Reduced AMEX earn rates from April 2019

[rock86]

and maybe the Financial Ombudsman.

There is absolutely nothing they can do about it.

 

[Must...Fly!]

Sounds like it will be ascent premium only that gets the doubled up balance.

I have a meagre 140k in gateway, but I am more and more considering just running them out to SQ/Velocity.

 

[SeaWolf]

Sounds like it will be ascent premium only that gets the doubled up balance.

I have a meagre 140k in gateway, but I am more and more considering just running them out to SQ/Velocity.

There's a 15% bonus on transferred Velocity points running until the end of the month, which is worth keeping in mind.

 

[Must...Fly!]

There's a 15% bonus on transferred Velocity points running until the end of the month, which is worth keeping in mind.

Indeed. Thinking of throwing enough in to KF to get a return SW Pacific award (NZ reward in J would be nice...but I know only a dream...) then the rest in to Velocity to join the couple hundred thousand already sitting there. Alternative is enough one way to get to Europe then the balance over to Velocity.

 

[firstclasser]

I just got off the phone with a CSR from Amex to ask him about the doubling of points.
He confirmed with me that this is true, and letters have been started to be sent out from 4pm on Monday to the basic card member.
I asked him if this is the case for ascent premium only, or across all different card types, and he advised me the doubling of points will occur for all of the MR programs (gateway and ascent) also.

 

[Must...Fly!]

I just got off the phone with a CSR from Amex to ask him about the doubling of points.
He confirmed with me that this is true, and letters have been started to be sent out from 4pm on Monday to the basic card member.
I asked him if this is the case for ascent premium only, or across all different card types, and he advised me the doubling of points will occur for all of the MR programs (gateway and ascent) also.

The plot thickens...thank you for the update.

 

[ninja-tim]

It would have been a terrible move only doubling points for certain cardholders.

 

[firstclasser]

If Amex are indeed doubling gateway points, then technically the value of those existing points will be increased.

Pre 15/4 - 100k gateway points = 75k airline points
Post 15/4 - 200k (doubled from 100k) = 100k airline points

 

[rock86]

I just got off the phone with a CSR from Amex to ask him about the doubling of points.
He confirmed with me that this is true, and letters have been started to be sent out from 4pm on Monday to the basic card member.
I asked him if this is the case for ascent premium only, or across all different card types, and he advised me the doubling of points will occur for all of the MR programs (gateway and ascent) also.

The accountant in me says, "why, just take the gain from your program changes!!".

The points chaser in me says, "a bit of sense prevails by not p!ssing off (as much) your valued customers".

 

[Oxy]

I won't be counting my chickens just yet that's for sure. I'm still very sceptical they actually care at all. The size of the devaluation shows that.

 

[Oubline]

Doubling would almost make Marriott viable again for existing balances. (I know most people interested in this would have already converted before the Amex Marriott devaluation earlier this year.)

 

[Saltywings]

I just got off the phone with a CSR from Amex to ask him about the doubling of points.
He confirmed with me that this is true, and letters have been started to be sent out from 4pm on Monday to the basic card member.
I asked him if this is the case for ascent premium only, or across all different card types, and he advised me the doubling of points will occur for all of the MR programs (gateway and ascent) also.

Nice. As much as I wish this to be true, I'll be holding my breath until I receive something in writing.

And as @firstclasser said, if they outright doubled Gateway points too, that would actually increase their value post-devaluation. I have some doubts here.

 

[theblank]

Its a bit pointless asking them if the points will be doubled. The only thing that matters is whatever Amex advises in writing, and until its been announced whatever a CSR says is not going to count for anything.

 

[trippin_the_rift]

Is this the single biggest devaluation of a loyalty currency in Australian history?

 

[albyd]

I just called Amex Platinum Charge line and asked about the talk of a doubling of legacy points. I got routed to an offshore call center. I asked whether what we'd heard about an adjustment (doubling) existing MR points at 15 April so they can retain parity with pre-devaluation levels was correct. She was non-committal and said "I don't know anything". Did however tell me to look out for my letter - letters began being sent on 19 November so we should start receiving them by the end of the week. Said there would be specific offers based on our spend profile, etc but again said "I don't know" when I pressed for more details.

We have some months before this all happens so just a matter of waiting for our offer letters in the first instance and making the most of the current system until April 15 where we'll each need to make the decision that most suits our circumstances. Will be interesting to see the range of offers if there is such a thing.

 

[Chicken]

Is this the single biggest devaluation of a loyalty currency in Australian history?

Can't be. We went thru this with Citi only 2 years ago when we were forced to clear out our Citi rewards account (also hence I decided to move from QF and VS to SQ and OMG, SQ KF leaves QF for dead)

 

[Daver6]

Is this the single biggest devaluation of a loyalty currency in Australian history?

Unlikely. Ansett collapse would trump this.

 

[Doctore1003]

Posted by someone on Facebook. Doubling of Ascent Premium points for Plat card member.

 

[jasonfungsing]

Posted by someone on Facebook. Doubling of Ascent Premium points for Plat card member.

waiting for my email to arrive

 

[ninja-tim]

With the Citi devaluation, there was quite a bit of uproar from us with respect to their notice period and eventually they backed down and gave us extended notice.