Amex Centurion Card eligibility in Australia

[kingmaxlin2007]

Which program? I'm there for leading professional services firms

OPM64

 

[rkfwombat]

OPM64

Baller

 

[tmdl]

I am about to discontinue with mine and drop back to platinum.

I only spend about $20k/month so the rewards points bonus and other perks don't go anywhere near covering the annual fee for me. I spoke to my contact there and we discussed the cost/benefits. The conclusion I came to was that my wife and I weren't travelling enough to really get the benefits from the Centurion program.

I can see Centurion being useful if you have a really big annual spend or you travel overseas regularly.

Can you share some insights on current centurion perks?

 

[daft009]

Can you share some insights on current centurion perks?

I only started with the cent last month.
For me its the hotel statuses, extra point earn, travel insurance and also the RM to a small degree.

 

[daft009]

The Emirates status has been deleted end of July 2024 unless you joined prior.

The Prada bracelets to pay will also be phased out think this year sometime from memory

 

[marki]

The Emirates status has been deleted end of July 2024 unless you joined prior.

The Prada bracelets to pay will also be phased out think this year sometime from memory

And shop like at home introduced? My biggest wish!! I meant like a local

 

[daft009]

And shop like at home introduced? My biggest wish!! I meant like a local

Haven't heard of that so unsure what it is

 

[marki]

When shopping overseas no transaction fees for currency exchange.

 

[bmcc]

When shopping overseas no transaction fees for currency exchange.

Curious about this. My spend is entirely o/s and the exchange is killing me.

 

[daft009]

When shopping overseas no transaction fees for currency exchange.

nope. still the 3% for forex spend

 

[marki]

Curious about this. My spend is entirely o/s and the exchange is killing me.

The exchange rate will be the same or close to the actual rate (IMHO) but without the fees attached to it for currency. The current fee for spending $1000 USD on an Australian American Express card involves a foreign transaction fee. American Express cards in Australia generally charge a **3% foreign transaction fee** for charges made in currencies other than Australian dollars. This means for a $1000 USD spend, you would incur a fee of **$30 USD**.[](https://www.americanexpress.com/au/credit-cards/manage-your-card/using-your-card-abroad/)

 

[marki]

nope. still the 3% for forex spend

I wish it was like in the USA where the Centurion card members don’t get charged extra!!

 

[Mr_Orange]

American Express cards in Australia generally charge a **3% foreign transaction fee** for charges made in currencies other than Australian dollars.

Many other Australian credit cards, and I expect this includes Amex, charge the foreign transaction fee when the charge is processed overseas even if the charge was in AUD. That one really annoys me and is the reason why I hold a card that doesn't charge foreign transaction fees.

 

[dissector]

Forex spend has been regular fixture of Australian issued Amex cards for as long as I can remember... Actually 3% was forex fee 15-20 years ago... These fees, unlike evaporation of benefits, would never change...

 

[sudoer]

These fees, unlike evaporation of benefits, would never change...

Unless the market changes!

Both CBA (Ultimate Awards) and NAB (Signature) have started fee-free international transactions in the last year. I'm sure they have realised they are losing travel spend to providers like Wise as consumers get smarter.

If one or two other big banks drop their forex fees the pressure will be on Amex, although more on the Qantas Ultimate and Platinum Charge for mass affluent cardholders.

Appreciate this thread is about the Centurion which is probably less likely to be swayed by market competition, given there really isn't any direct competition in Australia...

 

[dissector]

Unless the market changes!

Both CBA (Ultimate Awards) and NAB (Signature) have started fee-free international transactions in the last year. I'm sure they have realised they are losing travel spend to providers like Wise as consumers get smarter.

If one or two other big banks drop their forex fees the pressure will be on Amex, although more on the Qantas Ultimate and Platinum Charge for mass affluent cardholders.

Appreciate this thread is about the Centurion which is probably less likely to be swayed by market competition, given there really isn't any direct competition in Australia...

I like to way you think. However, the GFC did not change anything in this regard. I will not hold my breath...

 

[albyd]

I think like anything, card issuers will price to the market. If the majority of card issuers still charge it, then aside from niche providers, these fees aren’t going anywhere.

In the US, there are lots of cards which don’t charge it so it’s not exceptional to find this feature across their market’s offerings.

Notwithstanding, Amex has been called out on AFF for adding a shadow spread to the exchange rate of about 1% so there’s more than one way to skin a cat.

 

[marki]

Many other Australian credit cards, and I expect this includes Amex, charge the foreign transaction fee when the charge is processed overseas even if the charge was in AUD. That one really annoys me and is the reason why I hold a card that doesn't charge foreign transaction fees.

Me to (2)

 

[marki]

I think like anything, card issuers will price to the market. If the majority of card issuers still charge it, then aside from niche providers, these fees aren’t going anywhere.

In the US, there are lots of cards which don’t charge it so it’s not exceptional to find this feature across their market’s offerings.

Notwithstanding, Amex has been called out on AFF for adding a shadow spread to the exchange rate of about 1% so there’s more than one way to skin a cat.

Adding a Shadow Spread to the exchange rate end quote! That means they earn of the Foreign Exchange rate! Am I right? If I am - that is nasty

 

[albyd]

Adding a Shadow Spread to the exchange rate end quote! That means they earn of the Foreign Exchange rate! Am I right? If I am - that is nasty

What do you mean?

Based on my reading, Amex add 1% to the FX rate so they’re really charging 1% FX fee in a no FX fee product. Agree, that is misleading. Amex would earn an extra 1% over and above the FX rate.