AMEX Platinum Overseas

[hexDoor]

I'm lucky enough to be able to work remote for work so was planning to be a "digital nomad" in order to take advantage of lower cost of living countries (Asia).

However, I am aware that AMEX Australia cards have a 3% foreign exchange fee and that currency other than USD is converted to USD then AUD (2 stage conversion although 3% fee only applies once).

I was wondering if it would still be worth to apply for this card for overseas spending as I am still paid to my Australian bank account and would like to maximise my rewards by primarily using AMEX.

If not, anyone have any ideas on any great companion cards? I was thinking Macquarie Bank debit but that has no rewards.

 

[Bell21]

I never use AmEx overseas. The 3% surcharge really adds up and it more than cancels out any rewards points earned (though I plan to use it later this year to take advantage of the $200 overseas dining credit).

When overseas I use the Coles Rewards Mastercard. It has a low ($99) annual fee, no currency conversion fee, reasonable exchange rates and it earns the eqivalent of 1 Velocity point (=0.645 KrisFlyer mile) per A$ spent.

presume you know the Coles card now has the currency conversion fee

 

[hexDoor]

presume you know the Coles card now has the currency conversion fee

It's an old message from back before they announced the restoration off the conversion fee.

I ended up getting the Coles card then cancelling it. Just waiting for the annual fee prorated refund cheque to show up in the mail now.

Have since moved onto a Bendigo Bank Ready credit card but am on the lookout for a decent card to pair up with the AMEX platinum again. The current one's don't really appeal the same value as the Coles card :/

 

[Colin OS]

I don’t think a 3% fee is worth it. There’s also the AMEX acceptance issue.
I always use the Bankwest World mastercard overseas. No fee and earns Qantas Points.

Just checked Bankwest ... More World Mastercard® | Rewards and insurance inclusions | Bankwest

Annual Fee: $270

Maybe it was free before, but no longer.

 

[Cynicor]

Just checked Bankwest ... More World Mastercard® | Rewards and insurance inclusions | Bankwest

Annual Fee: $270
Maybe it was free before, but no longer.

They mean no Fx fee. You get points and annual fee but no fx fee
or you can use their zero with no annual fee and no fx fee, but no points.

 

[Poojou]

FWIW (I know old thread)

I reside in Singapore and was told in no uncertain terms that "the SG product sucks" with regards to the points earning and spending scheme, as well as it being more than the Australian card, with some features not included.

I have decided to hold onto both it and my plat reserve for the travel benefits which get used often (my wife has a supp card, and the supp PP acocunt) and we still use the travel credits / dining credits etc.

Having said that, apparently, some restaurants are 'cracking down' on Love Dining for 'foreign cards' - because prior you could wave the amex and pay, and even with the exchange rate hit you still saved a bunch on meals.

 

[albyd]

How are they cracking down? I figured this would eventually happen but if they can’t see the cards especially if cards like Amex look the same in most markets - I’m interested in how they’re doing it (aside from a higher surcharge automatically added by their POS machine).

 

[Poojou]

How are they cracking down? I figured this would eventually happen but if they can’t see the cards especially if cards like Amex look the same in most markets - I’m interested in how they’re doing it (aside from a higher surcharge automatically added by their POS machine).

As per the mile lion here quote:

The benefit is not available to foreign-issued AMEX Platinum cards, and because some people try to flout this rule, venues are getting stricter on enforcement. Some restaurants (e.g. Burger and Lobster) now ask you to present your card before ordering, so they can check the 15 digit number and ensure it’s Singapore-issued.

I will have to try it to see if they actually actually are at other places(burger and lobster is a known foreigner haunt)

Suspect most without high levels of tourists don't care still

 

[hexDoor]

As per the mile lion here quote:

The benefit is not available to foreign-issued AMEX Platinum cards, and because some people try to flout this rule, venues are getting stricter on enforcement. Some restaurants (e.g. Burger and Lobster) now ask you to present your card before ordering, so they can check the 15 digit number and ensure it’s Singapore-issued.

I will have to try it to see if they actually actually are at other places(burger and lobster is a known foreigner haunt)

Suspect most without high levels of tourists don't care still

I didn't even know this benefit was even a thing.

