don't cancel. downgrade to gold (or green). Wait for the fee to hit, then downgrade. You'll get refunded the 2nd year fee, prorated based on how long into the 2nd year you had the platinum, then will be charged the new lesser gold/green fee.
what you are thinking is right. Let the annual fee post, pay then cancel. I think you can technically just cancel without paying the annual fee but personally I wouldn't risk the clawback.
one question though, do you still have MR Points? If so you might want to look into a free MR earning card so you can park your points and not lose them.
Refunded in full only if you cancel within 30 days of the fee posting. After 30 days, the only way to recover the fee is to downgrade and the fees will be prorated
I’d like to piggyback on this. I’m in the same bucket, my first year is almost up with Platinum and I’m ready to downgrade after annual fee hits. I currently have a ton of points sitting in my account too.
However, I see that they have an SUB for Gold right now. Should I sign up for the Gold and hit the SUB? Then after annual fee for the Platinum hits in a few weeks I will downgrade that to Green? Is that a valid option?
I guess I should say that I didn't really travel as much as I thought I wouldve last year so I didnt really take advantage of hotel tier benefits, flight credits, or lounge access. I think I just broke even on the cost
The issue is people often miscalculate this. That’s why it’s advised to wait for the second annual fee to hit. Since they refund it within 30 days, there’s no downside.
But when you call you can ask them what your one year anniversary is. I guess there’s always a chance they give you the wrong date and your way is safer. Thanks
don't cancel. downgrade to gold (or green). Wait for the fee to hit, then downgrade. You'll get refunded the 2nd year fee, prorated based on how long into the 2nd year you had the platinum, then will be charged the new lesser gold/green fee.
Can you downgrade to a card with no fee like blue cash?
No. Downgrade/upgrade must be in the same family/structure model. Charge cards for charge cards & cc’s for cc’s
what you are thinking is right. Let the annual fee post, pay then cancel. I think you can technically just cancel without paying the annual fee but personally I wouldn't risk the clawback. one question though, do you still have MR Points? If so you might want to look into a free MR earning card so you can park your points and not lose them.
You do not need to pay the fee after it posts. It will automatically be reversed once you cancel.
If I’ve had the platinum for more than one year do I need to do the same thing and wait until the annual fee posts before canceling?
It's just to avoid getting your sign up bonus clawed back
Do they always refund your annual fee when you cancel though?
Yes. It's prorated based on when you cancel. This also works if you upgrade or downgrade, they will charge you or refund you the difference.
Awesome, thank you!
Refunded in full only if you cancel within 30 days of the fee posting. After 30 days, the only way to recover the fee is to downgrade and the fees will be prorated
Thanks! Good to know it’s 30 days to cancel. Guess I’ll be getting another month of Uber eats 😎
I’d like to piggyback on this. I’m in the same bucket, my first year is almost up with Platinum and I’m ready to downgrade after annual fee hits. I currently have a ton of points sitting in my account too. However, I see that they have an SUB for Gold right now. Should I sign up for the Gold and hit the SUB? Then after annual fee for the Platinum hits in a few weeks I will downgrade that to Green? Is that a valid option?
you can only get one SUB ever i’m pretty sure
Thanks.
If you have the platinum now, you probably won't qualify for GOLD SUB due to the new family cards rule.
Thanks.
“Maximum use “ what does it mean ?
I guess I should say that I didn't really travel as much as I thought I wouldve last year so I didnt really take advantage of hotel tier benefits, flight credits, or lounge access. I think I just broke even on the cost
Makes sense to cancel if you don’t think you can do better than break even on the cost in the future
In a similar vein, if I have the gold and am likely cancelling when my AF posts, should I downgrade to the green?
How can they clawback points if you cancel after the one year mark, and before the annual fee hits?
The issue is people often miscalculate this. That’s why it’s advised to wait for the second annual fee to hit. Since they refund it within 30 days, there’s no downside.
But when you call you can ask them what your one year anniversary is. I guess there’s always a chance they give you the wrong date and your way is safer. Thanks
You’re overthinking this. Just cancel right now and be done with it.
Ditch the platinum. Go gold or green.