US based cards - removal of conversion fees for overseas transactions (Plat/Cent)

[Mal]

I haven't seen much information about this yet, but noticed the following when reading an article in the NYT:

http://www.nytimes.com/2010/12/18/your-money/18money.html?pagewanted=1&_r=1&hp

American Express announced Friday that it would soon get rid of its dreaded currency conversion fees for transactions that begin outside of the United States, though only for people who have its Platinum or Centurion (a k a Black) personal and small-business cards.

I wonder if they have plans to introduce this here ... although I'm sure I'll see pigs flying past my window before something like this occurs!

 

[kpc]

I haven't seen much information about this yet, but noticed the following when reading an article in the NYT:

http://www.nytimes.com/2010/12/18/your-money/18money.html?pagewanted=1&_r=1&hp


I wonder if they have plans to introduce this here ... although I'm sure I'll see pigs flying past my window before something like this occurs!

Well it's AMEX AUST's lost as I don't use it for any foreign currency transactions because of the dreaded Fx fees.

 

[Diesellife]

I don't think this is happening, at least not now.

The competition is not that great and simply not big enough for AMEX to take action here... only NAB gold banking + wizard 2 cards...and AMEX is usually the slowest company to implement that sort of things.

 

[beardoc]

If only this were the case - at the moment the Wizard/28 Degrees card is getting the lion's share of my spending because it's going overseas. Amex would have much more of my spending were it not for the rather hefty fees.

 

[snailstail]

Do you reckon we could pressure Amex into this?

 

[alemdohorizonte]

Do you reckon we could pressure Amex into this?

i would love to help initiate a group revolt against this forex surcharge.
here in australia we pay amongst the highest card fees ($4300 per year) for one of, if not the, most benefits poor centurion cards in the world. further, last year they changed the ts and cs so that when we do pay the egregious forex fee for purchasing something abroad, if we return the product (i.e. an air ticket or hotel you have to cancel) they deduct the forex surcharge from the amount they refund--effectively stealing from us twice. in case anyone missed it, the following change to our terms and conditions was tucked away in the back of our statements from april of last year:

Cardmember Information
Card Conditions: Update Part 1

Effective 4 June 2010, we wi!! no longer refund the Conversion Commission for purchases made in a foreign currency where the goods or services are returned. The following Card Conditions will be updated in the Foreign Currency Charges section on your Card conditions.

Card Conditions: Update Part 2

The amount or any refund or a charge made in foreign currency wiI generally differ from the amount of the original charge. This is because, a) in most cases, the rate applied to any refund will differ from the rate applied to the charge, and b) any currency conversion commission charged on the original purchase is not refunded.

i got stung for over $700 when i cancelled two rtw tickets that i had purchased overseas because i didn't read my statement thoroughly and missed this.

anyway, i think it's egregious they charge us a forex fee. amex do it us simply because they can. the fact that they keep their ill-gotten forex fee when you return the goods, in my opinion, borders on fraud.

i'll draft and post a model letter to amex here on the board people can use if enough people are interested in writing in to protest.

​

 

[xtoss]

Would love to use my platinum card instead of my 28degrees card

hope they change it

 

[cove]

After a struggle I pulled in a Gold Amex card that is a $US card. You might find my Blog on getting a credit rating in America interesting as the card is a jewel and you might want to look at www.americanexpress.com/premiergoldmember

 

[Stephen65]

It's the same reason so many products are much more expensive and/or lower quality here than the corresponding US product - they do it because they can.