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.

---

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?

 

[vaibhav111]

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

bro! already a thread on this let me point you to that and also my dad's paid the fees of 5310 with GST and received 10k MR point. what you can do is pay and fees and get 12k MR point.

 

[vaibhav111]

U

Update:

Offering me 75% wavier no questions asked

that amazing take it if you think that worth it. how much MR point did you have accumulated.

 

[Dhruvit.S]

bro! already a thread on this let me point you to that and also my dad's paid the fees of 5310 with GST and received 10k MR point. what you can do is pay and fees and get 12k MR point.

My man please show.

Also isnt 4.5k annual fees of Gold Charge?

 

[Dhruvit.S]

that amazing take it if you think that worth it. how much MR point did you have accumulated.

75k

I got MRCC to cash it out if required

 

[vaibhav111]

My man please show.

Also isnt 4.5k annual fees of Gold Charge?

bruh with GST. i have mentioned

 

[Dhruvit.S]

that amazing take it if you think that worth it. how much MR point did you have accumulated.

75% is still steep. Around 1400

The card is useless. Only the 6k is useful. Others me maybe

 

[shutapdiya]

U

Update:

Offering me 75% wavier no questions asked

ye le lo aur deal close karo

 

[vaibhav111]

75% is still steep. Around 1400

The card is useless. Only the 6k is useful. Others me maybe

true! that why i don't have this card. and amex won't provide 100% wavier on card closure either until unless it a old customer of their. so you have backup amex card to encash lying MR point which is MRCC so close the card then!

 

[vaibhav111]

What's your gold charge retention offer?

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...

www.technofino.in

@Dhruvit.S since you have now closed your gold cc it of no used now.

 

[Dhruvit.S]

What's your gold charge retention offer?

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...

www.technofino.in

@Dhruvit.S since you have now closed your gold cc it of no used now.

Haven't closed it yet. I will read the thread thoroughly. Thanks!

 

[helloworld]

75% is still steep. Around 1400

The card is useless. Only the 6k is useful. Others me maybe

Some basic questions, ignore if personal...

1. apprx. spends in this year?
2. no.of cards with amex?
3. For 1400 will they provide any MR points or nothing?

 

[Dhruvit.S]

Some basic questions, ignore if personal...

1. apprx. spends in this year?
2. no.of cards with amex?
3. For 1400 will they provide any MR points or nothing?

1. 2L last year. This year I doubt.
2. 3 cards
3. 1400 and no points. I spoke to her for 12k points for full fees. She denied saying it's the best offer. I doubt

 

[codenerd]

What if we do wallet load on Mobikwik and load say 50K to meet their criteria. 50K load via CC will cost around 1475 rs. So instead of paying for renewal fees which is to the tune of max 5310, does it make sense to load 50K-1Lakh to wallet at a nominal fee of 2% and then easily transfer it back to bank account without any charge?

Whats the issue with this strategy? Please share your views.

 

[Slayer]

What if we do wallet load on Mobikwik and load say 50K to meet their criteria. 50K load via CC will cost around 1475 rs. So instead of paying for renewal fees which is to the tune of max 5310, does it make sense to load 50K-1Lakh to wallet at a nominal fee of 2% and then easily transfer it back to bank account without any charge?

Whats the issue with this strategy? Please share your views.

I'd do this if CC gives me an option for full fee waiver for spends of 2L (at most) over the next 90 days

 

[codenerd]

I'd do this if CC gives me an option for full fee waiver for spends of 2L (at most) over the next 90 days

You're fine with wallet loads of 2 lakh and then transfer it to bank? How does it affect tax or any regulatory compliance as this is pure money rotation. Please let me know as I dont have much idea!

 

[Dhruvit.S]

U

Update:

Offering me 75% wavier no questions asked

Update:

They're now denying and investigating who offered 75%.
I got screenshots as proof. Will update what happens next!

 

[BhaiyaJi]

Moye Moye moment 🤣

 

[Nagarjun P S]

Update:

They're now denying and investigating who offered 75%.
I got screenshots as proof. Will update what happens next!

any update on this?

 

[vaibhav111]

any update on this?

1125 including GST

 

[codenerd]

1125 including GST

Wow that's low. How did you arrive at this figure? Please share. I too have to do the same in a week.