American Express is a DansDeals.com advertiser.
AMEX is making changes to their annual fee policy on September 1st:
Currently you can cancel a card for up to 60 days from the date the fee was billed. That will switch to 30 days from the closing date of the statement on which the fee appears.
But the bigger deal is that annual fees will no longer be pro-rated if you cancel a card after that 30 day period. Currently annual fees are pro-rated, so if for example you cancel a card after 5 months of paying an annual fee you would receive a a refund for 7/12ths of the annual fee.
Apparently these new rules don’t apply if you live in MA, so there’s always the option of moving to Beantown. (I don’t think day-tripping to Bahston for more than 300,000 miles will count even if it is wicked smaht 😉 )
Otherwise, I reached out to AMEX and confirmed that you will still be able to downgrade your card and receive a pro-rated refund after these new rules go into effect.
That mean if you have a $450/year Platinum card for example, you’ll still be able to downgrade to a $195/year Premier Rewards Gold card or $95/year Green card and receive a pro-rated refund for the higher priced card.
You just won’t receive any refund if you cancel the card. Unless you Pahk the Caa in Hahvahd Yahd.