AMEX Launches Platinum Credit Card

[PaulZ]

Amex has finally issued a Platinum Credit Card at a reasonable price - $395p.a. (Similar to the one issued in NZ)

Some of the Card Features:

- Annual Fee - $395 p.a.

- 2 Credit Card's in the Name of the Primary Holder (in order to separate business & personal expenses)

- Up to 99 Secondary Card's for No Fee

- Ascent Membership Rewards Package. Earn 1.5pts per $ up to a max of $100,000 p.a. Then the Earn Rate goes back to 1:1.

- 1 Free Qantas Domestic Economy Flight - Pretty much from and to anywhere in Australia. Clearly if you do a PER trip you have already paid for the annual fee.

- International & Domestic Travel Insurance

- Purchase & Refund Cover

- Magazine

Some of the Features the Platinum Charge Card ($900p.a.) has that the Platinum Credit Card DOESNT HAVE: Concierge Service & Companion Airfare Deal.



What do people think about this deal?

I currently have an AMEX Gold Rewards Maximizer with 2 Sups which cost’s me $216 p.a. I spend around the $100,000 mark p.a. I may miss out on a couple thousand 'bonus' points if I spend over the $100k limit but I do gain the QF flight for $179 p.a. and I would probably get another sup card.

I think I might change! Any suggestions?? :roll:

Is anyone else thinking about upgrading their Credit Card?

 

[Mal]

It looks like it was launched today... Very nice.

BTW, the terms listed on the page are actually located here: http://www.americanexpress.com/australia/campaigns/platinumcredit_prospect/terms.shtml

rather than the (broken) link given.

The free flight offer looks good. With no surcharges/taxes at all to pay, even Bris-Melb would just about pay off the card cost per year.

Think the "companion air" deals on the Plat Charge card are fairly worthless. Concierge is also of limited value, so I wouldn't miss either.

Any ideas what the insurance covers? Full details seems pretty scant when discussing this card on their site.

Now, just wishing for them to "upgrade" my current gold Amex credit card to it. Don't pay any annual fees for it at the moment, so would like a seriously discounted card - Free would be fantastic, but don't think that is possible!

 

[netaddict]

The Platinum Credit Card from AMEX does look good. I've been taking a close interest in it today and talking to some of the executives at the Platinum Charge Card service. If you have a Platinum Charge Card you can get a Platinum Credit Card Complimentry providing you meet the application criteria.

The card is a good deal overall especailly if your not looking for a dedicated concierge or travel service.

Something to note with the Qantas Return Airfare. From what I was told this afternoon it is basically a Qantas Red e-deal ticket. It means you can't upgrade or do things like that with the ticket. Ultimately will need to wait the fine print comes out to have a closer look.

The customer service team for Platinum Credit Card is based in Sydney and 24/7.

It's worth while considering upgrading the card. Think a lot of people will. From reading another news story on it AMEX are hoping to attract 1.5M people to the card.

 

[NM]

It's worth while considering upgrading the card. Think a lot of people will. From reading another news story on it AMEX are hoping to attract 1.5M people to the card.

Hmm, good chance they will get me to upgrade. Better look further into it.

 

[arun]

I have an CPA Amex Gold card which is fee free for the main and supplementary card. So for me personally the return airfare should exceed the card fee. Still it looks like a good one. I might cancel my CBA Platinum and put that $250.00 over here.

 

[netaddict]

Looks like the finer details of the card are now up on the web:

http://www.americanexpress.com/australia/campaigns/platinumcredit/index.shtml

 

[Mal]

The finer details make good reading.

Amex are going to blitz the "platinum" market with this card. The airfare deal is worth the cost of the card alone... Wonder if it will be sustained, or disappear/water down within a year or so.

Wish amex was more accepted, but it is accepted enough to make things worthwhile.

Like arun I may actually cancel my CBA plat too. I already have a Gold amex credit card (free!). As i posted last night would prefer a heavily discounted plat card from Amex. May wait around for a few months and see if I get any special offers from them.

The travel insurance looks pretty good especially for domestic flight inconvenience. The rewards look pretty good (1.5 points per $ up to $100000).

