Amex "I'm going to cancel my card" - bonus points given thread.

[Mr_Orange]

And opportunist behaviours are not just by businesses, also by card users. This change will no doubt add costs to businesses and guess who will be bearing it...

We have way too less competition (i mean competitive providers and products) here in Australia. Many financial institutions, only few products that are worthy the attention of credit warriors. Premium offers from worthy providers will do what they can to squeeze margins - well in amex case, no others offer better benefits and points. (citi prestige is a joke)

I wish for more competitive products in near future. And there won't be any, until we demand it.

Exactly right. The lack of competition is it. That and the government tinkering be it surcharging, electricity pricing, GST on low value goods, etc, etc.

 

[Daver6]

Yep, according to Amex, due to change of "Australian Law" (i've not researched which law, may be nccp?) when they are approached by members to cancel their cards/accounts, Amex will proceed to cancel the card/account. Once this is done, at the same call point, if the system reveals (after cancellations) that there are bonus offers, Amex will advise you. If members accept the offer for staying with Amex, they will reinstating your card/account and add the bonus offer. This can not be done prior to cancellation and no one is able to know that there will be an offer - system generated.

What's your source for this?

 

[33kft]

Certainly works better for AMEX than it does for consumers. Now they get to follow the same retention process they always have for high value customers, but to provide a disincentive for lower value customers to try threatening cancellation in order to score a retention bonus.

 

[albyd]

Do consumers will still have 3 months to 'change their mind' if they can reinstate their cards immediately after cancellation assuming they in fact did qualify for an offer? Would this then apply to consumers of all categories?

 

[auflier]

Australian credit card reforms 2018-2019 | finder.com.au

And according to ASIC, for the "betterment of society"....

I have a strange feeling towards public servants but I don't want to be negative.

 

[Chicken]

Australian credit card reforms 2018-2019 | finder.com.au

And according to ASIC, for the "betterment of society"....

I have a strange feeling towards public servants but I don't want to be negative.

I agree with ASIC on this.

It was a while ago, but I had friends where canceling a credit card requires calling during business hours, go thru BS with retention team on the phone. I can't remember which banks they were, but this is why everything is being cramped down.

These changes are not great for people like you and me, but I can see that it would be good for the society.

 

[andye]

Mrs andye was very pleased with the simpler cancellation process but she hates speaking to CC people

 

[Chicken]

she hates speaking to CC people

Most people hate talking to the bank (or any company), that's why Australians don't change banks (or any utility company), regardless how much the industry(ies) has been deregulated, how much competition the government tries to bring in, how much light had been shown by the banking commission, yet, people still stick to whatever the big 4 bank they are using.

When Myer and David Jones were giving bad customer service, Australians walked away from them. When the big 4 banks keep giving bad customer service, Australians keep going back for more.

 

[andye]

Most people hate talking to the bank (or any company), that's why Australians don't change banks (or any utility company), regardless how much the industry(ies) has been deregulated, how much competition the government tries to bring in, how much light had been shown by the banking commission, yet, people still stick to whatever the big 4 bank they are using.

When Myer and David Jones were giving bad customer service, Australians walked away from them. When the big 4 banks keep giving bad customer service, Australians keep going back for more.

OT: I've found DJs customer service outstanding of late. Myer meanwhile....

 

[SOPOOR]

OT: I've found DJs customer service outstanding of late. Myer meanwhile....

I tried to call dj online about an order recently and i waited 20 mins each time and couldnt get through. So i had to email them, didnt get a reply

First time I've ever contacted them

 

[andye]

I tried to call dj online about an order recently and i waited 20 mins each time and couldnt get through. So i had to email them, didnt get a reply

First time I've ever contacted them

Could just be good management at my local store of course

 

[SOPOOR]

Could just be good management at my local store of course

I think it was also due to the fact ir was christmas too

 

[wxxnxs]

Do consumers will still have 3 months to 'change their mind' if they can reinstate their cards immediately after cancellation assuming they in fact did qualify for an offer? Would this then apply to consumers of all categories?

Citibank only gives 30 days to reconsider, not sure about other banks, I recall NAB used to give 2 months.

 

[albyd]

Guess then depending on Amex’s policy, there would be the same opportunity for high or more moderate spenders alike to reconsider their decision to cancel their Amex after finding out about their retention offer.

 

[Oubline]

Citibank only gives 30 days to reconsider, not sure about other banks, I recall NAB used to give 2 months.

ANZ wouldn’t let me reopen a card I had closed earlier that same day (don’t ask why I was wanting to!). They said the system doesn’t let them reopen closed cards anymore, although it used to until recently.

 

[jetcam]

Explorer + PE cads holder here. Only have a month or so before the annual fee is charged. Have held for 2 years. Called up and asked to cancel the explorer, went through the retention options and was offered the essentials card which i declined, CSO said she would need to cancel and then check for a points retention offer. did that and came back with 0 points offered. i said i'd need to think about it before i definitely cancel, so she reinstated the card immediately. It was definitely cancelled though because i got a notification that the card had been removed from my Google Pay account.

 

[momad]

Data point: As per my original post and some others' post on another thread, can confirm that you need to cancel your card first before being advised whether there is a retention bonus.

If there is no retention bonus, you can and or must reinstate your card on the same phone call (do not hang up or end the phone call with the same agent). Reinstating your card 'returns your card to normal' - local champion and saved offers etc.

Otherwise, your card is cancelled for good.

Also, cancelling your card for good still allows you to transfer out your points in 30 days.

 

[SOPOOR]

Data point: As per my original post and some others' post on another thread, can confirm that you need to cancel your card first before being advised whether there is a retention bonus.

If there is no retention bonus, you can and or must reinstate your card on the same phone call (do not hang up or end the phone call with the same agent). Reinstating your card 'returns your card to normal' - local champion and saved offers etc.

Otherwise, your card is cancelled for good.

Also, cancelling your card for good still allows you to transfer out your points in 30 days.

great point, it also appears that most staff dont know about this as well, because when I ask for a retention bonus, they check and say nothing avaiailbe.

 

[Isochronous]

Most people hate talking to the bank (or any company), that's why Australians don't change banks (or any utility company), regardless how much the industry(ies) has been deregulated, how much competition the government tries to bring in, how much light had been shown by the banking commission, yet, people still stick to whatever the big 4 bank they are using.

When Myer and David Jones were giving bad customer service, Australians walked away from them. When the big 4 banks keep giving bad customer service, Australians keep going back for more.

Then they customer only has him/herself to blame.

 

[chk123]

a month to go before annual fee is due, called to cancel my card, no retention bonus, laters amex