I have had one for years. For the past 3 years I have said I would cancel it at the end of the year. I call to cancel and they offer me hundreds of dollars to stay. It becomes tricky to turn it down - why?
- WalMart Plus has replaced my Amazon Prime Expense (with no Whole Foods nearby, we were basically just using Amazon Prime for 2 day shipping.). This includes free 2-day shipping, Paramount+, Free Home delivery if/when needed, and Curbside/in store pickup. It’s way more robust than Amazon Prime. $139 value there in my mind (cost of Amazon Prime)
- $200 in money to spend at my favorite airline. If you do this right, it can literally be money to spend on flights. $200 value there.
- $240 to spend on streaming credits for services I use. SiriusXM, Disney+, Hulu, Peacock, and others can all be covered if you do it right, especially if you get promotions from the networks. $240 value there. The only streaming services I buy are the ones covered via this promotion, and don’t buy cable, and have one channel we can get via over the air antenna in our area. This is great. If you stack promotions with the companies, you can get SXM, Disney+, Hulu, Peacock, and Audible, and maybe NYT thrown in all for the $20 credit each month.
-$100 to spend at Saks Fifth Avenue. $50 twice a year. We tend to use this for certain cremes for my sensitive skin or to buy gifts for people. $100 easy value there.
For the past three years, I have not paid more than $350 for the card each year, so I always get my money back easily. Some years even less. That doesn’t include the other benefits that have been nice - PreCheck, Clear, Free Breakfast at Hilton Hotels, Lounge Access when flying/traveling (which gives you free meals and drinks).
There are other benefits I use sparingly - Uber Credit of $15 a month ($35 in December I think?), Equinox Credit (have never used). Others may know of better credits and uses.
I’m not sure I would keep the card at full-fare. A few minuses:
- Amex MR Points for a US based customer are fairly limited. There are complicated ways to maximize value using international partner airlines, etc. but for me I mostly am a domestic person so the MR points are hard to find great redemptions.
- I hate the idea of “prepaying” for the money I am going to get back. I’d rather have it growing interest or have greater flexibility with my money.
- Amex Customer Service was great 10 years ago. It has gone downhill, though I am told it is still better than Chase. Personally, I can’t tell a difference.
- I just hate paying that fee, I really really hate it.