Cost justification to renew my Amex Charge Platinum

[trblvb]

I'd love to tell them what I think but I don't think they'd like it !!

Please tell us how it goes

…and it wouldn’t take 45 min – I could sum it up in one word &%$#@

 

[mbeder]

When i rang they offered nothing whatsoever.. they seem to think what's included is worth the $900.. no exceptions really.

Received the same response yesterday as the renewal fee had come through over the weekend - I'd previously had the fee halved for a few years now, but apparently they're no longer offering this - despite my significant spend and 20 year tenure. The CSR did a great job in talking about the benefits, but as the points have been devalued I no longer see the value - will most likely replace with the NAB Amex as it comes with 35,000 free points on sign up. Will hold onto the Platinum Reserve Credit Card until it's due for expiry and then will get rid of it as well. I also hold a Qantas Ultimate Amex which includes a fee flight/hotel stay and travel insurance plus the Virgin Plat CC which provides free partner flights plus the Qantas Everyday Card...yes it sounds like a lot of cards :shock: but all issuers have either reduced or waived fees (or given points in leiu) in recent years....

 

[Ricardo]

Received the same response yesterday as the renewal fee had come through over the weekend - I'd previously had the fee halved for a few years now, but apparently they're no longer offering this - despite my significant spend and 20 year tenure. The CSR did a great job in talking about the benefits, but as the points have been devalued I no longer see the value - will most likely replace with the NAB Amex as it comes with 35,000 free points on sign up. Will hold onto the Platinum Reserve Credit Card until it's due for expiry and then will get rid of it as well. I also hold a Qantas Ultimate Amex which includes a fee flight/hotel stay and travel insurance plus the Virgin Plat CC which provides free partner flights plus the Qantas Everyday Card...yes it sounds like a lot of cards :shock: but all issuers have either reduced or waived fees (or given points in leiu) in recent years....

A shame really after what sounds like a long tenure as a cardmember, not sure why Amex has gone this way to alienate long standing cardmembers. I have had a similar experience with fee reductions and have been a member since 1999. They also used to recognise membership years with extra benefits if I recall correctly. I have also written a couple of letters with no avail about the changes and devalued card offerings.

Carefactor 0

 

[Ricardo]

Just cancelled my Platinum Charge Card. Like most here I got offered nothing and had to ask for the pro rata refund! Not interested at all in keeping me as a customer.
We they asked about why I was cancelling I stated the $900 fee no longer equates to the benefits offered and the changes made, to which the operator agreed...

I thought you were entitled to a pro rata refund under the T & C of the card ?

 

[mbeder]

I thought you were entitled to a pro rata refund under the T & C of the card ?

In my case, they will provide a full refund - I was given a couple of weeks to move my reward points out and then I'll call to close and they'll refund the full $900.

Agree that it's weird that there's no recognition, but perhaps they're culling out those of us who've taken advantage of the system these past few years - we're most likely less profitable than other users - and will thus retain 'true' platinum-worthy (cardholders?!

 

[mbeder]

A quick addendum - today had an $89 annual fee waived (yes, it's only a 10th of the Plat card fee, but they obviously value the business enough to keep me) and 3 months ago was given 3,000 FF points instead of waiving a $99 fee - which I thought was a very fair trade - on another card.

 

[greenfrog86]

A quick addendum - today had an $89 annual fee waived (yes, it's only a 10th of the Plat card fee, but they obviously value the business enough to keep me) and 3 months ago was given 3,000 FF points instead of waiving a $99 fee - which I thought was a very fair trade - on another card.

Was that the EDR card? You'll note it comes with pretty much NO benefits whatsoever so the annual fee doesn't really need to cover anything...

However cards with free flights, hotels, memberships, lounge access, travel insurance etc all needs to be paid for somehow (doesn't mean that the fees aren't inflated, however they need some kind of cost recovery)

 

[Ricardo]

A quick addendum - today had an $89 annual fee waived (yes, it's only a 10th of the Plat card fee, but they obviously value the business enough to keep me) and 3 months ago was given 3,000 FF points instead of waiving a $99 fee - which I thought was a very fair trade - on another card.

Great that sounds like not a bad result, maybe they are starting to listen ?

I mean I dont have a huge Amex Plat spend, 2-3k per month, but it all adds up for Amex in the long run.

 

[wandersen]

Same here. 10 years as a platinum card member, two as a centurion (dropped back as I couldn't see the additional value), about $100K per year spend, and nothing, nada, not even an offer of a $100 discount. Good luck to them I say. I told her it was mostly the travel insurace issue for me (which was true). I liked never ever having to thinking about travel insurance. There are annual policies about, but none as good as the Amex policy was. It has seriously made my travel more inconvenient, and I let her know that.

 

[yohy?!]

amex is known for for ruthlessly culling out accounts that make no money or cause it to lose money, although I'm not sure high spending platinium/centurion customers fit this description! They may have over-extended their costs with all the new premium products and subsequent accounts over the last 5 or so years.

