Amex Platinum Charge card - success / failure at getting reduction in $900 annual fee

[ajca]

My Amex Platinum Charge Card is coming up for its annual renewal, and I am inclined to cancel unless I can get a significant reduction in the annual fee.

I called today and told them how their 'enhancements' and cough service have substantially decreased the value of this card to their customers, e.g.:

• fundamentally screwing up what used to be a very good travel insurance product
• adverse changes to membership rewards earning as discussed on this forum at length
• Platinum Travel Services and concierge that are barely useful and generally incapable of correctly fulfilling even the simplest request
• the fact that in 2012 you still have to call PTS to find out FHR rates (whereas in the US Plat and Cent cardholders can browse rates and book online)

I told them that given all of this, I feel that I can only renew the card if they can reduce the annual fee. They said no, the $900 fee is non-negotiable.

My annual spend is not massive compared to some on here (maybe $100k) but I figure that Amex is still getting around $3k of fees out of the merchants I'm spending that money with.

In any case, I was hoping we could use this thread to record recent success / failure at getting the annual fee reduced. And any tips / tricks learned along the way for how to negotiate this.

 

[k3nnis]

Re: Amex Platinum Charge card - success / failure at getting reduction in $900 annual

Did you end up cancelling?

 

[ajca]

Re: Amex Platinum Charge card - success / failure at getting reduction in $900 annual

Did you end up cancelling?

Haven't decided yet. I have a few weeks before I need to make the call. I do get quite a bit of value of the card but given the changes of the past year I'm just not sure it's worth $900.

 

[moa999]

Re: Amex Platinum Charge card - success / failure at getting reduction in $900 annual

I have previously had the fee halved but only after going through with cancellation - got a call two days later from special team.
Note I had moved all points and was prepared to cancel.

 

[mini2]

Re: Amex Platinum Charge card - success / failure at getting reduction in $900 annual

I have previously had the fee halved but only after going through with cancellation - got a call two days later from special team.
Note I had moved all points and was prepared to cancel.

I think that's what I've failed to do last year - threatened to cancel but all my points were still sitting pretty with them...ended up getting $200 off.

Might prepare a little better this year like moving the points out and cut all my direct debits 1-2 months ahead to show them I mean business.

 

[perthtraveller]

Re: Amex Platinum Charge card - success / failure at getting reduction in $900 annual

$500 off this year in April through my relationship manager.

 

[kpc]

Re: Amex Platinum Charge card - success / failure at getting reduction in $900 annual

My strategy is to transfer all my points out, cancel all direct debits, and ring to cancel the charge card. I really don't need / want the card any more, and even at 1/2 annual fee, I would probably still cancel.

 

[zig]

Re: Amex Platinum Charge card - success / failure at getting reduction in $900 annual

My strategy is to transfer all my points out, cancel all direct debits, and ring to cancel the charge card. I really don't need / want the card any more, and even at 1/2 annual fee, I would probably still cancel.

That is what I did last week. Transferred my points out, cancelled direct debits and rang to cancel, I wouldn't have kept the card even at a reduced fee - however they really weren't even interested in listening to my reasons for wanting to cancel. I was just tranferred through to cancellation.

 

[steveda]

Re: Amex Platinum Charge card - success / failure at getting reduction in $900 annual

I had the annual fee waived (in two halves) last year. The first half was when I complained about the number of merchant surcharging for Amex, the second was when I called to ask what they would do to retain me as a customer seeing as they were offering 80k points for new signups (+ more whinging about surcharges and lack of acceptance).

Cheers

Steve

 

[mini2]

Re: Amex Platinum Charge card - success / failure at getting reduction in $900 annual

This is what I've got from them after whinging about their "enhancements":


With reference to the recent changes to our Membership Rewards Program, we acknowledge your concerns regarding the new points earn rates/tier and appreciate you taking the time to share them with us. We genuinely regret you feel the changes to the Membership Rewards Program devalue your Membership with us, so we would like to offer you additional background on our decision.

Essentially the changes are the result of a lengthy and in-depth research program and importantly, a significant amount of Cardmember feedback.

We understand that the changes may seem like a reduction in value for you in terms of how you normally use your Card. Whilst we acknowledge that this may be disappointing in the short term, for the long term, the changes give us greater leverage in adding more merchants to the utilities category - a key area which our Cardmembers have been specifically asking us to improve.

The changes also offer you the opportunity to increase your points earning at a broader range of merchants and industries where you may not have used your Card previously. We value your feedback and if you have any suggestions for specific merchants where you would like to be able to use your Card for Points, please let us know at www.americanexpress.com.au/cardacceptance.

The threshold is intended to simplify points tracking due to the change from a single points earn rate to accelerated earning across merchants you spend with everyday. It’s much clearer to state the threshold in terms of Points than in terms of dollars when the Dollar: Point value is variable.

As part of the changes to the Membership Rewards program certain industries will now earn 0.5 points per dollar spent, the Australian Tax Office (ATO) is one of these. In order to provide the right value to the merchants and still allow customers to use the card where they want we have had to lower the amount of points earned of these industries.

We do hope that with this additional information you have gained a greater understanding of how the changes can enhance the value of your American Express Membership and that we can continue to partner with you for many years to come. If you so wish to cancel your Account, please contact our Card Services Department who will be able to assist you with the cancellation of your Account and provide you with a pro rata refund.

Mr mini2, I trust the above clarifies your concerns. However, if you feel that this issue has not been resolved you may refer a complaint to the Financial Ombudsman Service (FOS), of which we are a member. FOS offers a free external dispute resolution service for individuals who are not able to resolve any issues they may have directly with their credit provider. FOS can be contacted on 1300 78 08 08, through their website www.fos.org.au or by mail at GPO Box 3, Melbourne, VIC, 3001.

 

[k3nnis]

Re: Amex Platinum Charge card - success / failure at getting reduction in $900 annual

Typical response

 

[DualCitizen]

Re: Amex Platinum Charge card - success / failure at getting reduction in $900 annual

Downgraded my charge card 6 months or so ago, I considered it worth 50% of the annual fee (IMO), rang to cancel got offered $200 off I think, declined and cancelled.

 

[k3nnis]

Re: Amex Platinum Charge card - success / failure at getting reduction in $900 annual

Can I ask which card do you use now?

Downgraded my charge card 6 months or so ago, I considered it worth 50% of the annual fee (IMO), rang to cancel got offered $200 off I think, declined and cancelled.

 

[DualCitizen]

Re: Amex Platinum Charge card - success / failure at getting reduction in $900 annual

Can I ask which card do you use now?

Got the platinum edge and only use it for fuel/groceries (2/3pts per $). Got a Virgin High Flyer VISA for all other purchases (1.25pts/$), includes the 4 x 2-4-1 flights and more comprehensive insurance than the Edge. Insurance is not quite Plat Charge level, but I decided the extras were not required.