AMEX Class Action??

[burmans]

Not something I'll be wasting my time and money on, they have always had the right to change, they gave plenty of notice, it's not retrospective as you had plenty of opportunity to move the points out.

 

[woomp001]

Thanks all for your thoughts!

All the best to everyone

 

[Deleted member]

Hi all,

On reflection, because the looming AMEX devaluation is so retrospective, I wonder if a class action is worth exploring?

The fundamental issue here, is that AMEX users like myself, elected to use the card, and pay the associated surcharges, under the understanding that they would in kind, receive a certain amount of reward points, that in turn could be spent at a certain rate, to deliver a certain utility.

Now, AMEX have at the stroke of a pen, effectively halved the stored value of the members points balance.

Imagine if a big bank just came out and announced that they were halving everyone's account balances??



If AMEX feels the need to adjust down earn rates moving forward into the future, then that is fine! Everyone could then make new decision's based on the new metrics.

But this move by AMEX is deeply retrospective. It alters the contractual basis on which choices were made long in the past, and to a meaningful degree, and with significant financial repercussions.

My circa 3M points are probably worth circa 60K today, and will be worth circa 30K next week.

These points were not free. They cost me significant amounts of surcharges, from which AMEX derived significant merchant fees, for me to acquire.

The fact that AMEX has doubled the points for a select group of their customers, is prima facie evidence that they recognize the significance of this.

The fact however that they haven't done it for all, even for good customers with large balances, could be the potential basis for a claim?

Does anyone else have any thoughts on the matter?

Good luck with that. You’re going to be as successful as Israel Folau convincing muslims to convert to Christianity.