This seems easily solved by having the total deducted via the system credits (like current AMEX offers) rather than having it taken off the bill at POS.

I feel like most tourists didn't notice this was even a thing and were mostly just pleasantly surprised when the discount happened to show up.

 

[Bell21]

It's an old message from back before they announced the restoration off the conversion fee.

I ended up getting the Coles card then cancelling it. Just waiting for the annual fee prorated refund cheque to show up in the mail now.

Have since moved onto a Bendigo Bank Ready credit card but am on the lookout for a decent card to pair up with the AMEX platinum again. The current one's don't really appeal the same value as the Coles card :/

I went with BankWest Plat to pair up with AMEX Plat

 

[KingHuang]

I went with BankWest Plat to pair up with AMEX Plat

any reason you chose the plat instead of the world?

 

[dissector]

I can confirm Platinum and Centurion have 3% transaction fee (exact or approximate, but who cares?). I am mentioning this because you should know Centurion card does not put you in a 'world traveller' category. Both cards should, given their high fee, but here we are. Most places we would frequent accept AMEX or do so sparingly. A World Traveller should consider a product with no exchange fee at least (3%, or approximate, mentioned above). This should provide some flexibility and avoid embarrassment, if any, should AMEX not be accepted at your chosen establishment. If you are travelling worldly, think worldly. Speaking from the experience, that's all.

D.

 

[ChrisFlyer]

I can confirm Platinum and Centurion have 3% transaction fee (exact or approximate, but who cares?). I am mentioning this because you should know Centurion card does not put you in a 'world traveller' category. Both cards should, given their high fee, but here we are. Most places we would frequent accept AMEX or do so sparingly. A World Traveller should consider a product with no exchange fee at least (3%, or approximate, mentioned above). This should provide some flexibility and avoid embarrassment, if any, should AMEX not be accepted at your chosen establishment. If you are travelling worldly, think worldly. Speaking from the experience, that's all.

D.

Yeah, I stopped using my Plat overseas a while ago, except where there's a specific reason (e.g. to use the overseas dining credit).

My go-to overseas is now the CBA Ultimate, which has the benefit of wider acceptance as a Mastercard, no foreign transaction fee and no padding in the exchange rate (literally runs at the Mastercard scheme rate), and also earns 3 CBA points per $1 overseas (up to $10k spend per month, then drops significantly).

It depends where you want to send your points as to whether it's a good move as CBA has some interesting partners but many of the rates aren't great (e.g. 5:1 to Emirates now, 4:1 to Aeroplan etc). However, there are some good options. Velocity is 2:1 (which means 1.5 Velocity points per $1 overseas as a baseline) and there are frequent transfer bonuses that come up. You can also do KrisFlyer at 3:1 which is the same as AMEX. However, because CBA gives 3 CBA/$1 overseas versus 2.25/$1 in AMEX MR for the Plat charge, you end up earning 1 SQ mile per $1 spent abroad (and with no foreign fee), versus 0.75 SQ miles per $1 with AMEX with a 3% foreign fee payable.

Another interesting transfer option from CBA is Flying Blue at 2.5:1, which I used recently to book some KLM flights for fewer points and less fees than the equivalent redemption through QFF on KLM (miles were about one third less, fees were about two thirds less).

Definitely don't be complacent. The old days of "AMEX always earns the most points" are long, long over.

 

[sydunipete]

Yeah, I stopped using my Plat overseas a while ago, except where there's a specific reason (e.g. to use the overseas dining credit).

My go-to overseas is now the CBA Ultimate

This is my combination as well. Amex domestically, CBA Ultimate OS with a free Bankwest Mastercard as a backup. Having two travel insurance policies (CBA and Amex) also doesn't hurt as they each have different strengths and weaknesses depending upon the circumstances.

 

[Bell21]

any reason you chose the plat instead of the world?

I honestly can't recall - I was just looking to replace the coles mastercard with a similarly cost effective card for overseas spend - it may be that it was the bonus points offer by the Platinum vs the World (I may well upgrade to World after year 1, but haven't looked into this closely) - it's not my main card.