Redeeming Membership Rewards for Platinum Card Annual Fee

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Last year, I shared my Lucrative Amex Platinum Retention Offer 50,000 Membership Rewards points or a $500 statement credit if I agreed to keep the card. I opted to take the 50,000 points and keep the card for a year.

Fast forward and my $550 annual fee just posted for the Platinum Card again so I called up the retention line at 800-452-3945 where I was prompted to enter my 15 digit card number. I was able to speak to an agent who went over the card benefits including the new $200 Amex Travel Credit for Platinum Cardholders.

I decided to ask about a retention offer this year and after the agent looked in the computer she said I had already received an offer last year which I accepted and that it’s American Express policy they won’t offer retention offers on the same product for two consecutive years.

Despite not having any upcoming travel plans and the American Express Centurion lounges being closed, there was no retention offer or bonus points that the system was going to offer since I received one last year.

However, the agent did mention I could pay the annual fee using 55,000 Membership Rewards points for a 1 cent/point redemption. At first I thought that was a crazy idea, but then I realized as I had several hundred thousand American Express points which I’ve never used, I would accept this option and part with some my points in order to keep the card another year.

Having renewed for another year, I’m hopeful that when the annual fee comes up next year on this card, I’ll then be offered another retention offer at that time.

Have you ever used Membership Rewards points to pay your Platinum Card annual fee? Feel free to share your thoughts in the comments below if you’d consider doing this. 

Editorial Note: Opinions, analyses, reviews or suggestions expressed on this site are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed.

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  1. If you’re going to redeem points for cash, the Charles Schwab version of the Amex Platinum is a better deal. That $550 fee would have cost 44K Amex MR instead of 55K. It comes will all the same benefits as the regular Amex as well.

  2. Jay
    I think if used directly to pay for fees it is still 1c but if directed into schwab account and then paid it may be 1.25c value
    I have a schwab but prefer to pay the fees with OPM and save points
    Will give it a try next year when renewal hits.

    However to do this right now, he would still have to open a new Schwab Platinum first and then pay fees.
    Also remember that all new offers for credits are not being given to Schwab and Morgan Stanley cards

  3. I actually have all of the offer credits on my Schwab Plat card including cell phone, cable and $200 Amex Travel.

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