"Enhancements" to MR earn on Platinum Card, Reserve & Centurian

[TonyHancock]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

They were adamant on the Ultimate card fee with me. Previously the $450 has been waived, but this year they would not budge from $250...and only if I kept the Plat Charge Card. It seems Amex has drawn a line in the sand.

 

[lovestotravel]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

They were adamant on the Ultimate card fee with me. Previously the $450 has been waived, but this year they would not budge from $250...and only if I kept the Plat Charge Card. It seems Amex has drawn a line in the sand.

Yep, they have done the figures, are prepared to lose XX% of customers.....

From experience here in the UK, you're not going to get anything when you ring back tomorrow except a "sorry to see you go ... don't let the door hit your cough on the way out":!: :shock:

Yep, I have never had to spend so long on the phone before to get nothing, I am going to pay off the credit card in FULL so they know I am serious though this time... Will pay on the AMEX website and they can see the payment straight away

However, I wonder if they are like some other companies, where you "cancel" the card, only to receive a phone call a few days later with an offer ?

 

[Moopere]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

However, I wonder if they are like some other companies, where you "cancel" the card, only to receive a phone call a few days later with an offer ?

Heh, yes, maybe. Might be a good thing, perhaps you'd then be in line for 80K points as a 'new' customer? ha, that would be funny but entirely possible.

 

[lovestotravel]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

Ha Ha

Marketing 101 is all about new customers, I get that...

Given the current offer is "75,000 Membership Rewards Bonus Points if you apply, are approved by 1 November 2012 and spend $500 in the first 2 months of your Card membership*"

It's just beyond belief that they offer me nothing, when I could sign up later this year, pay $900, then $500 and then cancel the card for a cost of say $100 in Annual fee and walk away with 75,000 Points for $100.....

I (and many others who have been offered nothing) are good customers, who have paid on-time and have a tenure with Amex for XX years.....



IF anyone has received a discount/MR points, please feel free to Private Message me if you wish to remain anonymous.

 

[gibspmuh]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

I cancelled my Platinum Charge Card at the end of May - I was offered renewal for $450 but for me it still wasn't worth it. Sounds like they've tightened up even further since then.

 

[Stephen65]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

I had an average spend of over $250K pa over the time I held the card and I was offered nothing to stay beyond the suggestion that I sign up for the Qantas Ultimate card instead. To be honest in my case it wouldn't have made any difference if they offered me half off the plat charge card fee as I don't think it's worth even $450pa to me now.

 

[NM]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

At 1.5% merchant fee, they are losing $2625 from me personally plus the $450 annual fee, I would have been happy enough if they halved it.....

It seems that Amex has decided that its costing them more than $3000 to have you as a customer. Those 250K+ MR points have an associated cost and Amex seem to have determined that the cost of having you as a customer is not justified by the revenue earned from merchant fees and annual fee.

I lay the blame partly on our own complaints about paying surcharges for using Amex cards. Amex is now negotiating lower merchant fee rates in order to have merchants not surcharge Amex customers, which is eroding the margins that used to fund the points and annual fee waiver/reductions. It was only a matter of time until Amex realised the costs exceed the revenue and changed the way they operate.

 

[kpc]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

I have to agree with NM's analysis above so it is time we (AFFers) need to move on to something better for our needs:idea:...I will be!

 

[lovestotravel]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

It seems that Amex has decided that its costing them more than $3000 to have you as a customer. Those 250K+ MR points have an associated cost and Amex seem to have determined that the cost of having you as a customer is not justified by the revenue earned from merchant fees and annual fee.

I lay the blame partly on our own complaints about paying surcharges for using Amex cards. Amex is now negotiating lower merchant fee rates in order to have merchants not surcharge Amex customers, which is eroding the margins that used to fund the points and annual fee waiver/reductions. It was only a matter of time until Amex realised the costs exceed the revenue and changed the way they operate.

Yep, but it seems they are playing hardball with everyone, even those that spend more than me!

However, I can get 1.5 points per $1 on everything with a Commonwealth bank Amex card...... Same with a Westpac card...

I now fear that since Amex has "enhanced" their cards/MR then it's a matter of time before banks and the rest follow....

Originally Amex merchant fees were 3-5% or even higher! Now they are down to less than 1% and 1.5% is very easy to get for most small business...

How does the relationship differ with a bank issued Amex vs an Amex issued Amex in terms of merchant fees....?

