AMEX Launches Platinum Credit Card

[beardoc]

When you fill in the online application, and click that you are a current member, the following text comes up:

Please note: If you are a current Credit Card member, this card will be cancelled & the balance will be transferred to your new Platinum Credit Card upon approval.

I think we're aware it says that. But it isn't actually consistent with their policy other cards that people hold. Why is the Platinum singled out in this regard?

 

[cssaus]

When you fill in the online application, and click that you are a current member, the following text comes up:

Please note: If you are a current Credit Card member, this card will be cancelled & the balance will be transferred to your new Platinum Credit Card upon approval.

I think we're aware it says that. But it isn't actually consistent with their policy other cards that people hold. Why is the Platinum singled out in this regard?

I think I found out what the reason is. According to AMEX the Platinum Credit Card can give you up to $100K of credit and for some reason only known to AMEX they have some concern if you happen to have another AMEX card as well they are worried about your overall credit limit with them. Why they just couldn't come up with the idea that if they were to give you $20K on a Gold Rewards Maximizer, then your limit on a Platinum card is say $nK or some combination thereof to a maximum overall limit.

 

[dgruber]

LIV Amex Plat

Just got my new LIV Plat Amex, after having to wait 4 weeks for the transfer from the original Amex plat.

OK So I get to save $100 off the annual fee....

The LIV logo is printed on the front and back of the card however the "Foundation Member" printing is disappeared......

Anyone else had this happen?

 

[arun]

Pardon my ignorance - what is LIV?

 

[NM]

it looks like I will be sticking with my Amex Gold Rewards Maximiser card for now. My anniversary month is October and on reviewing my statement I was expecting to see the annual fee there and then call Amex to see what deal they would do for an "upgrade" to Plat card.

But all I have been charged is the $36 Supplementary Card Fee. No annual fee has been charged. So that is a big saving over anything they would have offered for a Plat card.

And just got my Corp Diners Club statement and that included a $55 Rewards Membership fee. So my personal Amex costs me less than my Corp Diners card this year (I have to pay the Diners rewards fee if I want the points - about 120K points in the account, so a no brainer).

 

[GPG]

Amex Platinum holders in Tasmania are certain to be disappointed to learn that the only destination available for the "free" qantas flight is Melbourne [and thats nothing to do with Melbourne!]

To be accurate this is described as the only "arrival" city-whether that means I can still book a flight going beyond that city I am yet to acertain, but I dont believe so based on my reading of the terms.

Considering I can book red-e Qantas flights to other capitals out of Hobart I find this limitation inexplicable and unfair. Card holders in any other state can choose multiple destinations, so it would appear not to be a cost based limitation.

I will follow up when I find out more.

cheers

Greg

 

[mick]

it looks like I will be sticking with my Amex Gold Rewards Maximiser card for now. My anniversary month is October and on reviewing my statement I was expecting to see the annual fee there and then call Amex to see what deal they would do for an "upgrade" to Plat card.

But all I have been charged is the $36 Supplementary Card Fee. No annual fee has been charged. So that is a big saving over anything they would have offered for a Plat card.

That's interesting, NM. Do you think it's because of the amount you spent with Amex that they waived the annual fee? Is this a continuation of the "first year annual fee free" promotion?

My ANZ FF Diners Club "six months double points" promotion ends this month and so I'm thinking of upgrading my permanently free Amex Gold Credit card to the Rewards Maximiser. Will be interesting to see if the Amex RM stays free after a year also. Can only try, I guess... :wink:

 

[NM]

That's interesting, NM. Do you think it's because of the amount you spent with Amex that they waived the annual fee? Is this a continuation of the "first year annual fee free" promotion?

Don't know. I did "upgrade" from a previous RACQ Amex Gold CC which has as one of its terms and conditions that the annual fee is waived if you spend more than $9000 in the year. So perhaps that has been rolled into the Rewards Maximiser card also. I don't remember specifically seeing this in the promo info for the Rewards Maximiser card.

I certainly exceeded $9000 spend in the year, but I am not in the spending league of some people here. My Amex card is used only for personal spending, not for anything related to work or business spending. My guess would be that I put about $25K per year through this card.

Either way, while they waive the annual fee on my RM card, there is no incentive for me to go to the Platinum card.

 

[oz_mark]

Pardon my ignorance - what is LIV?

I'll take a punt and say Law Institute of Victoria.


So has anyone had a go at getting the free flight yet?

 

[dgruber]

Further comments

Oz_Mark, you are right. LIV is indeed the Law Institute of Victoria.

I thought I should tell you that I wasn't really happy with the credit limit Amex offered at first. However, after a call to their CSC they increasd it to double. I am very happy now

With the flight, no I have not tried. But I do know you wouldn't get any travel insurance as you aren't paying for the flight.

Anyway I should also mention that if you transfer a Platinum Credit Card to an institution Platinum Credit Card, then the Cash Advance facilities will need to be applied for once more.

Not sure if they transfer the direct debits, I'll have to wait and see...

 

[little_moody_angel]

Hey guys just wanted to let you know that you can now apply for the platinum credit card in selected shopping centres. So for those who want a person rather than a pc or phone visit main shopping centres where AMEX stands are situated. Some may include Burwood, Penrith, Parramatta, Centrepoint, Bondi, Airport (domestic and international), Chatswood, etc.

the moody angel

 

[Mal]

Think they were offering the Amex Plat at Brisbane Domestic airport over the weekend.

