Qantas Amex Ultimate - Reduced APR or 1/2 Annual fee

[Nutcase]

Just had a conversation with AMEX about cancelling my ultimate card. Here is the rub.

Once put through to the retention team (sounds painful) the following offers were made.

1) 1/2 price annual fee - I was only paying $250 as I was a long term AMEX customer which bought the fee to only $125. BARGAIN

2) OR reduced APR (interest rate) to 12.74%

3) Companion Gold Charge Card (Standard fee)

They assumed that I already had a gold charge card hence the reduced fee to $250. Either way, this is a bargain. I also got approved for a Platinum Charge Card on the spot. No fee reduction for that unfortunately but I am a wanker so I took it.

Tried the same trick with ANZ and beofre I knew it, they cancelled my card! I had only been with then for about 8 months so its going to be tricky to get it back. Im not that fussed about it anyway, its a dud product.

 

[Febs]

Sounds like they might be trying to compete with Citibank, who are offering a $131/year fee for their equivalent card (to holders of the Gold card anyway).

I didn't bite...would rather keep my fee-free Gold card for life...but $125 for the Ultimate card, with a free flight each year...that's a bargain. Well done!

Cheers,
- Febs.

 

[Shano]

I recently got this card as part of the 40,000 points offer.

Sounds like it will definitely be worth trying to at least get a fee reduction next year. Even getting the fee down closer to the Rewards Maximiser that I had prior to the Ultimate card would be a bonus.

 

[oz_mark]

Just had a conversation with AMEX about cancelling my ultimate card. Here is the rub.

Once put through to the retention team (sounds painful) the following offers were made.

1) 1/2 price annual fee - I was only paying $250 as I was a long term AMEX customer which bought the fee to only $125. BARGAIN

2) OR reduced APR (interest rate) to 12.74%

3) Companion Gold Charge Card (Standard fee)

They assumed that I already had a gold charge card hence the reduced fee to $250. Either way, this is a bargain. I also got approved for a Platinum Charge Card on the spot. No fee reduction for that unfortunately but I am a wanker so I took it.

Tried the same trick with ANZ and beofre I knew it, they cancelled my card! I had only been with then for about 8 months so its going to be tricky o get it back. Im not that fussed about it anyway, its a dud product.

I didn't realise that long term Amex customers had an offer for a $250 fee. What do they classify as 'long term' for these purposes? Certainly is a bargain (although the value of a reduced APR might be questionable )

 

[Deeruck]

(although the value of a reduced APR might be questionable )

12.74% is heading into low-rate card territory. Certainly is attractive if you have a big points earning purchase that you will be paying off over several months. 12.74% is better than 18.xx%, but I would be taking the lower annual fee if given the choice.

 

[pauly7]

I recently got this card as part of the 40,000 points offer.

Sounds like it will definitely be worth trying to at least get a fee reduction next year. Even getting the fee down closer to the Rewards Maximiser that I had prior to the Ultimate card would be a bonus.

Did Amex lean on you to cancel your RM? I have a fee free for Life Amex Gold and just got the fee free for 1 yr / 40 000 offer for the Ultimate so will take it up for a year but want to keep my fee free if they try and charge me the standard Ultimate fee in a year!

 

[Shano]

I recently got this card as part of the 40,000 points offer.

Sounds like it will definitely be worth trying to at least get a fee reduction next year. Even getting the fee down closer to the Rewards Maximiser that I had prior to the Ultimate card would be a bonus.

Did Amex lean on you to cancel your RM? I have a fee free for Life Amex Gold and just got the fee free for 1 yr / 40 000 offer for the Ultimate so will take it up for a year but want to keep my fee free if they try and charge me the standard Ultimate fee in a year!

No, I elected to cancel the RM when I applied for the Ultimate card - no point paying 2 x fees.

I did keep my fee free AMEX gold CC.