the Platinum card. It is worth the $450 fee. I'm hoping that in the near future I'll have reason to carry one myself. Right now the cost outweighs the benefit, but if I start traveling for work again then it would become a very nice thing to have and well worth the fee.

As one card member said to me once about the Centurion fee.." You should charge $50K a year for this thing just to keep the riff raff out. Too many people have it and it makes me feel less special." I think that is the idea around the fees. That is why I wouldn't be surprised to see it going up. There has already been things put into motion to make the Centurion card harder to hold on to and the same thing could go for the Platinum card.

However, with all that being said, I trust that if an offer of a waived fee for the Platinum Charge Card ever comes out, that it will get posted on this forum as soon as possible. ;) I would want in on it if that happens!

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Cucumber
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Postby Cucumber » Wed Feb 18, 2009 2:57 am

The Fuzz wrote:Overall they comped this customer nearly $20,000 on his account, but they never waived his fee.


THEY COMPED HIM 20,000 DOLLARS?!??? What did Amex do so bad that they had to give him that much money?!?
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Mogul of Pineapples
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Postby Mogul of Pineapples » Fri Feb 20, 2009 1:08 pm

This sounds like one story I can't wait to hear.

;)
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Cucumber
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Postby Cucumber » Sat Feb 21, 2009 2:32 am

Yea I gotta hear about this too..... b/c I wanna find out what I have to do to get 20 thou credited to my Amex account too :D
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Demon
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Postby Demon » Tue Apr 07, 2009 12:59 am

In HongKong, AmEx stand very firm for the annual.
It charge $5,500 for the Platinum Charge Card in HongKong,
and $1,600 for Platinum Credit Card.
About the Centurion, it is $19,800 annual fee plus $23,800 initiation fee ~
[color=DarkOrange"][size=100]Life is like a box of chocolates[/size][/color]



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