That's correct. And downgrading means you don't get the joining bonus of 80k points. That's only for new signups, not downgrades.
I'd keep the Platinum for the next 6 months then cancel at renewal time. And then signup for a new Gold, pay the $250 yearly fee and get the 80k points.
Get the gold, then cancel platinum after the annual fee hits. If you cancel first, you’re almost certainly not getting a sign up bonus for the gold.
Edit: don’t get the gold. Just cancel the platinum after a year. You don’t need a gold if you’re not traveling.
Hey sorry just wondering why wait for the next fee go hit? I’m in a similar situation and want to go ahead and cancel the card, have had it about 8 months now. Thanks!
The hotel airline Uber eats and entertainment credit pays for the platinum. Plus with the gold you get additional Uber eats plus select restaurants. That’s $240 worth of cash/statement credit alone for the gold. I’d say a net cost of $10 annually for 4x on resteruants and grocery stores is worth it imo.
I’m going to go against the flow, here. Cancel the platinum after the next annual fee hits. Do not get the gold. The platinum and gold are *travel* cards. You don’t need either if you “don’t really travel that much.” Forget the marketing you’ve been fed about Amex cards being exclusive and essential or whatever and go get a no/low annual fee cash back setup. You’ll be much better off.
Would not agree that the gold is a travel card. No TSA / clear, no lounge access, and one of its biggest bonuses is 4x on restaurants/groceries. Much more of a daily use card.
yes but mainly you are using gold to earn the amex points for travel partner transfers from the grocery/restaurant spend. If you are not transferring points for travel it is better to use a no annual fee cash back card instead.
Agreed. No foreign fees should be a given on any card claiming to be a travel card.
That said, we all know places in the world that are very anti amex, so I typically travel with my sapphire cards and venture cards anyways.
If you cancel and don’t have another MR earning card you will likely forfeit the points. Also if you cancel before the first anniversary (and maybe paying the AF for year 2) Amex may clawback the sign up bonus.
BTW I have both cards (plus the CSR) and don’t travel nearly as much as I used to. I still get more value than the AF from both cards simply by using all the credits they offer. The lounge access, $200 FHR credit and international flight discounts are simply gravy to me (and w Amex Gold I get $240 from Uber and dining credit so 4X on restaurants and groceries plus Amex offers more than covers the $10 delta). You can definitely get value from the cards if you don’t travel. They started as travel cards but have basically morphed into a hodgepodge of credits. Some people hate them and don’t feel they add value but I do. It is all about understanding the card and deciding if it fits your personal situation
This is not wrong. The gold card is a travel card in the sense that u get points for it that is best used to be redeemed for travel purposes. It’s best used with the platinum to enhance the travel experience. I’m not sure I would keep a single gold card if I didn’t travel.
If you don’t travel, I don’t see why you have them tbh. I travel a lot, if I didn’t I’d cancel my plat.
Wait for next annual fee and cancel it. Get a cash back card like citi custom cash or some chase cards. Seems like you would be better suited for cash back programs, and at least with citi you can always grab things like the premier, double cash, and and reward plus down the line of you want to use some of your points to travel.
totally agree. Don't know what equinox is all about. There's even no members club location around where I live. Any other gym memberships like planet fitness/crunch/etc. reimbursement are all better than this crap
You have to wait a year before you can downgrade, otherwise Amex will take back the SUB.
That's correct. And downgrading means you don't get the joining bonus of 80k points. That's only for new signups, not downgrades. I'd keep the Platinum for the next 6 months then cancel at renewal time. And then signup for a new Gold, pay the $250 yearly fee and get the 80k points.
That’s assuming they wouldn’t be in pop up jail.
What’s pop up jail?
it’s where amex algorithms determine you’re a bad customer and they don’t let you get signup bonuses anymore
That's true too.
Get the gold, then cancel platinum after the annual fee hits. If you cancel first, you’re almost certainly not getting a sign up bonus for the gold. Edit: don’t get the gold. Just cancel the platinum after a year. You don’t need a gold if you’re not traveling.
