Reduced AMEX earn rates from April 2019

[SOPOOR]

I’m in the same boat, and have recently moved my shopping to Aldi (ANZ rewards black visa so pretty much the same supermarket earn as edge with regular velocity bonuses) and just shop at Coles when bonus offers appear. So with only a tank of petrol every 5 or so weeks - I have literally nothing to put on this card anymore that gives any tangible benefit over my ANZ black which costs me $50 a year to hold.

So unfortunately for Amex It'll be going the way of my explorer at the end of this month (cleared out my last few hundred thousand points this morning in preparation).

Amex must still be bleeding customers like crazy as I literally don’t know a single person that holds an amex card anymore from every man and his dog 12-18 months ago. I’m small bickies compared to most on here (PAYG employee) but at its peak I was probably running 11-12k though my couple of amex cards a month, now a few hundred, end of this month to be $0.

Amex arent stupid, they have a marketing/rewards team with many levels.

Im sure they werent stupid enough to believe that people were going to be happy abput it

It would be interesting if the amex staff expected this level of customer deserting

 

[33kft]

Different products were impacted in different ways. For products such as the Qantas Ultimate card, it still has the $450 travel credit with an annual fee of $450, and only suffered a drop of 0.25% (from 1.5% to 1.25%) in earning rate, which sucks but which is still a better rate than the Visa and MC offerings, with the benefit of decent statement credits, shop small, etc. It's less compelling, but still compelling.

 

[liuyz]

This might align with their expectations, as they believe it is an ?improvement?.

But I think this was not their problem. It is the problem of the market, AUS market, simply lack of competitions.