AMEX RAT had been taking a break for a while since COVID, but now they are back out in full force. I’m guessing AMEX got tired of top line revenue numbers and want to hit profitability numbers by killing manufactured spending. On Wednesday was when the first reports of AMEX clawbacks came and I heard some more on Thursday. What I know so far from 2 first hand accounts:
One person was using the AU offers at gas on what I presume was the business gold AU 5K pts for $2K spend. His statement closed in late May and he only got an email a few days ago (odd cuz I was assuming eyes were on the account on statement close but this was nearly a month later.) He hadn’t closed any AMEX cards recently but did downgrade some PLATs to GOLD back in April (he didn’t have any retention offers on them though which is odd.)
Another person I know was earning 4X on the personal GOLD at grocery and got hit when his statement closed in June and they clawed back his May-June purchases. He did close a BIZ GOLD back in April and he POSSIBLY closed it a tad too soon on a retention offer.
There are more second hand reports that I’ve read where a certain play that rhymes with booze got caught. And while the email may say one card, the spend may be on another card. And it’s not just the Gold cards – plat AUs got it and EDP. I’m sure the cobrands like Hilton got it too. So if you got a clawback email, you can chat with them to see which card and why they clawed back the points. Look at when you last downgraded or cancelled a card and did you do it too soon.
One thing that we did learn is that it seems the RAT’s way of detecting gift card spend is by looking at the charges and seeing if they are divisible by $505.95 or so (maybe because they don’t have L3 data.) So if you had added a filler or charging an odd amount, it SEEMS you might be safe. It’s odd because I know A LOT of people, myself included, should have gotten clawback emails, but we haven’t gotten it yet… or maybe we’re just walking the Green Mile but don’t know it yet..
The lesson learned here is once again to not get eyes on your account (be careful about when you close or downgrade a card, especially if you got a sub or retention offer.) Secondly, odd amounts!
What do you mean by closed an account “too soon”?
As in, you’re supposed to keep it opened for a year if you have a retention offer?
Yes, you have to keep it open for a year if you got a retention offer.
But I also mean “too soon” if you closed it at 11 months or before the statement of the AF hits (not sure if this matters but why risky it)