AMEX Qantas Ultimate Card with Bonus 30,000 Points on again

[geffa18]

Just saw this as a popup.
American Express

30000 bonus points when you get an ultimate card, although quite a hefty $395 annual premium, includes a domestic return flight within australia to selected destinations though.

Its come around again, but it expires on Nov 30 so gotta get in quick...

 

[Alanslegal]

I received in the mail today a joint letter from Amex & Qantas offering the Amex QF Premium Card with up to 30,000 QFF points and 1st annual fee waived.
27,500 points earnt of 1st spend and 2,500 points for 1st purchase on QF....

 

[oz_mark]

There's an offer going around to some platinum credit card holders to 'upgrade' to the Ultimate card, with 30,000 points on offer and a fee waiver for a year. Just what is in it for Amex is a mystery to me!

 

[Nutcase]

There's an offer going around to some platinum credit card holders to 'upgrade' to the Ultimate card, with 30,000 points on offer and a fee waiver for a year. Just what is in it for Amex is a mystery to me!

Why would they want to do this?

• From a reliable source - Amex may not be delivering on promised card numbers/transaction numbers to Qantas - 30,000 points would cost Amex a lot less than the penalties etc that are part of the deal - hence the reason for canibalising Platinum Creidt Card customers.

• Points transfer from the Qantas Amex card to Qantas may cost Amex a lot less than from other Amex cards (EG Platinum) to Qantas (again - part of the deal)

• The cost of the free flight may be a lot less than we think (again possibly part of the Amex/Qantas deal) so the fee waiver may not actually be as generous as we think

• The APR on the card is now 18.49% which is a good earner for Amex given the spend that these cards usually generate and how many people actually revolve a balance (also note how interest is calculated on these accounts - How payments are applied and in what order) and that they dont pay interchange on transactions like the scheme cards do.

Also to consider with Platinum Cards

• The "other" fees on these cards and transactions are hefty - EG Merchant Service fees, Currency conversion (not as bad as citi) Late payment, Overlimit fee, and of course the 3 tiered interst policy (now up to 24% PA if you pay late 3 times in 12 months)

And now for the rationale

• Platinum/Ultimate credit hurdles have been reduced in the last year or so (only need an income of $65k P.A to qualify) to get more cards into this rather small market at a hight fee with more perceved value

• Platinum Credit Limits are higher (Card holders revolve higher balances when they have a higher limit and are therefore more profiatble)

Why would they upgrade me?

• Gold and Platinum Visa cards charge/generate higher interchange fees for the bank than classic/basic cards = big profits

• Higher limits = higher revolve + higher interest rate = big profit

• Actual benefits dont cost very much to the bank but have high percieved value to the customer (free flight/insurance/concierge)

Hope that this explains it.

Nutcase

 

[Petch]

I received (probably the same) letter dated 8 October, with the hoopla of "special invitation to apply for the Ultimate Card". Normally I toss all unsolicited credit card applications in the shredder/recycler as, surprisingly enough, I refuse to pay credit card companies fees. Anyway it has been sitting on my desk since then, as it does seem like a good offer –

1. Because the application states it will not cancel my existing fee-free Amex. (NB, I have a basic card and I cancelled the rewards membership years ago when Amex wanted to charge me a rewards fee, it also stopped being my card of preference at the same time.)
2. It looks like I just fill in the simple form, get the additional card, spend as I should, collect the points then am able to cancel the card before the annual fee hits.

I have no interest in doing any more work than above to claim 30,000 QFF points, like having to copy and send various bits of information, which I am sure Amex has on file about me from years ago anyway.


Is it that simple? (I have until 31st December to decide.)

P.S. About the only fee for an Amex, that I am prepared to pay, is if it includes Priority Pass & Qantas Club (or Admirals Club) membership, or maybe if the ultimate card included a Perth flight FROM the East Coast.

 

[Nutcase]

Petch this sounds like a plan and a wise one at that

To make this more interesting, a colleague of mine (who is in the know) recieved a survey form AMEX today asking about points transfers - reading between the lines it appears that Qantas are applying some pressure to AMEX around exclusive transfer of points to their scheme rather than to other airline schemes or even rewards to travel dollars (or whatever the hell its called)

More sinister is that this may lead at some point to having less choice around where your Amex points go. or even only being offered Qantas/Amex branded cards.

Watch this space

 

[serfty]

Already happening - the "Qantas American Express Business" charge cards which earn MR points in the Spirit Program appear to have been discontinued for new accounts.

 

[oz_mark]

P.S. About the only fee for an Amex, that I am prepared to pay, is if it includes Priority Pass & Qantas Club (or Admirals Club) membership, or maybe if the ultimate card included a Perth flight FROM the East Coast.

I don't think the card gets you any of these things

 

[futaris]

No card in Australia will get you Priority Pass or Admiral's Club. US based plat cards generally do, along with other countries, but nothing in Australia gives you any lounge access, besides signing up directly with the lounges, i.e. Qantas Club, Koru Club or Priority Privilege.

 

[Nutcase]

Not quite true. Diners (Dinosaur) Club will give you some lounge access - Their (awful) website gives information. The Melbourne lounge is conveniently located at Hartwell!

 

[Shano]

Not quite true. Diners (Dinosaur) Club will give you some lounge access - Their (awful) website gives information. The Melbourne lounge is conveniently located at Hartwell!

The only Diners Club lounge I have visited was in TPE. As you stated, many are not in very convenient locations.

 

[Petch]

Is it that simple?

Thank you all. I received the card, without any additional fuss/calls/forms/mail/fax, soon after returning the application. Then made my Qantas purchases, and now the 30,000 points have now been transferred to my FF account, PLUS... I have just confirmed my (nested) PER-SYD-PER flight for free!


All up, for the cost of - filling in a few spaces on the application form, signing it, spending as I might have anyway, entering a reminder on the computer to cancel the card and a phone call to Amex to book, I got the points and a return tanscon flight! YAY! (Think I need to pay more attention to these offers in the future, thanks all again - for the inspiration.)

 

[FL360]

Just saw this as a popup.
American Express

30000 bonus points when you get an ultimate card, although quite a hefty $395 annual premium, includes a domestic return flight within australia to selected destinations though.

Its come around again, but it expires on Nov 30 so gotta get in quick...

um ... let me have a look...

A return flight to London with Qantas cost between 2100 to 2800, so say 2400.
To redeem you need $600 (tax+surcharge+fuel levy+hidden profit) + 132,000 pts..
assume you CAN get that direct flight ! more pts and $ needed if flights are non-direct.

So 1 pts equals (2400-600)/132000 = $0.0136, so 1.36 cents...

So $395 = 29044 pts , which is the same...

and I think you need some special conditions to get that 30,000 pts ? not just by activiting the card ?

 

[Pollywaffle]

Long time lurker, rare poster

I also took the 30k points offer when it was sent to me via mail. The points breakdown was basically 27,500 first time you use card and the other 2,500 when you buy selected Qantas services.

I got my 5,000 pointa but called up today to see where the other 22,500. Apparently there is a 6-8 week wait from when the card was established to the time I get my points...I need these points to get my overseas flight. Knowing my luck there will be no more award flights for when I want to go.

It's already been mentioned in previous threads, but do keep any documentation about the bonus points until they come through. It made my life alot easier when thalking to the Amex rep.

PW