Amex "I'm going to cancel my card" - bonus points given thread.

[bits]

it sucks that they devalue the card seemingly every year

If you put your Amex corporate hat on, it's a perfectly logical business decision - maximise profitability without losing too many customers along the way. Easy to do in the Australian market where they have minimal competition in the luxury card market (only Citi Prestige comes to mind with the $700 annual fee). So over time they have done the following:

1. Increase annual fee ($1250 to $1450)
2. Adjust churning ability (ranging from flexible eligibility for sign up bonuses (eg only restricting to cardholders who haven't held the particular card in prior 18 months to the more restrictive condition of holding any amex card in the previous 18 months. In overseas markets they're now excluding former supplementary cardholders from being eligible for sign up bonuses, not yet in Aus)
3. Cut back on benefits (eg devalue points like the partner transfers, cut back amex offers, kill off the concierge etc)
4. Reduce/cut off retention bonuses

Evidently we now seem to be at step 4 since Feb this year. So long as the cost/benefit ratio works out in our favour, most will remain sticky customers. The proposed RBA banning of card fees will put more pressure on card companies, so expect them to look to recover those lost profits.

 

[Poojou]

Right so here are my data points after a very pleasant conversation with Amex (offshore, but not sure this matters anymore tbh)

On the platinum charge card:

• They are 100% no longer allowed to give out retention points - charge or credit or otherwise - bits has got it right in that, although they say it's regulatory, it's just because well, if you're gonna cancel, there's gonna be 3 other people replacing you I think. The impending potential changes to the CC networks in Aus may also have something to do with this
• They offered the following:
  • Switch to Gold Charge (not publically available) - $210/year, travel insurance or something, no other benefits - reduced earn rate (1.5/$1)
  • Switch to Green Charge (not publically available) - $160/year (take 80 off if you don't want to earn points)
• The poor person on the phone was doing her darndest to see if there was something that they could provide for me, but yeah, nothing tbh.

On the platinum reserve card:

• As you'd know - ditching the charge card meant the reserve card suddenly became a full fee paying card of $395
• There was only an offer here to downgrade to the various no annual fee cards
• I did ask if they could waive the annual fee and I could keep it and she sheepishly said she couldn't
• Once again, I did ask them straight out can you give me points and I'll keep something - nope no dice.

In summary

• Bit dire - don't even need to dance anymore, seems retention is all but dead
• I did however receive my SG charge card in good time, and have spun up everything over here, so hopefully nothing stops!
• Sorry I didn't get a better outcome friends

 

[Daver6]

Right so here are my data points after a very pleasant conversation with Amex (offshore, but not sure this matters anymore tbh)

On the platinum charge card:

• They are 100% no longer allowed to give out retention points - charge or credit or otherwise - bits has got it right in that, although they say it's regulatory, it's just because well, if you're gonna cancel, there's gonna be 3 other people replacing you I think. The impending potential changes to the CC networks in Aus may also have something to do with this
• They offered the following:
  • Switch to Gold Charge (not publically available) - $210/year, travel insurance or something, no other benefits - reduced earn rate (1.5/$1)
  • Switch to Green Charge (not publically available) - $160/year (take 80 off if you don't want to earn points)
• The poor person on the phone was doing her darndest to see if there was something that they could provide for me, but yeah, nothing tbh.

On the platinum reserve card:

• As you'd know - ditching the charge card meant the reserve card suddenly became a full fee paying card of $395
• There was only an offer here to downgrade to the various no annual fee cards
• I did ask if they could waive the annual fee and I could keep it and she sheepishly said she couldn't
• Once again, I did ask them straight out can you give me points and I'll keep something - nope no dice.

In summary

• Bit dire - don't even need to dance anymore, seems retention is all but dead
• I did however receive my SG charge card in good time, and have spun up everything over here, so hopefully nothing stops!
• Sorry I didn't get a better outcome friends

One thing to be aware of with the downgrade to with the gold or green charge card is that you also lose ascent premium. Ie, the ability to transfer Amex points to QF. Only an issue if you desire that transfer path.

 

[lovestotravel]

Right so here are my data points after a very pleasant conversation with Amex (offshore, but not sure this matters anymore tbh)

On the platinum charge card:

• They are 100% no longer allowed to give out retention points - charge or credit or otherwise - bits has got it right in that, although they say it's regulatory, it's just because well, if you're gonna cancel, there's gonna be 3 other people replacing you I think. The impending potential changes to the CC networks in Aus may also have something to do with this
• They offered the following:
  • Switch to Gold Charge (not publically available) - $210/year, travel insurance or something, no other benefits - reduced earn rate (1.5/$1)
  • Switch to Green Charge (not publically available) - $160/year (take 80 off if you don't want to earn points)
• The poor person on the phone was doing her darndest to see if there was something that they could provide for me, but yeah, nothing tbh.

On the platinum reserve card:

• As you'd know - ditching the charge card meant the reserve card suddenly became a full fee paying card of $395
• There was only an offer here to downgrade to the various no annual fee cards
• I did ask if they could waive the annual fee and I could keep it and she sheepishly said she couldn't
• Once again, I did ask them straight out can you give me points and I'll keep something - nope no dice.

