I Almost Canceled My Amex Gold but Got 15,000 Points Instead — Here’s How

I’ve had the American Express^® Gold Card in my wallet for a while, mainly because it’s my go-to for earning 4x points at restaurants worldwide (up to $50,000 annually, then 1x) and U.S. supermarkets (up to $25,000 annually, then 1x).

That alone has made it worth keeping for years. But in July 2024, when Amex increased the annual fee to $325 (rates & fees), I began questioning whether keeping the card made sense.

I already carry other rewards credit cards without such a high annual fee, though the earning rates aren’t as high in the dining and U.S. supermarket categories. I seriously considered canceling my Amex Gold card before my anniversary date last month.

But before doing anything drastic, I contacted Amex to see if they’d be willing to offer me a retention bonus to stick around. Here’s how it went.

Why I Chose Live Chat Over a Phone Call

I used the online chat function instead of calling the Amex customer service retention line. I find it much more convenient to chat while I’m working than carve out time for a phone call. Plus, it helps avoid being transferred around multiple times, which is a common frustration with phone support.

In the chat, I told the representative I was considering canceling my Amex Gold card because of the increased annual fee. I used the word “cancel” because that often triggers retention protocols on the backend.

The rep responded politely and reminded me of the card’s perks, including the dining and Uber credits, 4x earning categories, and other benefits. She also noted how much I’d spent on the card over the past year, which told me she was reviewing my account carefully.

I didn’t ask for a retention offer outright and clarified that I was fine closing the card. But then she asked if I’d be open to keeping it if a retention offer were available. Of course, I said yes.

A minute later, she returned with an offer: Earn 15,000 Membership Rewards points after spending $1,500 in 3 months.

I was likely to accept this decent retention offer, but before saying yes, I asked her if I could explore any other options. Unfortunately, no other retention offer was available, so I accepted it and felt great about it.

Are Amex Retention Offers Worth It?

We value Amex Membership Rewards points at 2.2 cents each, which is typically achievable when I redeem them through transfer partners for premium flights. 15,000 points are worth roughly $330, which completely eradicates the $325 annual fee for me.

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American Express^® Gold Card

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The rating for this card has been determined by our own industry experts who know the ins and outs of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

This is the best card for food lovers who dine out at restaurants (worldwide), order take-out and want big rewards at U.S. supermarkets!

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American Express^® Gold Card

This is the best card for food lovers who dine out at restaurants (worldwide), order take-out and want big rewards at U.S. supermarkets!

Welcome Offer

You may be eligible for as high as 100,000 Membership Rewards^® Points after spending $6,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.

As High As 100,000 Points. Find Out Your Offer.

UP's Offer Valuation*:

Up to $2,200

Annual Fee

$325

APR

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Credit Recommended

Upgraded Points credit ranges are a variation of FICO^®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.

Good to Excellent

Why We Like This Card

The American Express^® Gold Card is a game-changer.

With this card, you can earn 4x Membership Rewards points at restaurants, up to $50,000 per calendar year, and you’ll also earn 4x Membership Rewards points at U.S. supermarkets on up to $25,000 per calendar year, then 1x.

There isn’t another card on the market that offers a 1-2 punch like this. Of course, there are several other benefits of the Gold Card as well, including extra monthly dining rewards and more.

Pros & Cons

Pros

• 4x points per dollar at restaurants worldwide, up to $50,000 per calendar year; then 1x thereafter
• 4x points per dollar at U.S. supermarkets, up to $25,000 per calendar year; then 1x thereafter
• 3x points per dollar on flights purchased directly from airlines or at AmexTravel.com

Cons

• $325 annual fee (rates and fees)
• No lounge access

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Card Highlights

• You may be eligible for as high as 100,000 Membership Rewards^® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
• Earn 4X Membership Rewards^® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
• Earn 4X Membership Rewards^® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
• Earn 3X Membership Rewards^® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
• Earn 2X Membership Rewards^® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
• Earn 1X Membership Rewards^® point per dollar spent on all other eligible purchases.
• $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards^® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
• $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express^® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
• $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express^® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
• $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express^® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
• Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
• No Foreign Transaction Fees.
• Annual Fee is $325.
• Terms Apply.

Financial Snapshot

• APR: See Pay Over Time APR
• Foreign Transaction Fees: None

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American Express Membership Rewards

Plus, spending $1,500 in 3 months is easy for me, given how often I use this card at U.S. supermarkets and restaurants. It felt like a no-brainer to accept the retention offer, keep earning 4x points in those everyday categories, and reevaluate my credit card strategy next year.

My Retention Offer Strategy

This isn’t my first time contacting credit card issuers about retention offers. I’ve made it a habit for more than a decade. Sometimes, I check for an offer because I am truly ready to close a card, and other times, I check to see if I can score a few extra points.

If I’m unsure about keeping a card, I’ll always check for a retention offer before closing it. It never hurts to ask.

I usually approach the conversation with the mindset that I’m genuinely willing to cancel the credit card. That tends to result in more generous offers because the issuer senses you’re serious. I prefer to use chat or secure messages when available, especially with Amex, because they save time and allow me to multitask.

Sometimes, I’ve been offered multiple options, such as bonus points with a spend requirement or a flat statement credit. Every issuer is different, but Amex is usually generous if you’re a high-spending customer.

Final Thoughts

Retention offers can make a huge difference when evaluating whether to keep a premium credit card. While the Amex Gold card’s new annual fee gave me pause, the 15,000-point bonus helped tip the scales to keep it. Considering the value of those points is worth nearly the same as the annual fee, it’s hard to say no.

You’re not locked in if you’ve got an Amex Gold card (or any premium card) and the annual fee is nearing. Just ask what’s available, and you might be surprised what they’ll offer to keep you around.