 

[NM]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

Yep, but it seems they are playing hardball with everyone, even those that spend more than me!

And if they are losing money paying points for the spend, then they lose even more on people spending more than you spend! Lose 1 cent per dollar spent and the loss gets bigger with a bigger spend.

However, I can get 1.5 points per $1 on everything with a Commonwealth bank Amex card...... Same with a Westpac card...

Then why not just change to one that's making a better offer. Sounds like you know your next step.

I now fear that since Amex has "enhanced" their cards/MR then it's a matter of time before banks and the rest follow....

Quite possible. Make hay while the sun shines

Originally Amex merchant fees were 3-5% or even higher! Now they are down to less than 1% and 1.5% is very easy to get for most small business...

Yep, erode the margins and something needs to be "enhanced"

How does the relationship differ with a bank issued Amex vs an Amex issued Amex in terms of merchant fees....?

No idea

 

[lovestotravel]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

I already have the Commbank card which allows Qantas transfers (direct sweep) for $20 per year. However I can transfer to Virgin for free and they are slowly increasing my limit which is great!

Would be nice to know how a Commbank Amex works in terms of merchant fees

Of course Amex takes a %, and the bank takes a %

 

[Moopere]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

It would make for an interesting business study. If they are now making less than 1% on transactions, before costs, and given they are borrowing money themselves to front our spending per month .. at what? 5% PA, is about 0.4-0.5% / month its easy to see that suddenly there is no money left in the business unless Amex globally has access to very cheap funds (which they might ... who knows?).

 

[Robert Qld]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

Well I cancelled today. Between the devalue of the travel insurance (and the decrease in overseas travel for at least for the next year or two) as well as the loss of 1.5 points... the $900 isn't worth it for the DYKWIA factor alone. Once again everybody was a pleasure to talk to over the phone. That is one thing I am not looking forward to going back to other organizations cards...

Eh, I am ambivalent. I know I am hardly their top tier customer (I barely scrape over the 100K mark to be eligible for the card), I am happy to revert back to mainly using my platinum Altitude with Westpac for which I've never had an issue with. And since my spending it all personal, so I've never was the big accumulator of points some people where (though it has paid for many a nice plane trip up the pointy end) (I am kinda envious thinking about at all the points all the people using it for business get!)

I look at it this way... I've had a good trot with AMEX and I am open to coming back in the future and I leave on good terms.

 

[k3nnis]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

Is the Plat charge deserving of the DYKWIA factor? Sorry am new to the plat charge compared to plat reserve for example...

 

[aasz1978]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

Quick question. When you cancel your AMEX mid term, do you get a partial refund on the annual fee?

THanks

Zz

 

[Flashback]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

Quick question. When you cancel your AMEX mid term, do you get a partial refund on the annual fee?

THanks

Zz

Yes, yes you do.

 

[Stephen65]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

Is the Plat charge deserving of the DYKWIA factor? Sorry am new to the plat charge compared to plat reserve for example...

I don't think so. I can't recall receiving a single comment in two years of holding one. Platinum coloured cards are ten a penny now and almost everyone can get one so any rarity value in being able to produce a platinum coloured piece of plastic is long since dead.

 

[Robert Qld]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

With me personally (sine I was the one that made one of the inital DYKWIA comments) - yeah I agree the average Westpac, Citibank et cetera plantinum cards don't batter an eyelid, but I think the AMEX card - because it has an iconic factor too it then your average bank card, does - I ceratinly had a few comments over time (I wasn't fishing for them either I swear!) LOL.

 

[StevePER]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

I ceratinly had a few comments over time (I wasn't fishing for them either I swear!) LOL.

Someone once told me mine was a good-looking silver card!

Overall I am not too disappointed in the changes. I have downgraded to the Platinum Edge card, I save a fair bit on the annual fee and it pays for itself with the free flight. I don't think my earning is much reduced thanks to fuel and supermarkets, and I would value Amex points higher than Citibank points anyway.

 

[greenfish]

Re: "Enhancements" to Membership Rewards scheme for Platinum Card / Platinum Reserve

I cancelled at the end of June after 20 years of continually holding an Amex Gold or Platinum charge card. Noticed a few days later that it was still active so phoned up again. All very apologetic and card will be cancelled. I paid the remaining balance less the $900 fee that was on the account. Earlier this week received a statement for $922 or thereabouts, including a late payment fee. Called up again, apologetic, credit not applied rah rah rah...

Here's hoping I don't have to call again.