Last week, I wrote about how you can “buy” back your Silver, Gold, or Platinum status with Marriott Rewards. American Airlines is running a similar program for buying back the elite status, but unlike with Marriott, where you can use points to do it, with American you need to use cash.
Platinum members that flew less than 40K miles or who had fewer than 48 segments need to pay $769, and those who flew more, but not enough for Platinum, need to fork out $619.
They have similar for Gold status members as well. If you flew less than 20K miles or 24 segments, need to pay $559 to extend the status for another year, and those who flew more, but not enough for Gold, need to pay $409.
Does it make sense to buy back the status?
It really depends how much you are planning on flying on American and their Oneworld partner airlines this year. The main benefit for a Platinum are 100% bonus on miles earned, business check in regardless of the class booked, business class lounge access on international itinerariers even when flying in on coach, waived award fees if ticketed within 21 days of departure, ability to earn and confirm domestic upgrades, waived checked in bag charge and extra allowance on international flights, priority when there are irregular operations etc.
There are really quite a few benefits of being a Platinum member. Some of these apply for Gold members as well.