What's your gold charge retention offer?

[helloworld]

American Express® Gold Card​

Annual Fee: 5310

		18k/24k Collection
Welcome Gift (Spend 5k in 90days)	4000 MR	-
Referral Benefit (Spend 5k in 90days)	2000 MR	-
Regular Reward (Incl. Fuel and Utility)	1 MR/50	0.33 - 0.58 (Amzn - Taj)
Milestone benefits (6 transactions of 1000 each in a calendar month)	1000 MR	-
Spend 72000 in a year (6000x12)
Reward Rate	Regular 1x purchases (1440 MR + 12000 MR = 13440 MR)	6.16% - 10.83%
	Reward Multiplier 5x purchases (7200 MR + 12000 MR = 19200 MR)	8.8% - 15.47%
Net Reward Rate for 1st Year 1180 (JF) + 72000 (Spends)	4000 MR + 2000 MR + (13440 MR to 19200 MR)	8.76% - 19.97%

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Problem: Above returns drastically changes based on retention offer because there is no annual fee waiver based on spend amount in Gold charge.

- If the fee waived full, then above are your return rate on this card.

Note: If accumulation takes multiple years then multiple retention offers needs to be considered.

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Sample retention offers (may vary from p2p depends on association, spends etc.):

1. Pay Full Fee (5310) and get 10000 MR (Net Return*: 9.4% - 20.96%)
2. Pay Half Fee (2655) (Net Return*: 7.34% - 17.42%)
3. Full Fee Reversal on 1.5L spend in next 3M (Net Return*: 4.22% - 12.05%)

Based on these offers, actual reward rate will vary.

* Calculated based on 1st year spends + 2nd year spends along with respective retention offer with lowest and highest reward option in Gold collection.

So, whats your gold charge retention offer?

 

[Ankur dhanda]

If you value MR points
Then ask for 10-12.5k points for fees paid if they don’t waive off fees

 

[Ankur dhanda]

Those points are for annual fees paid, no matter the spends

 

[Pankhuri]

Friend is holding the gold charge card for about 6-7 years. They always slash his renewal fee to 1.5K even though he doesn't even spend 20k on the card. Got it in final sem of college, amex used to run some sales drive in prominent colleges.

 

[bonheur]

Friend is holding the gold charge card for about 6-7 years. They always slash his renewal fee to 1.5K even though he doesn't even spend 20k on the card. Got it in final sem of college, amex used to run some sales drive in prominent colleges.

What’s the right time to negotiate these retentions? Before or after statement generation?

 

[kohliS]

What’s the right time to negotiate these retentions? Before or after statement generation?

Best time is after the posting of fees, u get 30 days to decide

 

[Pankhuri]

After.

What’s the right time to negotiate these retentions? Before or after statement generation?

 

[chasni]

My Amex Gold is coming up for renewal. The charges should be posted by 9th next month. Should I call to negotiate this month or after the charges have been posted?

Any expert advice from experience?

 

[Ankur dhanda]

Call and negotiate before charges are put.
If points matter to you then try for 12.5K MR for fees, if they don’t agree then min 10K MR for annual fees.
If your spends are good then try for waiver.

 

[chasni]

Call and negotiate before charges are put.
If points matter to you then try for 12.5K MR for fees, if they don’t agree then min 10K MR for annual fees.
If your spends are good then try for waiver.

Thanks. I don't care for points. Don't want to pay anything or very low fees. My spends are arnd 100k, so very low.

 

[Ankur dhanda]

Thanks. I don't care for points. Don't want to pay anything or very low fees. My spends are arnd 100k, so very low.

Try for 50% waiver then atleast .

 

[V360]

Opted for 10K MR points

 

[harsh1387]

Thanks. I don't care for points. Don't want to pay anything or very low fees. My spends are arnd 100k, so very low.

Do let us know what you opted for when retention is done.

 

[helloworld]

Try for 50% waiver then atleast .

Just curious, what if we don't like the offer? since it is billed to accout, will they agree to close the account or ask us to clear dues before proceeding for cancellation.

I always find that before billing those charges to our account, we have complete control - but it seems like sometimes its better option after they billed to our account, checking alternative option if we don't like that offer and proceed for cancellation.

Note: In StanC, they mentioned its for next year, so if we don't want to continue they'll reverse the amount but luckly they waived off. But SBI, couple of years ago asked me to clear dues and make me continue another year.

 

[Ankur dhanda]

Just curious, what if we don't like the offer? since it is billed to accout, will they agree to close the account or ask us to clear dues before proceeding for cancellation.

I always find that before billing those charges to our account, we have complete control - but it seems like sometimes its better option after they billed to our account, checking alternative option if we don't like that offer and proceed for cancellation.

Note: In StanC, they mentioned its for next year, so if we don't want to continue they'll reverse the amount but luckly they waived off. But SBI, couple of years ago asked me to clear dues and make me continue another year.

I have always negotiated before the amount/fees is billed and in exchange for MR points as I’m able to get a good value more or less.
It’s my personal preference to negotiate prior as closure can be done anytime we want even during that call. If you mention I don’t like the offer and want to close my card they might change it then also .

 

[Dhruvit.S]

Hey Guys,

My Gold Charge is up for renewal and following are the offers I got, I have spend 2L+ in the last year.

1. 50% off on annual fees.
2. 100% off if 1L spent in coming 9days (lol)

The card is useless, havent received any card benefits in the enitre year. No brainer to close the card. If yall have any idea why I should keep the card please enlighten me.

TIA,
Dhruvit

 

[shutapdiya]

Hey Guys,

My Gold Charge is up for renewal and following are the offers I got, I have spend 2L+ in the last year.

1. 50% off on annual fees.
2. 100% off if 1L spent in coming 9days (lol)

The card is useless, havent received any card benefits in the enitre year. No brainer to close the card. If yall have any idea why I should keep the card please enlighten me.

TIA,
Dhruvit

9 days or 90 days?

Agar 9 days hai to band karwa do

 

[Dhruvit.S]

9 days or 90 days?

Agar 9 days hai to band karwa do

Bhai 9days boli🥲🥲

 

[ARV]

Hey Guys,

My Gold Charge is up for renewal and following are the offers I got, I have spend 2L+ in the last year.

1. 50% off on annual fees.
2. 100% off if 1L spent in coming 9days (lol)

The card is useless, havent received any card benefits in the enitre year. No brainer to close the card. If yall have any idea why I should keep the card please enlighten me.

TIA,
Dhruvit

I got the same offer, finally they will offer 10k points if you pay full fees. I closed my card as it did not make sense.

Edit: it will 90 days not 9. Check again

 

[Dhruvit.S]

U

Hey Guys,

My Gold Charge is up for renewal and following are the offers I got, I have spend 2L+ in the last year.

1. 50% off on annual fees.
2. 100% off if 1L spent in coming 9days (lol)

The card is useless, havent received any card benefits in the enitre year. No brainer to close the card. If yall have any idea why I should keep the card please enlighten me.

TIA,
Dhruvit

Update:

Offering me 75% wavier no questions asked