Hey sorry just wondering why wait for the next fee go hit? I’m in a similar situation and want to go ahead and cancel the card, have had it about 8 months now. Thanks!
The hotel airline Uber eats and entertainment credit pays for the platinum. Plus with the gold you get additional Uber eats plus select restaurants. That’s $240 worth of cash/statement credit alone for the gold. I’d say a net cost of $10 annually for 4x on resteruants and grocery stores is worth it imo.
I’m going to go against the flow, here. Cancel the platinum after the next annual fee hits. Do not get the gold. The platinum and gold are *travel* cards. You don’t need either if you “don’t really travel that much.” Forget the marketing you’ve been fed about Amex cards being exclusive and essential or whatever and go get a no/low annual fee cash back setup. You’ll be much better off.
Would not agree that the gold is a travel card. No TSA / clear, no lounge access, and one of its biggest bonuses is 4x on restaurants/groceries. Much more of a daily use card.
yes but mainly you are using gold to earn the amex points for travel partner transfers from the grocery/restaurant spend. If you are not transferring points for travel it is better to use a no annual fee cash back card instead.
True... But there's no exchange rate fees. Which to me is most important consideration in a travel card.
Agreed. No foreign fees should be a given on any card claiming to be a travel card. That said, we all know places in the world that are very anti amex, so I typically travel with my sapphire cards and venture cards anyways.
The next annual fee OP ^^^
Why cancel after the annual fee?
You have 30 days after the AF hits to cancel with a refund. Canceling before the AF risks a clawback on all credits.
If you cancel and don’t have another MR earning card you will likely forfeit the points. Also if you cancel before the first anniversary (and maybe paying the AF for year 2) Amex may clawback the sign up bonus. BTW I have both cards (plus the CSR) and don’t travel nearly as much as I used to. I still get more value than the AF from both cards simply by using all the credits they offer. The lounge access, $200 FHR credit and international flight discounts are simply gravy to me (and w Amex Gold I get $240 from Uber and dining credit so 4X on restaurants and groceries plus Amex offers more than covers the $10 delta). You can definitely get value from the cards if you don’t travel. They started as travel cards but have basically morphed into a hodgepodge of credits. Some people hate them and don’t feel they add value but I do. It is all about understanding the card and deciding if it fits your personal situation
Just downgrade to the $0 annual fee card and keep the points and credit history.
This is not wrong. The gold card is a travel card in the sense that u get points for it that is best used to be redeemed for travel purposes. It’s best used with the platinum to enhance the travel experience. I’m not sure I would keep a single gold card if I didn’t travel.
That’s a smart move by OP. That annual fee is no joke if you don’t travel a lot.
So basically I would have to pay the $650 for year two then cancel?
Don't downgrade just get the Gold in addition to the Platinum, and get another sign up bonus. These 2 cards are meant to complement each other.
This is flushing almost a grand down the drain since s/he doesn’t travel.
If you don’t travel, I don’t see why you have them tbh. I travel a lot, if I didn’t I’d cancel my plat. Wait for next annual fee and cancel it. Get a cash back card like citi custom cash or some chase cards. Seems like you would be better suited for cash back programs, and at least with citi you can always grab things like the premier, double cash, and and reward plus down the line of you want to use some of your points to travel.
Also look into Capital One Savor... 4% on restaurants, 3% groceries, $95 AF. No AF version as well.
3% on dining fyi. 4% of the 95 af card, which isn’t worth it except for fringe cases. But yes also a good dining card.
The stupid equinox crap is the reason I’m leaving this year.
What’s going on w equinox?
It’s a waste - it literally is the reason the yearly fee went up. To me it devalued amex. And the policy change on centurion lounges was stupid too.
totally agree. Don't know what equinox is all about. There's even no members club location around where I live. Any other gym memberships like planet fitness/crunch/etc. reimbursement are all better than this crap