 

[QF WP]

Read the links posted here and I'm interested in the AMEX Platinum card, like many here.

Time to finally say goodbye to my NAB Mastercard and to upgrade from Amex Gold (Charge Card) to Platinum. I'll give them a ring and see what they say.

 

[arun]

I called AMEX and asked about the annual fee waiver or reduction in the first year for platinum, considering that I have the CPA gold card (fee free). They refused to budge. So I will wait for a couple of months if I will receive any special offers. I very much doubt if CPA and AMEX will do any deal as the Domestic flight is hard to give away without a fee.

 

[netaddict]

I called AMEX and asked about the annual fee waiver or reduction in the first year for platinum, considering that I have the CPA gold card (fee free). They refused to budge. So I will wait for a couple of months if I will receive any special offers. I very much doubt if CPA and AMEX will do any deal as the Domestic flight is hard to give away without a fee.

Tried calling up and asking to speak to the department responsible for customer retentions?

 

[Maca44]

PaulZ
You indicate that you might miss out on a couple of thousand bonus points, however, amex has moved the goal posts, and the condition are shown when you transfer amex points. I have copied and pasted the following:

Effective 30 March 2002 Qantas cease to be a Bonus Partner. Cardmembers will continue to earn Points on Qantas products and services purchased on the Card. Cardmembers may continue to transfer Qantas Bonus Points (already accrued) to the Qantas Frequent Flyer program provided they do so by 31 December 2006, and no longer will be required to transfer 1 Membership Rewards Point for each Qantas Bonus Point.

The surname on your American Express Card will need to be the same as the surname that appears on your Qantas Frequent Flyer Card.

That transfer will be administered solely by American Express. Once Qantas Bonus points have been transferred they will be deducted from the Cardmembers program account and the adjustment will be reflected in the Card statement.

Prior to transferring your points, please confirm availability with the Frequent Flyer or Frequent Guest partner.

Enrolment in these partner programs is the Cardmember's responsibility and a Cardmember must be enrolled prior to any points transfer request. An annual fee may apply.

A minimum of 500 points may be transferred into any one or more participating frequent traveller program(s) by the Cardmember in his/her name only. The transfer of points will be administered solely by American Express and will be processed within 14 business days, with the exception of Malaysia Airlines which may take up to 28 business days.

 

[Damien]

The Platinum Credit Card from AMEX does look good. I've been taking a close interest in it today and talking to some of the executives at the Platinum Charge Card service. If you have a Platinum Charge Card you can get a Platinum Credit Card Complimentry providing you meet the application criteria.

I'm confused. I would think that if you meet the criteria for the charge card, you should certainly meet it for the credit card.

The customer service team for Platinum Credit Card is based in Sydney and 24/7.

That's a definite advantage. Do they have Australian accents as well?

It's worth while considering upgrading the card. Think a lot of people will.

I'm considering it. I expect a lot of Amex customers should get a letter anytime now.

 

[netaddict]

The Platinum Credit Card from AMEX does look good. I've been taking a close interest in it today and talking to some of the executives at the Platinum Charge Card service. If you have a Platinum Charge Card you can get a Platinum Credit Card Complimentry providing you meet the application criteria.

I'm confused. I would think that if you meet the criteria for the charge card, you should certainly meet it for the credit card.

Not always - you can, as I did, get upgraded to differant cards over the years without meeting the published criteria. In this case I just miss the base criteria however have since been advised they will offer me the card complimentry.

The customer service team for Platinum Credit Card is based in Sydney and 24/7.

That's a definite advantage. Do they have Australian accents as well?

Yes - 100% aussie.

It's worth while considering upgrading the card. Think a lot of people will.

I'm considering it. I expect a lot of Amex customers should get a letter anytime now.

Yep, I'd say they would. Platinum Charge Cards holders should get the info in the next day or so from what they told me.

