American Club no-joining-fee offer (Platinum Charge Card)

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wiz

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Has anyone taken advantage of the no-joining-fee offer to the "American Club" in Sydney (for Platinum Charge Card members)? I'm curious as to what the actual saving is.

Amex claim that the waived joining fee is a saving of $1298, but after looking I can find no joining fee on American Club's website has such a value (in fact it says only $550 to join). The annual (ongoing) membership fee is $1298 (per year), but as I understand it, the Amex offer does not cover the annual membership fee.

I'd like to know what this "saving" is based on. A little misleading of Amex in my opinion. Don't they know their Platinum card members are bound to be a little more discerning when it comes to believing another one of their offers.
 
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