In summary

• Bit dire - don't even need to dance anymore, seems retention is all but dead
• I did however receive my SG charge card in good time, and have spun up everything over here, so hopefully nothing stops!
• Sorry I didn't get a better outcome friends

Thanks I've been putting off the call but still need to make it

It disgusts me the offer they give for a new customer with a pathetic low spend requirement that I put through in 1 week. The min spend should be more like $15K in 3 months

"Receive 225,000 Bonus Membership Rewards when you apply online, are approved and spend $5,000 on eligible purchases on your new American Express® Platinum Card within the first 3 months."

 

[burmans]

One thing to be aware of with the downgrade to with the gold or green charge card is that you also lose ascent premium. Ie, the ability to transfer Amex points to QF. Only an issue if you desire that transfer path.

Sounds like a positive to me.

 

[Poojou]

One thing to be aware of with the downgrade to with the gold or green charge card is that you also lose ascent premium. Ie, the ability to transfer Amex points to QF. Only an issue if you desire that transfer path.

Ah yes, this I forgot to mention. Thanks Daver6!!

 

[iamsuperandrew]

Thanks I've been putting off the call but still need to make it

It disgusts me the offer they give for a new customer with a pathetic low spend requirement that I put though in 1 week. The min spend should be more like $15K in 3 months

"Receive 225,000 Bonus Membership Rewards when you apply online, are approved and spend $5,000 on eligible purchases on your new American Express® Platinum Card within the first 3 months."

But I do feel like the Amex Platinum Card is not as powerful as it once was

 

[Poojou]

But I do feel like the Amex Platinum Card is not as powerful as it once was

If you can make it work it works, if you expect Amex to quote value you as a customer... Yeah not much love anymore

 

[lovestotravel]

But I do feel like the Amex Platinum Card is not as powerful as it once was

Nah they are quite common and not as "prestigious" as 5+ years ago

Benefits still easily stack up for me, but just want some loyalty points

I'll still be calling soon anyways and I'l post back with what happens

I'd be wanting onshore though....

 

[iamsuperandrew]

If you can make it work it works, if you expect Amex to quote value you as a customer... Yeah not much love anymore

Agree, I still run all my daily charges through it but definitely no love

 

[Poojou]

Nah they are quite common and not as "prestigious" as 5+ years ago

Benefits still easily stack up for me, but just want some loyalty points

I'll still be calling soon anyways and I'l post back with what happens

I'd be wanting onshore though....

I can't confirm this but the 'onshore' 'offshore' thing is yeah, dead I think. Previously before they shifted a bunch of stuff off, aka, concierge time, fair. But I've always gotten my bonuses speaking to whomever from the offshore part of their customer service arm.

TBH they were more pleasant than any of the onshore people I ever speak to

Agree, I still run all my daily charges through it but definitely no love

I was surprised in my own naive way that they wouldn't let me hold a gold charge for $0, or that they could do something about the reserve's annual fee also.

Ah wel, Singapore Charge it is. Guess I'll just pay the forex when I visit home then lol.

 

[burneracc]

Right so here are my data points after a very pleasant conversation with Amex (offshore, but not sure this matters anymore tbh)

On the platinum charge card:

• They are 100% no longer allowed to give out retention points - charge or credit or otherwise - bits has got it right in that, although they say it's regulatory, it's just because well, if you're gonna cancel, there's gonna be 3 other people replacing you I think. The impending potential changes to the CC networks in Aus may also have something to do with this
• They offered the following:
  • Switch to Gold Charge (not publically available) - $210/year, travel insurance or something, no other benefits - reduced earn rate (1.5/$1)
  • Switch to Green Charge (not publically available) - $160/year (take 80 off if you don't want to earn points)
• The poor person on the phone was doing her darndest to see if there was something that they could provide for me, but yeah, nothing tbh.

On the platinum reserve card:

• As you'd know - ditching the charge card meant the reserve card suddenly became a full fee paying card of $395
• There was only an offer here to downgrade to the various no annual fee cards
• I did ask if they could waive the annual fee and I could keep it and she sheepishly said she couldn't
• Once again, I did ask them straight out can you give me points and I'll keep something - nope no dice.

In summary

• Bit dire - don't even need to dance anymore, seems retention is all but dead
• I did however receive my SG charge card in good time, and have spun up everything over here, so hopefully nothing stops!
• Sorry I didn't get a better outcome friends

I take it the green has reduced points earn too? Also, would you mind sharing why you went gold over green? The insurance on the gold isn't all that good as IIRC it was substantially lower than the platinums (generous) insurance limits.

Last q - were you grandfathered into the plat reserve with travel credit? Or you just had it for fun? TIA

 

[Chris760]

No bonus points for me.
Cancelled card and will take out as a ‘new customer’ in 18 months.

 

[Poojou]

I take it the green has reduced points earn too? Also, would you mind sharing why you went gold over green? The insurance on the gold isn't all that good as IIRC it was substantially lower than the platinums (generous) insurance limits.

Last q - were you grandfathered into the plat reserve with travel credit? Or you just had it for fun? TIA

RE: Green card - yep spot on, reduced earn rate, same as the gold - oh I didn't choose either one, they didn't really suit me (I was angling for a like, here's 200k to take the gold and we'll waive the feed)

RE: Insurance - given you have to buy the ticket with the amex and my current location (not Australia) - never really a big thing for me.

RE: Plat Reserve - yeah, I had it grandfathered in, and used it basically instead of the charge (very rarely did I use the charge tbh)