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Word Of Caution For Mercedes Benz Platinum Cardholders
I wanted to share a word of caution from reader Dave in yesterdays Mercedes Benz post. As most of you know the American Express Mercedes Benz Platinum card is being transitioned into a regular Platinum card in a few days. In the paperwork they sent out to cardholders Amex said you could get a prorated refund if you canceled by January 10th because of the product change. I wondered if this was aimed more at people that have had this card a long time versus most of us who signed up last minute. It appears that is the case.
Reader Dave shared that his points were clawed back when he closed his account in December even though the terms in the Amex letter made it seem otherwise. American Express has been cracking down on people closing accounts more and more and that is why we have said to wait till the annual fee posts to do anything. They have also put people into pop up purgatory for closing too many accounts.
So it seems closing your account on January 10th could cause some issues for some people. Especially anyone who has never had a vanilla Platinum before. Because once the change happens that may exclude them for ever getting a welcome offer for the card.
I don’t know what the best play is here. Should those people quickly apply for a regular Platinum? Or should they close down the card and risk the chance of a points clawback? Each person needs to make that decision depending on their own situation. If you decide that you want to grab the regular Platinum card before the change over be sure to see if you are targeted for the 100K offer. Otherwise it may be best to play the referral game.
For me personally I was going to close the card to get some money back but I will keep my wife’s card open now. I will have her try for a retention offer when the annual fee comes up and if she doesn’t get one I will have her downgrade to the Gold card. She has already had the Gold card and the Platinum card so this seems like the best play for us.
I just wanted to make sure to get this info out there in case you didn’t see the comment yesterday.
Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.