How Soon Does Amex Business Platinum Card $200 Appreciation Credit For Account Renewal Post?

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American Express offered $200 “Appreciation Credit” for Business Platinum
Card holders if they renew the account after the card’s annual fee is posted. The Business
Platinum Card has a very high $595 annual fee and amidst the COVID-19, Amex
understands that the card holders may not able to utilize the card’s benefits at
its potentials in terms of travel. Therefore, Amex has offered
limited time benefits
to its several travel cards that also includes the Amex Platinum Card for both
the personal and business charge cards. 

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    Amex Business Platinum $200 Appreciation Credit Details

    If you have an Amex Business Platinum card, you can get a one-time $200
    statement credit following your account renewal. There’s no further action
    necessary on your end. This means that after your card’s annual fee is posted
    to your account, the $200 credit for account renewal will be automatically
    applied. 

    How Soon Does $200 Statement Credit For Amex Business Platinum Card’s Account
    Renewal Post? 

    According to American Express fine print:

    Eligible Business Platinum Card Members as determined by American Express in
    its sole discretion, will be eligible to receive a one-time
    $200 statement credit after Card renewal
    . The statement credit will be applied to the eligible Card account
    within 8-12 weeks of the account renewal month. This statement credit
    is limited to Basic (not Additional) Card Members only. Offer is
    non-transferable.
    If the eligible Business Platinum Card is cancelled, or you have
    downgraded or upgraded your Card up to 45 days after the first day of your
    renewal month, you will not receive the one-time $200 statement credit.
    American Express reserves the right to modify or revoke offer at any
    time.

    While Amex fine print states so, but in reality the time it takes American Express to issue the $200 statement credit posted to your American Express Business Platinum account is much faster than that 8-12 weeks time. In fact, it only took 2 days after the annual fee is posted. 
    Here’s my timeline:
    • August 1 – RENEWAL MEMBERSHIP FEE – $595
    • August 3 – APPRECIATION CREDIT – $200

    Maximizing $200 Account Renewal Credit With Amex Retention Offer 

    Typically, when you want to cancel a credit card, it’s worth calling the bank and inquiring about any retention offers that are available to keep you from closing a specific card. The offers can be in a form of a statement credit (cash) or rewards points. 
    Amex Business Platinum Card does have retention offers, but your mileage may vary. The tip that I can suggest here is to call and ask for available retention offers in your account before the card’s annual fee is even posted. In my situation, I called 3 months before my annual fee on the card was due and I was offered 5,000 Membership Rewards Points to keep my Business Platinum Card open. I knew that I would receive this additional $200 appreciation credit and therefore I took the retention offer right away. Don’t wait to call until the annual fee is posted, especially after the $200 statement credit is issued. Here’s the retention phone number: 1-866-376-4552.
    I also remember something about American Express now allows asking for retention offer via chat? Give that a try and let me know. 

    Can You Cancel Amex Business Platinum Card After Receiving $200 Credit? 

    American Express specifically states that If the eligible Business Platinum Card is cancelled, or you have downgraded or upgraded your Card up to 45 days after the first day of your renewal month, you will not receive the one-time $200 statement credit. American Express reserves the right to modify or revoke offer at any time.

    American Express makes it clear that they reserve the right to revoke the offer at any time if they find that you are abusing the intention of what the offer is for. So I recommend that you proceed with this carefully. The $200 statement credit offer is clearly intended to have you keep the Business Platinum card for at least another year. 
    Personally, I think the offer is not bad at all. After the $200 discount, that is like paying $395 for the card’s annual fee for at least another year. Amex Business Platinum Card offers some travel benefits that are worth keeping such as airport lounge access, $200 airline fee credit and $200 Dell credit from July through December 2020, etc. 

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