Amex Annual Fees no longer pro-rata refundable from October

WillPS

Worth signposting this as it's something I've advised forum users of previously:

No more pro-rata fee refunds for American Express cardholders (headforpoints.com)


Changes the game significantly for frequent churners like myself, and not for the better (unless the sign up bonuses improve).

P3

Such a shame.

I remember I was signing up to amex nectar, then platinum card, buy loads of Asda Xmas card, cancel as soon all the point was transferred over. Did the same with BAPP. 

Transferred point to nectar at 1.6x, buy something from Argos and sell it for cash......

artyboy

P3 said:

Such a shame.

I remember I was signing up to amex nectar, then platinum card, buy loads of Asda Xmas card, cancel as soon all the point was transferred over. Did the same with BAPP. 

Transferred point to nectar at 1.6x, buy something from Argos and sell it for cash......

Oh yes, you're their dream customer for certain. Can't for one minute fathom why they tightened up the rules 

WillPS

artyboy said:

P3 said:

Such a shame.

I remember I was signing up to amex nectar, then platinum card, buy loads of Asda Xmas card, cancel as soon all the point was transferred over. Did the same with BAPP. 

Transferred point to nectar at 1.6x, buy something from Argos and sell it for cash......

Oh yes, you're their dream customer for certain. Can't for one minute fathom why they tightened up the rules 

Nothing about the rules after Oct 2nd would prevent this, you'd just have to treat both annual fees as 'sunk costs'. Still worth it though with good promos, maybe more so if the SUBs improve.

WillPS

Reportedly this has now been suspended until 2024 at least: https://www.headforpoints.com/2023/09/27/amex-suspends-removal-of-fee-refunds/

Presumably Amex have been spooked by the number of cancellations they've had.