Tend to run from Amex sales ppl. If cornered, show my Amex plat and then run!

Gotta love the salesmanship shown from the agents at times!

 

[beardoc]

When the platinum credit card stuff was launched, I seem to remember that it wouldn't allow a flight to Perth if you were departing from Sydney (although it would allow a flight to Sydney if you were departing from Perth). Now, it seems to have added Perth as a destination from Sydney.

Is it just me, was this always there, or did they change it?

Regards, as someone that takes an annual trip to Perth, that has more than paid for the $395 fee. And I can get it for $295 annually via the AMA, so it looks like I'll be signing up!

 

[New Chump]

Just noticed that AMEX is offering balance transfers at 0.0% p.a. for 6 months (at least on my AMEX.)

From the balance transfer link on the website:

If you transfer your balance from another credit card to your American Express Credit Card, you will pay only 0.0% p.a. on the approved transfer amount for up to 6 months (your monthly payments will first repay the balance you have transferred before reducing other amounts, such as new purchases). After 6 months, the rate will change to the interest rate for purchases at that time.

I'll be paying off my AMEX and doing a balance transfer for the full card limit. The balance transferred will end up in the home loan for 6 months - after which it will be redrawn to pay off the AMEX in full. :wink: Thanks AMEX.


NC

 

[beardoc]

If you transfer your balance from another credit card to your American Express Credit Card, you will pay only 0.0% p.a. on the approved transfer amount for up to 6 months (your monthly payments will first repay the balance you have transferred before reducing other amounts, such as new purchases). After 6 months, the rate will change to the interest rate for purchases at that time.

I'll be paying off my AMEX and doing a balance transfer for the full card limit. The balance transferred will end up in the home loan for 6 months - after which it will be redrawn to pay off the AMEX in full. :wink: Thanks AMEX.

The only problem I can see is that when you transfer your balances, you pay no interest on the transferred balance, but if you make purchases on the card, then any payments you make will reduce the transferred balance first and you will not be paying off your new purchases, so you'll end up incurring the 16%+ interest anyway. It seems like a ripoff to me.

 

[oz_mark]

The only problem I can see is that when you transfer your balances, you pay no interest on the transferred balance, but if you make purchases on the card, then any payments you make will reduce the transferred balance first and you will not be paying off your new purchases, so you'll end up incurring the 16%+ interest anyway. It seems like a ripoff to me.

The trick is to avoid using your card for any other purpose. That way you can end up with just the balance at 0% interest.

 

[New Chump]

The trick is to avoid using your card for any other purpose. That way you can end up with just the balance at 0% interest

oz_mark is spot on - you need to retire the card from use for 6 months.

Unless your spend on the card is considerably above average (and even Mrs NC has yet to reach such dizzy heights :shock: ), the amount saved by putting the whole 0% balance into the home loan exceeds the reduced points you receive in having to use the Visa for next 6 months. 8)

NC

 

[pksw]

Re: Further comments

Not sure if they transfer the direct debits, I'll have to wait and see...

I transferred from the Gold card to Platinum. The automatic payment of my Amex card from my savings account was transferred over. However all the direct debits (eg phone bill, electricity etc) were not.

There is a link on the platinum site to "Transfer Recurring Bill Payments" at http://www.americanexpress.com/australia/campaigns/platinumcredit/index.shtml

It simply asks for your old CC number and the new platinum one.

Hope that helps.

 

[danielh]

it looks like I will be sticking with my Amex Gold Rewards Maximiser card for now. My anniversary month is October and on reviewing my statement I was expecting to see the annual fee there and then call Amex to see what deal they would do for an "upgrade" to Plat card.

But all I have been charged is the $36 Supplementary Card Fee. No annual fee has been charged. So that is a big saving over anything they would have offered for a Plat card.

And just got my Corp Diners Club statement and that included a $55 Rewards Membership fee. So my personal Amex costs me less than my Corp Diners card this year (I have to pay the Diners rewards fee if I want the points - about 120K points in the account, so a no brainer).

NM, try giving them a call and telling them you want to close the account unless they have something they can entice you to stay. Depending on your spend you should be able to get your Membership fees waived and/or get double points for 3 months...

http://www.frequentflyer.com.au/discus/viewtopic.php?t=427

I also recently got my Corp Card statement and because of the waiver on my 'standard' diners card I saw the waiver applied to that as well.

Regards
Daniel

 

[NM]

NM, try giving them a call and telling them you want to close the account unless they have something they can entice you to stay. Depending on your spend you should be able to get your Membership fees waived and/or get double points for 3 months...

http://www.frequentflyer.com.au/discus/viewtopic.php?t=427

I also recently got my Corp Card statement and because of the waiver on my 'standard' diners card I saw the waiver applied to that as well.

Regards
Daniel

I think Diners Club are offering more incentives to retain their customers. Amex are a little more difficult to get such benefits. But as I don't want to close my account, I am not going to lie to them in order to gain some benefits. I will choose my card based on the benefits offered. If they come and offer me an incentive I will happily take it. Or if I was really disappointed with the card and wanted to close it, then I would consider any options or incentives they want to offer me.