compo

One member this week is understandably outraged that American Express took four months to refund $10,000 of duplicate charges on a Platinum card. Amex as a gesture of apparent “goodwill” has agreed to reimburse the interest accrued over that period. Our member queries whether more compensation is claimable for the inconvenience and headache.

One member believes that Amex would only consider additional compensation if they felt the ongoing business relationship was at risk. Retaining our member as a customer may be a key factor in determining compensation. A gung-ho approach is therefore suggested by some members: call Amex directly with the intention to cancel the credit card. This approach may well give rise to Amex offering some incentives to retain your business.

A softer approach in attempting to negotiate a meaningful resolution without escalating the issue may also prove fruitful. The waiver of the annual credit card fee was a suggested bargaining chip which will be relatively painless for Amexto comply with.

If the tactical approach does not work, our members suggest some formal steps can be taken in an attempt to rouse some further compensation. These avenues could include lodging an online dispute with the financial ombudsman or lodge a report with ASIC.

Follow the discussion HERE.

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