Update: Triple dip AMEX Platinum; Chase to disallow points pooling

[dragoncar]

This one is a long-shot since it's so specific, but I got the AmEx Platinum about a year ago for the 100k point signup bonus.  They offer a $200 travel credit for certain purchases, which goes on a calendar-year basis, so I got the $200 credit for 2017 and 2018.  When I called to cancel, the rep convinced me to wait until AFTER the annual fee posted (say 12/10) for reasons and said I can get it refunded within 30 days from the annual fee. 

So now I'm thinking I could potentially make a travel purchase on January 1, get the $200 travel credit again for 2019, and then get the annual fee refunded and cancel the card after the credit posts.

Is this too ridiculous?  What are the chances they will claw back the $200 travel credit and I'm stuck holding the bag?  Even though it's gaming the system, I don't feel very ethically culpable here, as it's technically within the terms of the card and it pales in comparison to taking their travel bonus without letting them earn it back by keeping the card over many years of high annual fees.

[elaine amj]

It's quite likely it will work like how you hope. How would u feel if they clawed it back somehow? Consider if it is a risk you are willing to take.

Sent from my LG-K373 using Tapatalk

[dragoncar]

It's quite likely it will work like how you hope. How would u feel if they clawed it back somehow? Consider if it is a risk you are willing to take.

Sent from my LG-K373 using Tapatalk

Yeah, I'm probably willing to risk it, just would prefer not to get blacklisted or some other crazy response from AmEx.

I got two travel credits (but not three) from the Chase Sapphire Reserved based on the same calendar-year accounting and it didn't seem to be a problem when I cancelled that one.

[Villanelle]

If it's in the terms of the card, I don't see how they could claw it back.

Also, there's no need to make a purchase.  You get the travel credit regardless of spend (or not).

There's also a new Saks credit, but you do have to activate it online, I believe.  Might as well get that, too.  Even if you don't shop there, it's $50 to spend on a gift for someone, if nothing else.  (I don't know if you can use it to purchase gift cards, which could then be resold or gifted.)

[dragoncar]

FYI, this worked for me!  Actually, when I was trying to find this post using google, this blog post came up that explains it perfectly: https://medium.com/optimalist/the-ameriprise-platinum-triple-dip-f3a75c6b145f

Unfortunately for me, I didn't have the Ameriprise version of the card so I still had to pay the first year's annual fee.

I wonder if/when they will close this loophole.  I got $1000 in signup points, $100 points for switching to "pay over time," plus $600 in travel credit, $100 global entry, and $150 Saks credit, around $250 in uber eats credits.  I paid the $550 annual fee once, so that's net cost to AMEX of perhaps $1650, even though I'm sure they have some arrangements for certain benefits and of course those benefits aren't worth a full dollar/$ to me personally. 

They offered me a $200 retention bonus if I did another $3k in spend but I declined.  The truth is I would have considered keeping the card originally, but after keeping if for a year I decided to hold on to the Chase Sapphire Reserve instead.  I don't want more than one high-annual-fee card (a lot of the benefits overlap) and the CSR earns back it's fee much easier for me.

On a final note, I've read grumblings that both Chase and AMEX are considering scaling back their rewards a lot: https://www.businessinsider.com/american-express-jpmorgan-chase-citi-restructure-rewards-2019-1

Three of the largest US card issuers — American Express, JPMorgan Chase, and Citi — reportedly plan to alter the rewards structure on their credit cards amid increasing expenses associated with offering them, according to The Wall Street Journal.

One change Chase is considering is not allowing household members to pool points, which if true will result in me canceling the CSR.

[Radagast]

Sweet deal. I stumbled across the 100k bonus in October and jumped with both feet, so no triple dipping for me. Oh well. Maybe I tries with one of the other flavors :)