It's time to go... Centurion

[vantage03]

I had them charge next year's fee for $4,300 the day before the cutover to new pricing. Had to pay early, but saved $700.
Will evaluate next year.
The biggest justification for me is the free nights at Mandarin Oriental hotels, which I would otherwise pay for anyway... that gets me up to about $4k in savings a year...

 

[Cruiser Elite]

Does the diamond HH membership renew itself or do you need to requalify?

It has just automatically renewed each year - I would only stay 2 or 3 or 4 nights a year at a Hilton.

 

[RichardKopf]

But they are not made of titanium! Lol

Amex clearly states that it is made from titanium.

 

[RichardKopf]

Cant quite see the merit in a Cent Card for $5k

If you generate a lot of points (say into 7 figures), then a Bank issued Platinum Amex/Visa/Master (say Westpac/ANZ) will more than do the trick as uncapped at 1.5 points on Amex $ spent.

No points dilution like Cent or other Amex issued Platinum cards

Most Bank issued Platinum Amex Cards offer similar services to Amex issued cards for about $300 pa fee which they will generally waive!

There is 1 major difference between American Express issued charge cards and bank issued cards. All bank issued cards are credit cards. Amex is prepared to offer a 'comfort level' monthly spending limit which is many times higher than any bank will offer me.

 

[infinity]

There is 1 major difference between American Express issued charge cards and bank issued cards. All bank issued cards are credit cards. Amex is prepared to offer a 'comfort level' monthly spending limit which is many times higher than any bank will offer me.

Thats really just a matter of credit limits and personal circumstances

If you tried to put $100k through your Cent card they may ask you to put $'s into the account before they honur the charge

 

[ftm]

Thats really just a matter of credit limits and personal circumstances

If you tried to put $100k through your Cent card they may ask you to put $'s into the account before they honur the charge

Yes and no. Every cardholder has a different 'comfort limit' based on their past spending and payment habits. If $100k a month was relatively normal, they wouldn't ask for any payment before the normal statement date.

The comfort limit moves over time and its never formally told to you. But you can work it out roughly by when they call you mid month and ask for $$$ !

sent from a mobile device...

 

[RichardKopf]

Thats really just a matter of credit limits and personal circumstances

If you tried to put $100k through your Cent card they may ask you to put $'s into the account before they honur the charge

I meant considerably more than 100k. Amex loans me the money each month without issue, aiding cash flow, as well. A bank would not jump at an unsecured line of credit the size of a home loan. Having such an amount on deposit with a credit card account is not viable.

 

[JOC469]

I just rang my RM and cancelled my card as well. There was a bit of a soft sell to Platinum charge card, but I am keeping two credit cards currently (BMW Gold card free for life, and the Qantas American Express Discovery Card which gave me 5000 bonus points for signing up) and have said I may reconsider the charge card again if/when the sign up bonus increases. AMEX seem to be holding off and seeing what impact the points changes will make.

Will moving to a $10K fee ($5K + $5K) for new Cent members have an impact on new arrivals?

 

[exp1k]

Will moving to a $10K fee ($5K + $5K) for new Cent members have an impact on new arrivals?

It shouldn't have an impact on people who leave. If I come back in one year, I'm even (actually slightly ahead because of earned interest for $5k). If I come back later than one year, I'm ahead too. If I don't come back, I'm ahead anyway. So you cannot lose by canceling, despite the rejoin fee

 

[MadFairlane]

And here I thought it was tough justifying the fee on my commbank diamond cards... Lol

 

[sparoz]

Thats really just a matter of credit limits and personal circumstances

If you tried to put $100k through your Cent card they may ask you to put $'s into the account before they honur the charge

Not after you reach the comfort level, and I regular have charges many times above 100k each month with Amex. No bank is going to offer a credit with an effective credit limit currently provide by Amex to me. Just with your example of 100k, if you put 100k through each month you need to have a credit limit of 200k. The beauty of Amex is that it is also a charge card so it doesn't use up your leverage. Credit limit from credit card with their high interest rate quickly use up your borrowing capacity.

Using my industry as an example, an average business would have a 300k spend each month. Allowing for peaks and troughs, you will need to have a 700k Credit Card if someone will give you one. However, 700k would be taken out of what you can borrow to invest. Using an Amex card effectively give me an extra 700k to invest - interest free.

Now, I can achieve that without using the Cent, so I will also be looking at closely what is happening with the FX transfer deal. So far this year, Hilton Diamond easily worth 2k to us, travel insurance 1k, and Hertz 500. Now, it is $600 short of its value still from a Plat, but we are looking at the latest offer from Cent with the properties in Aust and we will probably use one to make up the 600. The concierge team have saved me $2k on a purchase but I would assume there would been no difference if I only have a plat. However, having a Cent used to be a no brainer for me with its extra points and now I found it frustrating that I need to constantly justify the card. I also need to spend the annual fee before I get it back so unless there is something more next year I would seriously thinking about ditching the card.

