AMEX Launches Platinum Credit Card

[PaulZ]

What sort of wait are people experiencing from applying to receiving the card?

I applied on 28/9, 4/10 they checked my Baycorp file (gotta love credit file monitoring!).

Assume card must be just about here as long as there are no approval hitches.

Experiences for others?

Mal (and others),

How does one take advantage of credit file monitoring?

Is there a way to view ones own credit file online, or do you have to send away for it? Is there a cost?

Paul

 

[Mal]

There are a couple of Credit Reporting agencies that report on individuals in Australia. For most Mainland people, Baycorp is the most widely used by organisations. I believe that Tasmania has another company that keeps records... can't remember their name right now.

Find out more info here about BayCorp.

http://www.mycreditfile.com.au/my_c..._credit_file_product_information_default.aspx

An application for your credit report can be done at any time. It is free (as long as you don't mind waiting 10 days or so). If you want it quicker then there are other paid options available as well.

Credit Report monitoring is done through a service called "My Credit Alert". $30 a year gets you emails whenever someone accesses your credit report and a copy of your credit report once per year.

 

[oz_mark]

There are a couple of Credit Reporting agencies that report on individuals in Australia. For most Mainland people, Baycorp is the most widely used by organisations. I believe that Tasmania has another company that keeps records... can't remember their name right now.

Find out more info here about BayCorp.

http://www.mycreditfile.com.au/my_c..._credit_file_product_information_default.aspx

An application for your credit report can be done at any time. It is free (as long as you don't mind waiting 10 days or so). If you want it quicker then there are other paid options available as well.

Credit Report monitoring is done through a service called "My Credit Alert". $30 a year gets you emails whenever someone accesses your credit report and a copy of your credit report once per year.

I actually just got credit report from Baycorp, which had a bit of a surprise for me. About a month ago, a company (that I haven't tracked down yet!!) claimed I requeseted credit of $50. Not sure what it was about, but I'm still working on it, just come to a dead end at the moment.

So, given that, I am probably going to sign up for the $30 service.

First time I asked for my report they claimed I didn;t have anything against my name, which was a major surprise for me, s9o I just requested it again.

 

[oz_mark]

What sort of wait are people experiencing from applying to receiving the card?

I applied on 28/9, 4/10 they checked my Baycorp file (gotta love credit file monitoring!).

Assume card must be just about here as long as there are no approval hitches.

Experiences for others?

Do they do a check on your file if you are just upgrading from gold to platinum? I would suspect not, since they should already have a pretty good idea about your credit risk, but just wondering....

 

[Mal]

Do they do a check on your file if you are just upgrading from gold to platinum? I would suspect not, since they should already have a pretty good idea about your credit risk, but just wondering....

I've been gold for over a year. Very few transactions on the card though (just a backup freebee that I decided to take up!).

Was pre-approved (* Subject to credit assessment) for the Platinum, and still credit checked. My report is squeaky clean so not worried...

 

[NM]

Do they do a check on your file if you are just upgrading from gold to platinum? I would suspect not, since they should already have a pretty good idea about your credit risk, but just wondering....

When I wanted to change RACQ Gold Amex for a Rewards Maximiser Gold Amex, there was no ability to transfer/upgrade. I was a new application just like anyone else. So I assume this will be the same for moving from Gold to Plat card. You will need to apply for a new Plat card and once active they will cancel the Gold. So its not just an "upgrade" as far as Amex is concerned, its a new application and will follow the normal application process.

However, they will likely take into account your previous Amex history when determining the credit limit they are willing to offer you.

 

[QF WP]

Well,I got my personal card yesterday in the mail (a day after Mrs LW and my business card showed up).

Still reading through the 3 booklets but will report back if I find anything that hasn't been raised.

 

[pksw]

What about current Gold Credit Card members? Anybody received any interesting "upgrade offers" out there?

I got one through my Australian Medical Association Membership - I have had a Gold Credit Card for about four years.

I got the same offer as well. Currently I have the gold Amex credit card, which has no annual fee via the AMA, and has free membership to the rewards program. I also get the Travel and Leisure magazine free too.

As the annual fee will be $295 ($100 off), I'm thinking it may be useful to upgrade to platinum, as you are too.

Pros:
free Qantas flight
1.5 points per $, rather than 1.0 on the gold AMA Amex card
travel insurance (probably the clincher for me)

Cons:
$295 out of pocket
have no idea of the AMA will increase the fee to $395 next year, or if the free qantas flight is an ongoing thing.

What are you going to do beardoc?

 

[arun]

I spoke to someone in CPA. They said that they are finalising the AMEX Platinum offer to the CPA members and it should be available in November. It looks like it will be similar to the AMA offer - $100.00 off. I will wait for it to come and be one of the first to grab it.

 

[Mal]

My card arrived today.

So roughly 10 business days from applying to card arriving...

 

[straitman]

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?

Now that a few people appear to have this card is there any feedback :?:
+ve or -ve

Has anyone used the "Platinum Priority Service," booked a free flight, used "Entertainment Advantage" etc :?:

 

[oz_mark]

Now that a few people appear to have this card is there any feedback :?:
+ve or -ve

Has anyone used the "Platinum Priority Service," booked a free flight, used "Entertainment Advantage" etc :?:

People should soon be starting to book the flights, and I would be interested to hear peoples experience in going through that process.

