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

[wafliron]

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

I can't believe they got rid of the 1.5 points per $1. Now the EDGE card actually is better for me. 3 for supermarkets, 2 for petrol and 1 for everything else which is the same as the charge card??? and 0.5 for utilities.

That was my thinking too.. obviously the types of charges which attract bonus points are different between Edge and (new) Plat charge / Plat Reserve, but for the majority of people I'd imagine the Edge points scheme is actually better. So that leaves the Plat charge and Plat Reserve trying to justify their higher annual fees through additional benefits, and that's quite a stretch to say the least.

And when they say, "foreign currency transactions", does this mean transactions to buy foreign currency or does this mean transactions which you make in a currency other than AUD (i.e. you would normally pay a 3% fee on top of these)? If it is the latter...then that might be sort of good (if you can tolerate paying an extra 3%).

It's the latter - 1 point + 1 bonus point on all transactions you make on your card in a currency other than AUD. Sorry for the confusion, the "foreign currency transactions" part of my OP was poor wording on my part - I typed out the summary of changes based on a conversation, the exact language was mine, not Amex's.

My reading is not as negative as some others.

This round of "enhancements" definitely depends on your spending pattern, it's not universally negative. It sucks for us ATO-junkies though.

I don't think this applies to Platinum Charge

(and many other similar posts)

Sorry guys, I wish this were true, but I'm 99.9% sure that it ain't.

The details I posted were based on a conversation with my Amex account manager. She rang me specifically to talk about changes to my Platinum Charge Card - the fact that these same changes also affect the Platinum Reserve CC only came up because I asked her about that card too, later in the conversation. Additionally, after the call I e-mailed her a summary of what I understood the changes we'd discussed to be - pretty much exactly what I posted in my OP at the start of this thread - to confirm I'd understood everything correctly, and she re-confirmed that it was all correct.

EDIT: And for all of those reconsidering their card portfolio in light of these changes, I can hear the Citi Select card calling out your names...

 

[JohnK]

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

These disenhancements are forcing me to re-think (again) my card portfolio.
Amex must know that they will lose many premium card members,
and that they are quite happy to do so leaves me.....flabbergasted.

"Enhancements" are never good but let's consider the alternative.

Amex continues to give away MR points very cheaply and continues to lose money. What is the end result? "Enhancements" to earning and redeeming points which can not be good for anyone.

 

[kamchatsky]

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

"Enhancements" are never good but let's consider the alternative.

Amex continues to give away MR points very cheaply and continues to lose money. What is the end result? "Enhancements" to earning and redeeming points which can not be good for anyone.

But are MR points been dished out that cheaply (apart from that 5 transaction for 5000 points of course)? I mean, Amex does charge a lot higher charges to merchants than Visa and Mastercard. If they keep cutting the benefits, what is the point of Amex anyway, could just use Visa/MC instead (eg Jetstar Plat, WEDRCC, CB Select/Signature etc).

 

[k3nnis]

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

Citi select card requires $120000/year income? Is this right? If so I can't get it

 

[kamchatsky]

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

Citi select card requires $120000/year income? Is this right? If so I can't get it

There are lots of alternatives to consider, especially the bank issued Amex/Visa/MC cards such as ANZ Qantas Plat CC, Westpac Krisflyer Plat CC, etc on top of what I have already mentioned earlier.

 

[Stephen65]

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

Amex continues to give away MR points very cheaply and continues to lose money.

When it comes to the ATO Amex are selling MR points for about 0.83 cents each which is more than they offer to cash them out at (about 0.7 cents each). Now they are proposing to sell them for 2.5 cents each which is just insane when compared with their competitors offerings and the inherent value of the points. If Amex can only make money selling MR points for 2.5 cents each then maybe they deserve to go broke.

I also cannot be bothered with the hassle of a card that has four different earn rates and the highest rate is conditional on establishments being on a particular list. A card that offers me a straight 1.5 points per dollar is far more attractive. If the plat charge still had the best travel insurance I would be in a bit of a quandry but since its now one of the worst, if not the worst, on offer among the premium cards the decision is going to be very easy for me.

I imagine these changes will amount to a significant negative change to the terms and conditions entitling us to a pro rata refund of the $900 when we cancel?

