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How to Waive Annual Fee for American Express Platinum Military
The American Express Platinum Military credit card is a coveted financial tool for active duty servicemembers and their spouses. Packed with exclusive benefits, such as airport lounge access, airline fee credits, and elite status with various hotel loyalty programs, it is no wonder that this card is highly sought after. However, with all these perks comes an annual fee that can be quite steep. In this article, we will explore various methods to waive the annual fee for the American Express Platinum Military card.
1. Active Duty Military Benefit
The American Express Platinum Military card offers a unique benefit for active duty military personnel. Under the Servicemembers Civil Relief Act (SCRA), American Express is required to waive the annual fees for all of its credit cards, including the Platinum Military card, for active duty military members. This benefit also applies to any additional cards issued to the military member’s spouse or dependents.
To take advantage of this benefit, the cardholder must contact American Express and provide proof of active duty status. Acceptable proof includes a military ID, orders, or a letter from the commanding officer. Once verified, American Express will waive the annual fee for the duration of the cardholder’s active duty service.
2. Military Lending Act (MLA) Benefit
Another way to waive the annual fee for the American Express Platinum Military card is through the Military Lending Act (MLA). This act limits the amount of interest and fees that credit card issuers can charge to active duty military personnel and their dependents. As a result, American Express voluntarily extends the MLA benefit to all of its cardholders, including those with the Platinum Military card.
To qualify for the MLA benefit, the cardholder must have opened the account before entering active duty service. Once on active duty, they can contact American Express and provide proof of active duty status. Upon verification, American Express will waive the annual fee for the duration of the cardholder’s active duty service.
3. Retention Offers
If you are not currently on active duty and do not qualify for the SCRA or MLA benefits, you can still try to waive the annual fee through retention offers. Retention offers are incentives provided by credit card issuers to encourage cardholders to keep their accounts open.
To explore retention offers, contact American Express and express your desire to cancel the card due to the high annual fee. The customer service representative may transfer you to the retention department, where you can discuss your options. Be polite and explain your situation, mentioning that you are considering canceling the card. In some cases, American Express may offer a statement credit or bonus points to offset the annual fee and retain your business.
FAQs:
1. Is the American Express Platinum Military card worth the annual fee?
The value of the American Express Platinum Military card depends on your individual circumstances and usage. Consider the benefits, such as airport lounge access, airline fee credits, and elite status with hotel loyalty programs, and compare them to the annual fee. If the benefits outweigh the fee, it may be worth keeping the card.
2. Can I downgrade the American Express Platinum Military card to a no-annual-fee card?
Unfortunately, American Express does not offer a no-annual-fee card that can be directly downgraded from the Platinum Military card. However, you may be able to request a downgrade to a lower-tier card with a lower annual fee, such as the American Express Gold Card.
3. Will canceling the American Express Platinum Military card affect my credit score?
Canceling a credit card can potentially impact your credit score, especially if it is one of your oldest accounts. However, if you have other credit cards with a long credit history and low utilization, the impact may be minimal. Consider your overall credit profile before deciding to cancel the card.
In conclusion, there are several methods to waive the annual fee for the American Express Platinum Military card, including the SCRA benefit for active duty military, the MLA benefit for those who opened the account before entering active duty, and retention offers for non-active duty cardholders. Evaluate your eligibility and options to determine the best course of action for your financial situation.
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