 

[beardoc]

I got the same offer as well. Currently I have the gold Amex credit card, which has no annual fee via the AMA, and has free membership to the rewards program. I also get the Travel and Leisure magazine free too.

As the annual fee will be $295 ($100 off), I'm thinking it may be useful to upgrade to platinum, as you are too.

Pros:
free Qantas flight
1.5 points per $, rather than 1.0 on the gold AMA Amex card
travel insurance (probably the clincher for me)

Cons:
$295 out of pocket
have no idea of the AMA will increase the fee to $395 next year, or if the free qantas flight is an ongoing thing.

What are you going to do beardoc?

pksw:

If you have the AMA Gold Amex Credit Card, then it should be 1 point per dollar up to $10,000 then 1.5 points per dollar thereafter.

Traditionally the professional organisations (like the Australian Medical Association, the Law Society and the Certified Practicing Accountants) are considered "high value" customers with large discretionary spending and an income that will be adequate to service any debts, so they are more than happy to give you a better deal. If you ever need a home or investment property loan, you should mention that you're an AMA member, and they'll immediately shave off at least 0.75% off the variable rate, cancel all establishment and ongoing fees, allow you to borrow 100% of the value of the property and will waive the requirement of Lender's Mortgage Insurance which will save you about $10,000 on a home loan.

I suspect that like the AMA Amex Gold Credit Card which has had no annual fees for years now, the AMA Amex Platinum Credit Card will remain at $295 per year for AMA members. The CPAs and Law Society members will get a similar deal, but I suspect it won't get much better than it is currently.

I'm going to get the AMA Platinum Amex, but I'll keep going on my Gold, as I'm getting 1.5 points for it anyway, don't need to fly anywhere until next year, and don't need the overseas travel insurance until next year as well. That's when I'll convert over. I suspect that after the initial offer, in the new year they will probably resend the offer, but throw in a free travel bag or something else that is equally redundant as well.

 

[pksw]

beardoc: The terms of condition for my AMA Platinum card state that I will lose the gold amex card. Check to see if your conditions are the same as mine.

 

[Mal]

Does make me wonder. The "super secret" number to apply for the AMA's, Law Society's and ICA's co-branded Amex Plat credit card is plastered all over the net.

Could anyone apply? and save the $100

Wonder what evidence Amex would need...

 

[Mal]

Oh, and anyone seen any "not really disclosed" perks with the Plat Amex?

Gold membership of a hotel program would be nice...

 

[beardoc]

beardoc: The terms of condition for my AMA Platinum card state that I will lose the gold amex card. Check to see if your conditions are the same as mine.

Yes, I'm aware that I'll lose access to the Gold AMA card, but I'll be upgrading to the Platinum in the new year (at the time that I get put back to 1 point per dollar early in the new year). I don't have a need for a free flight before then (I only will be doing business travel and that's all tax deductible, so silly to get it for free!

Does make me wonder. The "super secret" number to apply for the AMA's, Law Society's and ICA's co-branded Amex Plat credit card is plastered all over the net.

Could anyone apply? and save the $100

Wonder what evidence Amex would need...

I suspect that they would be checking with the professional organisations as to their membership of the organisation. There are a lot of doctors, for example, that aren't AMA members.

The AMA sent me yet another brochure about the Platinum Amex Credit Card. Seems they're not content on me looking at the first one, but have to send follow up mails. I might give them a call and see if they're willing to negotiate any further, but I admit I'm probably not really their ideal candidate - I only put about $25,000 a year through my card.[/quote]

 

[pksw]

The AMA sent me yet another brochure about the Platinum Amex Credit Card. Seems they're not content on me looking at the first one, but have to send follow up mails.

Got a feeling that was just another mass mailing to all AMA members. I got another application form as well, and I've already filled one in (still waiting for the card to arrive).

And Mal, I think they check to see if you are a member of one of those organisations. However, once you have the card, if your membership of the AMA lapses, you still keep the card.

I have several friends who got the free AMA Gold Visa card from the Commonwealth as an intern, and then quit the AMA the next year. Their cards still are valid.

 

[cssaus]

Not sure if it's been mentioned previously but there is one slight "gotcha" with the new platinum card.

I had previously already had an AMEX Rewards Maximizer Card with a supplementary card that my wife and I used for our personal expenditure.

I recently got my Platinum Credit Card also with a supplementary card that I was wanting to use for business expenditure. The idea being, gold for personal, platinum for business.

Looking at my account online today I noticed that my Rewards Maximizer Card had been cancelled and the balance transferred to the Platinum Card. When I called up for an explanation I was told that if you hold a Platinum Credit Card you are not allowed to have any other AMEX cards, something which I've yet to find documented on the AMEX web site. You can apparently have both a Gold Rewards Maximizer and a "regular" or "blue" card in your own name but if you have a Platinum card, AMEX will allow only the one card in your name.

The solution is to of course apply for an Additional Card which I can use for either business or private but you can't get a supplementary additional card.

When I was previously using the Westpac Amex cards which were both gray in colour my wife invariably used the wrong card for business expenditure and therefore the idea of having separate cards with different colours was quite appealing.

It looks as if I'm now going to have to use the basic Platinum card for private expenditure (for which my wife has a supplementary card) and for the few occasions where my wife has to make business charges she can do that also on her supplementary card and I'll start using the new additional card purely for business expenditure.

Ages ago my wife lost a credit card but I didn't bother reporting the loss to the credit card company, whoever found it was spending less than my wife was

 

[oz_mark]

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.