 

[k3nnis]

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

Hi Edison,

Would prefer to have a card that can transfer to multiple programs like membership rewards. At this stage maybe altitude may be best.... Plat charge was the best but now with the recent enhancements...

 

[simonsyd]

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

I can now see myself applying for citi select, I have been thinking about it for a while now, 2 cards as follows:
Citi select - majority of spend inc ATO, BAS etc
Amex platinum edge - woolies, petrol and eating out (plus any platinum travel or zuji bookings etc) where the earn rate is half decent. I will keep earning some Amex MR points as I transfer a fair few miles to TG which no other Australian card offers.

I cannot see anybody stumping up $900 for the plat charge card with all these enhancements.

 

[kpc]

Sorry guys, I wish this were true, but I'm 99.9% sure that it ain't.

The details I posted were based on a conversation with my Amex account manager. She rang me specifically to talk about changes to my Platinum

The fact she rang to discuss makes me think AMEX are worried they will lose a few customers over this...

 

[k3nnis]

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

Are TG Burn rates anygood compared to KF?

I can now see myself applying for citi select, I have been thinking about it for a while now, 2 cards as follows:
Citi select - majority of spend inc ATO, BAS etc
Amex platinum edge - woolies, petrol and eating out (plus any platinum travel or zuji bookings etc) where the earn rate is half decent. I will keep earning some Amex MR points as I transfer a fair few miles to TG which no other Australian card offers.

I cannot see anybody stumping up $900 for the plat charge card with all these enhancements.

 

[wafliron]

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

Would prefer to have a card that can transfer to multiple programs like membership rewards.

Whilst I will certainly cancel my Plat charge come 1 October as I can't justify the annual fee if I can't earn 1+ MR points per $1 on ATO bills, losing the flexibility of the Membership Rewards program will definitely hurt I might have to see if I can justify a Plat Edge or Plat Reserve for my non-ATO-and-utilities spend, just so can I keep some flexibility.

At this stage maybe altitude may be best.... Plat charge was the best but now with the recent enhancements...

Don't forget the Citi cards - nowhere near as flexible as Membership Rewards, but better than direct-earn to only one program.

I can now see myself applying for citi select, I have been thinking about it for a while now, 2 cards as follows:
Citi select - majority of spend inc ATO, BAS etc
Amex platinum edge - woolies, petrol and eating out (plus any platinum travel or zuji bookings etc) where the earn rate is half decent. I will keep earning some Amex MR points as I transfer a fair few miles to TG which no other Australian card offers.

I suspect my post-1-October card combo will look like this too - Citi Select for max points earn on most transactions and Platinum Edge for a bit more flexibility where possible/sensible via Membership Rewards. Might consider adding/keeping a Qantas Ultimate, CitiBusiness Gold or WOW EDR to help the QFF balance too.

I cannot see anybody stumping up $900 for the plat charge card with all these enhancements.

Neither - well, at least not many. The fact that Amex think this card is still worth $900/year is just ridiculous.

The fact she rang to discuss makes me think AMEX are worried they will lose a few customers over this...

Probably - I think anyone with an account manager is getting a call before the letter arrives.

---

I did forget one important point in my original post, which I've only just remembered: as part of the conversation about the changes to the Plat cards, my account manager did mention that there are some other "product changes" coming through shortly which she thought I would (genuinely) like but she couldn't tell me about quite yet.

I don't know if these are changes to existing products, or something new, but either way the context was "I know you really won't like these point changes to your Plat card, but there's some other stuff coming which I think may offset the pain". Given that she fully understands how big of a deal ATO (and utility bill) payments and associated points-earn are to me, I'd like to think that whatever these changes are they will be genuinely good for all of us points fiends. Time will tell, however - once she fills me in I'll post what I can.

 

[k3nnis]

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

thanks. I'm thinking whether to pull the trigger and apply for the plat charge now and get the bonus points..

 

[JohnK]

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

But are MR points been dished out that cheaply (apart from that 5 transaction for 5000 points of course)? I mean, Amex does charge a lot higher charges to merchants than Visa and Mastercard. If they keep cutting the benefits, what is the point of Amex anyway, could just use Visa/MC instead (eg Jetstar Plat, WEDRCC, CB Select/Signature etc).