 

[nlagalle]

I rang amex last week to sort a phone payment out (online wouldn't work, known bug if you make a counter payment) and I was talking to a supervisor who asked about the card, so i let her have it. she did admit that many members had cancelled due to the travel insurance. I said it was one of the best around and now it isn't worth the paper it's written on and i had to take out my own policy. I also mentioned its a joke that they keep sending me emails for travel insurance.

Also said the points had taken a bit hit and wasn't happy either (she'd had a lot of calls about it too). i said there is no difference between points earning on that card to one from someone else. I am not holding my breath but maybe they may make some changes next year.. i'm keeping it for one more year to see..

 

[wandersen]

I also let them know that if they'd upped the fee and kept the same benefits I would have stayed. Why they didn't do that is beyond me.

 

[mbeder]

Was that the EDR card? You'll note it comes with pretty much NO benefits whatsoever so the annual fee doesn't really need to cover anything...

Disagree regarding NO benefits - if I use the Qantas EDR to pay tax for the business I get 1:1 Points to $, while the Amex Plat gives 0.5 points/$ and has a higher bank fee. Also for purchases that don't accept Amex, at least I'm getting 1 for 1 on every dollar...whereas (for example) the Virgin Money Plat Visa drops down to 0.5pts / $ after $1,500 spend per month, which I easily surpass.

 

[mini2]

Rang them up last week, asked about getting a fee reduction, got told no (not surprising really). I've said to them if I cancel my card and get an affinity plat charge card instead, that's instantly $200 cheaper without any haggling whatsoever. The rep confirmed yep that's true but they can't do anything to either transfer my existing "product" to another "product" so the only way is to cancel it then re-apply.

Didn't bother asking what will happen to my Reserve card, will I need to re-apply for that should I go down the path of getting an affinity plat charge.

 

[11sjw]

Disagree regarding NO benefits - if I use the Qantas EDR to pay tax for the business I get 1:1 Points to $, while the Amex Plat gives 0.5 points/$ and has a higher bank fee. Also for purchases that don't accept Amex, at least I'm getting 1 for 1 on every dollar...whereas (for example) the Virgin Money Plat Visa drops down to 0.5pts / $ after $1,500 spend per month, which I easily surpass.

Changed to an AMEX direct through ANZ (Credit Card not Charge Card) and they still give the 1.5pts/$1 on ATO payments and had a 32k sign up bonus.

 

[burmans]

Changed to an AMEX direct through ANZ (Credit Card not Charge Card) and they still give the 1.5pts/$1 on ATO payments and had a 32k sign up bonus.

Plenty of bank issued Amex cards which get 1.5 points and for those with a package largely annual fee free.

 

[Masonic Phantom]

I rang amex last week to sort a phone payment out (online wouldn't work, known bug if you make a counter payment) and I was talking to a supervisor who asked about the card, so i let her have it. she did admit that many members had cancelled due to the travel insurance. I said it was one of the best around and now it isn't worth the paper it's written on and i had to take out my own policy. I also mentioned its a joke that they keep sending me emails for travel insurance.

Also said the points had taken a bit hit and wasn't happy either (she'd had a lot of calls about it too). i said there is no difference between points earning on that card to one from someone else. I am not holding my breath but maybe they may make some changes next year.. i'm keeping it for one more year to see..

nlagalle,
Agree with all points made..I am in for one more year also..then we will see!!

M.P.

 

[greenfrog86]

Disagree regarding NO benefits - if I use the Qantas EDR to pay tax for the business I get 1:1 Points to $, while the Amex Plat gives 0.5 points/$ and has a higher bank fee. Also for purchases that don't accept Amex, at least I'm getting 1 for 1 on every dollar...whereas (for example) the Virgin Money Plat Visa drops down to 0.5pts / $ after $1,500 spend per month, which I easily surpass.

No benefits in the sense of over and above basic features like points earn.

Cards that provide insurance, hotel stays, free wine, hotel or lounge memberships all cost the product owner money.

Points earn can largely be recovered through interchange fees however so EDR is not losing out by offering you points for no annual fee.

Woolworths also get a benefit out of many cardholders as the built in EDR barcode encourages use which means they build a treasure trove of data about your spending habits which is worth money to them...

 

[11sjw]

Plenty of bank issued Amex cards which get 1.5 points and for those with a package largely annual fee free.

True but the $900 card here only gets you 0.5/$1 on ATO payments. Another enhancement which when combined with the Travel Insurance made me ditch my card.

 

[mbeder]

So, transferred over 300k worth of points out of the card this week and called this afternoon to cancel. They reversed the $900 fee and cancelled the card....and thanked me for my custom...one more direct debit due in a week and then it's all over. No doubt I'll find another issuer/bank who'll appreciate the $100k plus annual spend. :shock: