Secret to get your credit card annual fee waived!

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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JCarter
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Postby JCarter » Fri May 11, 2012 3:19 am

Moneytalks wrote:So if I call Amex to "waive" the annual fee through reward points, how many should they offer in order for it to balance out?? (Lets say $95 fee)


Unsure, I have never attempted it on a green card. I get around 100,000 for the Centurion however.


PopiLopi
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Postby PopiLopi » Fri May 11, 2012 10:36 am

PlatinumAMEX94 wrote:When you are a Platinum or Centurion member you are enrolled in what is called Membership Rewards FIRST program, which has different conversion rate, as well as different discounts that other MR programs. There has always been complaints from Zync members as the cash in value is not so great.


I'm not sure about the centurion, but if you are all other cards require that conversion to pay your annual fee with points, you can even go to your account and select everyday charges on the month your annual fee is charged and it will tell you how many points it is...

The discounts are tiered as well, if you're on the Express Tier you'll always get 20% off, when you are in the MR tier you get between 20-50% and the first tier gets bwtween 30-50%... you can call Amex rewards and double check if you want ;)
Amex: Business Platinum (09/12) BCP $10,500 (03/13)
Visa: Capital One Journey $750 (04/11) Chase Freedom $1,800 (04/12)
MasterCard Citi AAdvantage Platinum Select $8,500 (05/13)
Discover: Discover It $2500 (07/11)
Store Cards: Amazon $3900 (12/11) Macy's $500 (04/11) Kohl's $500 (05/12) Victoria's Secret $750 (11/12)

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PlatinumAMEX94
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Postby PlatinumAMEX94 » Fri May 11, 2012 2:41 pm

For a $95 fee you would need about 20,000 points (approximately) and about 75,000 for a platinum card to equate the fee.

Naturally your history and relationship determines if they are willing to negotiate MR points. Someone who has a 20+ year history and has spent millions and has earned millions of points is more likely to get an extra 75-100k points as a token of goodwill and gesture, versus someone who just got a card within the last few years. They also look at how many points you earn monthly, where they come from, how you use them, transfer them or just save them. MR points are worth money, and are accounted as so on the books. If you aren't making American Express a lot of money, then they aren't likely to throw points/money at you just because you feel you deserve it. Now if you are pushing a million in sales through your card(s) every year, they are collecting 5% in fees, and a few thousand MR points may be worth adjusting to save a valued customer who pays on time.

I have also found that American Express likes it when you refer your wealthy friends. So when you have a lot of those referrals on your account, they are also more likely to give you more points.
American Express Platinum Personal, Member since 94
Chase United Explorer - Visa Signature
Chase Sapphire Preferred
American Express Business Simply Cash

American Express Costco Business, American Express Platinum Business
Bank of America 10k, Capital One Venture World MasterCard 7.5k, Fidelity Visa Signature 10k
Citibank ThankYou Premier World MasterCard - Card Member since 91, 25k
Discover 10k Member since 91, Wells Fargo Personal & Business Visa Signature
USAA World MasterCard 12k, Chase Slate Exclusives Visa 5k

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PopiLopi
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Postby PopiLopi » Fri May 11, 2012 3:18 pm

Amex actually gives you points for refering people. They give you around 5-10k per approved friend, depends on the card you refer
Amex: Business Platinum (09/12) BCP $10,500 (03/13)
Visa: Capital One Journey $750 (04/11) Chase Freedom $1,800 (04/12)
MasterCard Citi AAdvantage Platinum Select $8,500 (05/13)
Discover: Discover It $2500 (07/11)
Store Cards: Amazon $3900 (12/11) Macy's $500 (04/11) Kohl's $500 (05/12) Victoria's Secret $750 (11/12)



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