 

[infinity]

I meant considerably more than 100k. Amex loans me the money each month without issue, aiding cash flow, as well. A bank would not jump at an unsecured line of credit the size of a home loan. Having such an amount on deposit with a credit card account is not viable.

I have clients with upto $500m credit limit on Bank issed Amex cards with upto 45-55 days to pay their monthly bill.

Thats access to free money from the banks

Same as the free money from a Cent card but for an annual fee of $300 which is usually waived

So depends on everyone's own circumstances

I have seen plenty of Cent members asked to put money in if they dramtically jump above their regular spending limits ( to ensure a merchant transaction that is large will go through), until Amex is satisfied with a new higher spending pattern

 

[yohy?!]

I have clients with upto $500m credit limit on Bank issed Amex cards with upto 45-55 days to pay their monthly bill.

Thats access to free money from the banks

Same as the free money from a Cent card but for an annual fee of $300 which is usually waived

So depends on everyone's own circumstances

I have seen plenty of Cent members asked to put money in if they dramtically jump above their regular spending limits ( to ensure a merchant transaction that is large will go through), until Amex is satisfied with a new higher spending pattern

The advantage being that the pattern can be established and 'pushed higher' without going through a full credit check such as one would endure for a credit card application or limit increase. This is usually automated for the most part where the system will look at an individual charge that is higher than normal and decide if the client's risk profile can support it.

There is also a lot of discretion for the person reviewing the account to grant a higher charge to go through based on the standing of the account. It can be far more flexible than having a credit card whereby you are told 'computer says no' and have to make a payment.

I've had a number of occasions travelling where I needed to book flights and I was outside my normal pattern, the Amex rep looked at my good payment history and approved the travel charge to keep me on the road and then a I simply made a bpay to lower the balance - Easy.

 

[sparoz]

I have clients with upto $500m credit limit on Bank issed Amex cards with upto 45-55 days to pay their monthly bill.

Thats access to free money from the banks

Same as the free money from a Cent card but for an annual fee of $300 which is usually waived

So depends on everyone's own circumstances

I have seen plenty of Cent members asked to put money in if they dramtically jump above their regular spending limits ( to ensure a merchant transaction that is large will go through), until Amex is satisfied with a new higher spending pattern

If you are talking about that sort of money the company's lvr would have deemed what I posted irrelevant.

 

[RichardKopf]

I have clients with upto $500m credit limit on Bank issed Amex cards with upto 45-55 days to pay their monthly bill.

Thats access to free money from the banks

Same as the free money from a Cent card but for an annual fee of $300 which is usually waived

So depends on everyone's own circumstances

I have seen plenty of Cent members asked to put money in if they dramtically jump above their regular spending limits ( to ensure a merchant transaction that is large will go through), until Amex is satisfied with a new higher spending pattern

I don't feel that your example has any relevance to this discussion. Centurion cards are offered to individuals, only, at the moment. Any huge company with hundreds of cards issued for a 500 million dollar limit (there are very few of these) certainly does not earn loyalty points, which seem to be the raison d'être of this forum. I would bet my house that banks don't offer 6 billion points a year to a single client. If these numbers existed for a single client, they would amount to double the the entire combined amount generated by United and Continental in 2010.

 

[infinity]

Sorry mean $500k not $500 m
Oops

 

[sparoz]

Sorry mean $500k not $500 m
Oops 

Big opps . In that case it depends on the individual's need to make use of their leverage. To me having an extra 500k could mean making or missing an opportunity. Of course if the individual is really cashed up, then it won't make a difference to that individual.

 

[exp1k]

I really hate booking any travel arrangements with Amex. First I have to go through the ID precedure, then explain what I want, then I get an email confirmation and in 50% of the cases something is wrong, I have to call again, ID again, etc etc. How many things can they possibly do wrong? In some cases it is clear that they don't even think about your situation, otherwise they wouldn't make these stupid mistakes. I just don't have time for all that cough. AMEX please just give me a website where I can book flights, hotels and cars and check prices without having to use "personalised service". PLEASE!!!

If they don't offer a website soon I'm done.

 

[haydensydney]

As an aside, I had to purchase travel insurance today - the first time in 5 years (one of the downsides on Plat Charge is no insurance for supp... grr)

 

[NM]

As an aside, I had to purchase travel insurance today - the first time in 5 years (one of the downsides on Plat Charge is no insurance for supp... grr)

but think of the points you can earn through your new opportunity to purchase travel insurance with you points-earning credit card!