 

[PaulZ]

PaulZ
You indicate that you might miss out on a couple of thousand bonus points, however, amex has moved the goal posts, and the condition are shown when you transfer amex points. I have copied and pasted the following:

Effective 30 March 2002 Qantas cease to be a Bonus Partner. Cardmembers will continue to earn Points on Qantas products and services purchased on the Card. Cardmembers may continue to transfer Qantas Bonus Points (already accrued) to the Qantas Frequent Flyer program provided they do so by 31 December 2006, and no longer will be required to transfer 1 Membership Rewards Point for each Qantas Bonus Point.

The surname on your American Express Card will need to be the same as the surname that appears on your Qantas Frequent Flyer Card.

That transfer will be administered solely by American Express. Once Qantas Bonus points have been transferred they will be deducted from the Cardmembers program account and the adjustment will be reflected in the Card statement.

Prior to transferring your points, please confirm availability with the Frequent Flyer or Frequent Guest partner.

Enrolment in these partner programs is the Cardmember's responsibility and a Cardmember must be enrolled prior to any points transfer request. An annual fee may apply.

A minimum of 500 points may be transferred into any one or more participating frequent traveller program(s) by the Cardmember in his/her name only. The transfer of points will be administered solely by American Express and will be processed within 14 business days, with the exception of Malaysia Airlines which may take up to 28 business days.

Macca44 - When i was referring to "missing out on a couple thousand 'bonus points'" I meant:

- With the Gold Rewards Maximiser Card, you earn 1.5 QF Points per $ spent. This is unlimited.
- With the Platinum Credit Card, you earn 1.5 QF Points per $ spent, up to a maximum of $100,000 p.a. Then it reverts back to $1 = 1QF

What i was saying is that a negative for the new card is that if i spend more than $100,000 p.a. i am missing out on the 'bonus' 0.5 points for every dollar spent over the 100k limit.

However i have since concluded this is hardly an issue as i will probably only spend $110,000 next year, therefore only 'loosing' the ability to earn an extra 5,000 bonus points.
- Have to keep the wife's spending under control!! :wink:



SIDE ISSUE:

With the Platinum Charge Card, (and before people point it out, i know this forum is for the Credit Card [since i started it] - but i feel i more people are monitoring this forum atm.) you pay the annual fee of $900 in the first year, under what circumstances is it waived or reduced in the following years??? Anyone have any experiences?


ANOTHER SIDE ISSUE:

Why does AMEX fail to even mention the existence of Centurion on their website. Surely if they put the information up, such as benefits, more people would know about it, consider applying and forking out the $2000+ p.a. I know i would look at it if i knew what the benefits were.



Thanks for comments,

Paul

 

[netaddict]

SIDE ISSUE:

With the Platinum Charge Card, (and before people point it out, i know this forum is for the Credit Card [since i started it] - but i feel i more people are monitoring this forum atm.) you pay the annual fee of $900 in the first year, under what circumstances is it waived or reduced in the following years??? Anyone have any experiences?

You can negotation with the Platinum card service on the fee in the following years. When your membership fee is charged just call them to discuss it and they will put you through to the right people. They don't really reduce the fee but offer other benefits like membership reward points and free nights accomodation.

ANOTHER SIDE ISSUE:

Why does AMEX fail to even mention the existence of Centurion on their website. Surely if they put the information up, such as benefits, more people would know about it, consider applying and forking out the $2000+ p.a. I know i would look at it if i knew what the benefits were.

Centurion is strictly by initiation only. I've asked about it not being on the web and apparently to keep it discreet they won't be putting it up any time soon. I received a invitation for the card and even that had no details besides sign here if you'd like the card and then can review the benefits before choosing to activate your membership.

 

[oz_mark]

Like others I find myself quite interested in what this card has to offer (and being in Perth, I am sure that I will get my fee back just on the airfare - pity there are no FF points on it though). At keast from what I can see this card is worth the fee that is being charged.

I wonder if they will be making any particular offers to existing cardholders (e.g. upgrading the card)

I think the banks with platinum cards might want to go back and look at what they are offering, as this certainly looks like a bit of stiff competition for them.

 

[netaddict]

Like others I find myself quite interested in what this card has to offer (and being in Perth, I am sure that I will get my fee back just on the airfare - pity there are no FF points on it though). At keast from what I can see this card is worth the fee that is being charged.

