Demystifying Legal Jargon: How AI Legalese Decoder Can Assist in Transitioning from Active Duty While Maximizing Amex Platinum Benefits
- October 22, 2023
- Posted by: legaleseblogger
- Category: Related News
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Hey there.
So I recently left active duty in May and received notice from Amex that starting July 29th, I will be charged my first annual fee (AF) of $695. Apparently, I am no longer protected under the military lending act. Concerned about this, I decided to give them a call and discuss my options.
During the conversation, the representative presented me with a few offers to consider.
1) The first option was a $400 statement credit, which I would receive after spending $6,000 within three months.
2) The second option involved earning 45,000 Membership Rewards (MR) points if I spend $6,000 within three months.
3) Lastly, I was given the opportunity to downgrade my card to a Gold or Green card, and although the representative mentioned some incentive points that come with it, they weren’t anything extraordinary.
The Amex representative informed me that by choosing option 1 or 2, and making use of the various benefits offered by the Platinum card, I would ultimately save more money than I would be paying in annual fees. However, I must admit that even though the savings might be there, a $295 annual fee is still $295 more than what I’ve been accustomed to paying in the past. Plus, I have to be honest and say that I haven’t fully taken advantage of the membership benefits as much as I could have. I often find them challenging to navigate, and when I have attempted to use them in the past, I end up purchasing things that I wouldn’t have normally bought in the first place, thus not actually saving me any money.
Considering all this, I am leaning towards liquidating my MR points and canceling the card altogether. I believe that I should look for a cash-back card with little to no annual fee instead.
I would really appreciate hearing your thoughts on this matter. Thank you!
How AI Legalese Decoder can help with the situation:
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FREE Legal Document translation
****** just grabbed a
If you don’t find any value in it for $295, then cancel it. You have to do the math to see if you gain value above what you pay as the AF.
Wait until they actually charge the annual fee. Sometimes it’s delayed by a year or more.
Take the 45,000 Membership Reward points offer.
Open a Amex Blue Business Plus card (no annual fee) and earn 2x MR points on all purchases up to $50,000 per year.
Close the Amex Platinum card within 30 days of being charged the annual fee if you are not getting value from it. Amex will refund the annual fee charge.
You can keep your Amex MR points alive on the Blue Business Plus.
Do a cost benefit analysis. Do you use most of Amex benefits? If so, is it worth the $$$? Do you have a good paying job to where the annual fee isnt a huge hit?
Don’t cancel the card. Just downgrade to a no AF card. Just use it sparingly to keep it open. Closing your card will lower your credit score.
For me personally I’d probably stay for $295. We use the $20/month entertainment refund, always use the uber cash for either date night rides or picking up food via uber eats, and we just got walmart+ a couple months ago. Keep in mind though we have 3 small children so those items make life convenient for us. Edit: we also use some of the offers and I got a bourgeois pair of pajama pants from Saks 5th for like 3 bucks after the 50 dollar credit.
You wonÔÇÖt use $200 in airfare credits at all?
Stay at an Amex fine hotel and resort for at least two nights= $200 credit off your stay, $100 credit at the hotel, plus two free breakfasts. You make your money back immediately before you even look at any other benefits
Did you go guard or reserves?
This is why I advocate for other cards. Sooner or later you’re going to be out of the military and you’re either going to close a long line of credit or start spending $700 annually.
IÔÇÖve found the blue cash preferred to be the only Amex card with an AF that will pay for itself without having to jump through the hoops that you mention. DoesnÔÇÖt make much sense to have platinum or gold if youÔÇÖre not getting your moneyÔÇÖs worth from it.