Strategy to obtain US Amex

[albyd]

I have a DP with my HSBC US Premier CC. Called up today and added a family member. They just wanted to know passport details, no other ID required.

They will mail a new card for my new AU to my registered address in the US. It will have the same details as mine including card number & Expiry. I can leave that one just for her.

 

[http_x92]

Also noting that the HSBC 9k in or out is by calendar month, so if you are doing the deposits weekly then make sure it adds up to 9k by the end of the month. Another lesson learned. Ah well.

But, it sounds like you can fast track the Premier process by doing it in a branch as an existing member. Sounded pretty open to it if I made the 9k deposit last month.

 

[Darkpulsar]

had to open in branch, could only do individual online. Haven't opened joint in US though but is handy having the joint as can cycle money eg transfer from my US to P2 US, then P2 US to Joint AU USD account and then back to me.

Can't even open joint via phone?

Thanks for sharing - the UBS card looks interesting. Just trying to figure it out - Spend $US25k ($A38.5k) in a year and get $500 back. That's how it reads though then it goes on to say something about restaurant spend. I can't see any mention of it - is the UBS card(s) only available to UBS private clients (I'd likely not qualify there) or for anyone? Any DPs on how hard it is to get a UBS card?

Looks technically possible for US based individuals at least but a massive hassle since UBS is built on a relationship model

https://www.reddit.com/r/CreditCards/s/2BsJ0TKOuG

 

[N0mad]

If you are cycling money to meet the 9k deposit per month, just transfer 9k in and out in AU. No risk no currency conversion etc.

nope, just to make it look like there is more money coming in to that account. No currency conversions required other than the initial wise transfer from AUD to my US HSBC.

Can't even open joint via phone?

yeah was a pain in the cough trying to find a time me and P2 were available, lucky there was a branch 15 mins away.

 

[albyd]

Can't even open joint via phone?

Looks technically possible for US based individuals at least but a massive hassle since UBS is built on a relationship model

https://www.reddit.com/r/CreditCards/s/2BsJ0TKOuG

Thanks for the heads up @Darkpulsar, I think the UBS CC is not that exceptional as to give them my portfolio to manage and charge me fees for. I might let this one go. After all, there’s only so many cards we should have (I understand part of the point is to harvest as many SUBs as we can while the going is good).

 

[Darkpulsar]

Thanks for the heads up @Darkpulsar, I think the UBS CC is not that exceptional as to give them my portfolio to manage and charge me fees for. I might let this one go. After all, there’s only so many cards we should have (I understand part of the point is to harvest as many SUBs as we can while the going is good).

Certainly an interesting product, some of the perks are very much geared to HNWI. Seems like the insurance is another big pull on the card.

For ITIN, how much does it matter for what address is listed? Will be moving soon so was thinking to put down my parent's address for the non US address. Was also some talk here about issues on having the agent's address on the W7 as mailing address - this something we should update after issuance?

SH Studio seems to be popular here but pretty expensive, $450+fees for 3 day processing, then expedited for $572+fees but is this just extra for same day processing and nothing else?

 

[metaphase]

Visa & Mastercard Settlement Could Change Credit Card Rewards Landscape

Visa and Mastercard are nearing a settlement that could impact credit card rewards, with lower fees, on limits on which cards are accepted.

onemileatatime.com

Interesting article - 0.1% reduction clearly tiny compared to other countries but removing the need to accept all cards could have an impact for some?

 

[albyd]

Thanks for sharing the article. Whilst I think the 0.1% issue is not a huge deal breaker, the ability to choose which cards to accept (like the ‘super premium’ cards) will likely put a huge dent in demand for these types of cards if they can’t be used at merchants.

I recall using my Citi Prestige card locally some years back and the merchant asking if it was a premium card & his reaction not being great. I think he would’ve declined to accept it if he could. I think just like surcharging, this could catch on with merchants. Not sure what will happen but I think that’s the risk just like with surcharging, it might take a while to catch on but it will ….

Thats’s my 2 cents worth.

 

[Grrr]

I recall using my Citi Prestige card locally some years back and the merchant asking if it was a premium card

I think it's not practical for merchants to decide this at the endpoint.

What I do (as a merchant here) is just pass on a blanket 1.2% surcharge to all card payments, and provide the option of surcharge-free methods (BPay, direct transfer).

When I looked at the spread of interchange fees here, I felt that this would be even Stevens for me in the end (some interchange more, some less). Along the same lines, given the higher interchange fees in the US, perhaps many merchants will just pass on eg a blanket 1.5% surcharge, or whatever they feel will cover the super premium cards on average

I used to swallow the card fees as a 'cost of business'' and ease-of-payment incentive for many years, but then looked around and realised that as a consumer, once the RBA intervened and allowed merchants to pass it on, pretty much every single merchant did (I think my accountant is still the sole exception !)

I suspect the same thing will happen in the US over time

 

[Tiki]

How would the merchant even know? Most people use Apple Pay or whatever, they can't see what card it is. I don't see this happening anytime soon. If restaurant A won't take the card I want to use, I will go to restaurant B.

 

[metaphase]

How would the merchant even know? Most people use Apple Pay or whatever, they can't see what card it is. I don't see this happening anytime soon. If restaurant A won't take the card I want to use, I will go to restaurant B.

I was guessing it would just be like Amex non-acceptance from some merchants - you can try and pay but it is just refused and you have to use an alternative card. I can't see them getting anywhere like Australia or the UK so am sure points will continue for a while - here's hoping!