I wonder if they will be making any particular offers to existing cardholders (e.g. upgrading the card)

I think the banks with platinum cards might want to go back and look at what they are offering, as this certainly looks like a bit of stiff competition for them.

I think give AMEX a few months and existing card holders will start to receive offers to upgrade - especailly if the limit on your existing card is $10K+ or close to it.

As for other banks platinum programs, yes they will need to rethink them and take a look at what they offer. One think the AMEX Platinum Credit Card program doesn't have that every other Platinum program does is a concierge/lifestyle service.

 

[oz_mark]

Like others I find myself quite interested in what this card has to offer (and being in Perth, I am sure that I will get my fee back just on the airfare - pity there are no FF points on it though). At keast from what I can see this card is worth the fee that is being charged.

I wonder if they will be making any particular offers to existing cardholders (e.g. upgrading the card)

I think the banks with platinum cards might want to go back and look at what they are offering, as this certainly looks like a bit of stiff competition for them.

I think give AMEX a few months and existing card holders will start to receive offers to upgrade - especailly if the limit on your existing card is $10K+ or close to it.

As for other banks platinum programs, yes they will need to rethink them and take a look at what they offer. One think the AMEX Platinum Credit Card program doesn't have that every other Platinum program does is a concierge/lifestyle service.

How valuable is the concierge service? I have never actually used the service attached to my card. Looking at this more closely, the $395 AMEX fee offers more for me (and thus better value) than the $250 I pay to Citibank for the card.

Of course, others may find that the concierge service is of more value to them, so for them the opposite concluison may apply

 

[netaddict]

Like others I find myself quite interested in what this card has to offer (and being in Perth, I am sure that I will get my fee back just on the airfare - pity there are no FF points on it though). At keast from what I can see this card is worth the fee that is being charged.

I wonder if they will be making any particular offers to existing cardholders (e.g. upgrading the card)

I think the banks with platinum cards might want to go back and look at what they are offering, as this certainly looks like a bit of stiff competition for them.

I think give AMEX a few months and existing card holders will start to receive offers to upgrade - especailly if the limit on your existing card is $10K+ or close to it.

As for other banks platinum programs, yes they will need to rethink them and take a look at what they offer. One think the AMEX Platinum Credit Card program doesn't have that every other Platinum program does is a concierge/lifestyle service.

How valuable is the concierge service? I have never actually used the service attached to my card. Looking at this more closely, the $395 AMEX fee offers more for me (and thus better value) than the $250 I pay to Citibank for the card.

Of course, others may find that the concierge service is of more value to them, so for them the opposite concluison may apply

I've found the card to have good value over the years in referance to Concierge. Sadly it has been varied esepcially when using the Mastercard Platinum service offered by CBA. The AMEX Concierge service has been excellent more then most of the time.

My advice would be to find a reason to use it and judge for yourself what you think. If it's with Citibank I'd say if it's Visa they use the Visa Platinum Service to handle the requests otherwise Mastercard would be done in house.

 

[oceanboy]

I've just cancelled my application for the new platinum credit card.

When I told a friend I had applied, they reminded me of previous bad experiences with Amex, but I assured them a new Sydney based team to service the card meant a fresh beginning.

I have contacted the new platinum credit card team twice. The first time, the guy I spoke to advised me that they are unable to check on applications. I asked to be put through to new accounts (who can check applications), was placed on hold, then he came back and told me he had checked with his supervisor and there was no way on checking applications. I was then asked if I wanted the application form faxed to me so that I could apply as it is quicker than applying on the internet. I reminded him I have just applied on the internet, but he still told me to apply via fax.

I tried speaking to another customer service area, and gave me the name of the person that handles platinum cancellations. They passed on a message, but no return call. I tried again early this week and was advised that they were unable to take my call. The person I was speaking to called new accounts and I was advised there was no way of cancellation an application that was in process.

I finally got to speak to a guy in new accounts. Helpful and friendly... he gave me my application reference number, noted that it was already cancelled and asked if there was anything else he could do for me. If only all Amex customer service was like this.

They may be a new team, but they have been trained in traditional Amex customer service. I don't need to pay premium card fees for bad service.