I don't know much about Visa/Mastercard reward programs but how do they compare with the variety in Amex MR? And if I remember correctly most Visa/Mastercard reward programs have been reducing their earning ratio if not already reduced.

When it comes to the ATO Amex are selling MR points for about 0.83 cents each which is more than they offer to cash them out at (about 0.7 cents each). Now they are proposing to sell them for 2.5 cents each which is just insane when compared with their competitors offerings and the inherent value of the points. If Amex can only make money selling MR points for 2.5 cents each then maybe they deserve to go broke.

Would the ATO be paying that much for Amex MR points? I suspect the reduced earn on utilities and ATO is coming from Amex being squeezed by them for much lower transaction charges and lower purchase rates for MR points.

 

[Stephen65]

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

The ATO surcharges 1.25% for Amex payments which they say on their website is what Amex charge them. I don't see the ATO having a great interest in pushing down this fee because the ATO simply passes it through to taxpayers. Taxpayers pay 1.25% to the ATO who then pass that on in full to Amex.

Amex's explanation for why the ATO earn rate is being cut by two-thirds is either gibberish or outright lies - they claim they are cutting the earn rate to 0.5 on industries that members use "less frequently" including the ATO. Personally I would have thought that low spend on a particular industry was a good reason to increase the rate rather than decrease it but then most of Amex's recent decisions on the plat charge seem characterised by baffling incompetence so I don't know if they even know what they are doing.

 

[FuzzyAUS]

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

As I indicated before, they are doing it in stages.

Given the T&Cs already released it is likely that Centurion will also change, however this is likely to be last...

If you're a Cent holder then you could try calling your account manager

My Cent account manager has emailed me this afternoon asking if he can get a time tomorrow to speak with me to go through some changes, so chances are i am going to be pretty pi$$ed off tomorrow with AMEX.

 

[kpc]

My Cent account manager has emailed me this afternoon asking if he can get a time tomorrow to speak with me to go through some changes, so chances are i am going to be pretty pi$$ed off tomorrow with AMEX.

Please report back....ask the Qs we all have been asking here!

 

[greenfrog86]

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

**Newsflash** Platinum Charge card changes are now on the Amex website...

Pretty much the same as Plat Reserve...

Cue the meltdown of the Amex call centre!!

 

[greenfrog86]

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

**Newsflash** Platinum Charge card changes are now on the Amex website...

Pretty much the same as Plat Reserve...

Cue the meltdown of the Amex call centre!!

In addition to this and similar to yesterday where they 'revealed' these changes through the T&Cs posted for the credit card, the Plat Charge website doesn't seem to say much about lounge access, however the T&Cs at the bottom indicate that we will now have access to Virgin lounges when traveling on Virgin, just by showing our card...

As someone has mentioned earlier, there will also be the opportunity to purchase points in some circumstances.

------------------
EDIT: My mistake, these changes are in the 'Platinum Travel' section and I was looking under rewards. Their websites show all the Terms on the bottom of each page, regardless of whether the main content is actually on that page or not :shock:

Travel changes are

• Introducing the NEW Platinum Fare Guarantee Enjoy travelling even more knowing you paid the best available fare in First and Business Class to international destinations. With our Platinum Fare Guarantee+ if you find the same fare for less elsewhere, we'll match it.
• Experience Virgin Lounge Access Beginning immediately, you'll enjoy access to Virgin Australia lounges too. Every time you fly Virgin Australia, the doors will open for you at their lounges throughout Australia++.

 

[Pumbaa]

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

Interestingly enough they have left the Platinum Business Charge card alone. So for a $1200 annual fee, you retain the 1.5 points/dollar earn, and have the same travel insurance cover before the "enhancement".

I'm lucky as I have both the Platinum Charge and Platinum Business Charge and only pay a $900 annual fee. Its a deal they had running a few years ago, but don't advertise anymore. I wonder how long the Business Platinum Charge will retain all these benefits

 

[kamchatsky]

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

For people who use the card for travelling they probably would have got at least DJ Gold (or SQ/EY/NZ Gold etc) anyway. So I don't see this as a big plus, especially for AFFers.

Time to cut the card I think.