Reduced AMEX earn rates from April 2019

[bbqwer]

I rang the busy call centre. I talked about cancelling the card. She said that there has been a huge amount of complaints to American Express and that management were aware of the uproar about the changes. She implied that they may be reconsidering their position on some of the changes. I informed her that as a couple we spend over 65000 on AMEX cards (Edge and Qantas Ultimate) every year and that would disappear if the changes to reducing the value of accumulated Membership Rewards points remained.

65000 ? I rang them yesterday the moment I got amex letter for amex explorer ( there is no doubling points ) , I spent nearly $400K a year ( for the past 3 years ) - amex dont even give coughK about it

I will not give up, and keep complaining !

 

[Daver6]

I suppose the time for calling for a retention bonus is now before the devaluation. Firstly to get the points while they're worth more, but secondly, suspect they might be more generous in terms of being concerned about losing customers.

 

[cove]

I am going hard now on Platinum Edge. Tried to increase the credit limit above $50,000 and when they said no I did an early repayment so I can keep the card running hot. Love the 3 points per dollar as I value the points at 4 cents retail each.

 

[psi999]

I am going hard now on Platinum Edge. Tried to increase the credit limit above $50,000 and when they said no I did an early repayment so I can keep the card running hot. Love the 3 points per dollar as I value the points at 4 cents retail each.

So true. Was at a BBQ today where a few of us were talking Amex strategies moving forward. 70 to 200k pa spenders so probably quite a bit lower than here. Prepay as much as possible and stacks of gift cards, cancel all Amex cards in April and push all spend back to various visa and MasterCard combos (plus free for life Citibank signature diners if held). Then circle back in for signup bonus come 18 months - rinse repeat.

It's going to be a bloodbath, so much plastic heading to landfill.

 

[amaroo]

I dunno, plat charge looks like a keeper post April 19.... can’t see anything coming close to that earn rate. Up till then Explorer earning 2MR/$ converting to 1KF/ 1MR grandfathered - is the Willy Wonker Golden Ticket.

The really big Q - what will RewardPay do??? They are facing a defining moment in their business..

 

[SOPOOR]

So true. Was at a BBQ today where a few of us were talking Amex strategies moving forward. 70 to 200k pa spenders so probably quite a bit lower than here. Prepay as much as possible and stacks of gift cards, cancel all Amex cards in April and push all spend back to various visa and MasterCard combos (plus free for life Citibank signature diners if held). Then circle back in for signup bonus come 18 months - rinse repeat.

It's going to be a bloodbath, so much plastic heading to landfill.

Any particular gift cards being targeted

 

[Chicken]

Any particular gift cards being targeted

Anything really, depends on what you want them for.

I don't care about Visa gift card, as I churn through Visa MC cards for sign up and need to meet spend requirements; but I need EFTPOS gift cards to pay strata and council, so that's what I concentrate on.

 

[trippin_the_rift]

you dont need a masters in marketing to know that people are going to be pissed off with these changes!

what were they expecting? people to send the amex ceo a christmas hamper

I wrote this article earlier in the week that relates to airline loyalty programs but could be applied to cards/amex - Disrupting Airline Loyalty – The billion dollar risk airlines are taking

However, this image perfectly explains the risk Amex is taking with a subset of their member base:

 

[IMOA]

Plat charge, about 6k a month in billing paying on time and 20 year member (about 10 years with plat) and haven’t received any advice on doubling points. Have taken the Qantas bonus and will ditch all Amex cards for cards which give less points but more value.

 

[1q2w3e4r]

I've spent about $300k on my Platinum charge card since March. Not overly enthusiastic on the changes on immediate face value, my card is up for renewal in February so I think I may defer any further spend on it and consider next steps.

 

[JohnK]

Good choice. Krsiflyer is EXCELLENT for redemptions.

There is a 30% off biz class AU-ASIA on currently. Prices SYD-SIN in business class at ~40,000 miles.
Plenty more seats available too.

How long does this promotion last and what are the dates of travel? Overseas at the moment and not easy to book travel for March/April 2019.

 

[hossein_au]

However, this image perfectly explains the risk Amex is taking with a subset of their member base:

I like the graph, but I would turn the Virtuous cycle clockwise by one notch: "increased points in members account" should directly lead into the leverage point where the program owner has a decision to make, "increase or decrease point value". To reenforce the Virtuous cycle, they need to encourage members to spend their points, leading to a lift in the bottom line; or they can drive members to question value of the program.

 

[hossein_au]

By the way, I have received the letter only for my Charge card so far. I have Edge, Explorer, Reserve and Charge, all pooling to Ascent Premium, so, all is good (as far as the current point balance is concerned)

 

[Bell21]

I dunno, plat charge looks like a keeper post April 19.... can’t see anything coming close to that earn rate. Up till then Explorer earning 2MR/$ converting to 1KF/ 1MR grandfathered - is the Willy Wonker Golden Ticket.

The really big Q - what will RewardPay do??? They are facing a defining moment in their business..

I reached out to RP as that's what probably impacts on my ability to generate lots of points, and they said they were aware of the impact and are in discussions with amex --- whilst I might keep my amex plat, I would absolutely stop RP at 2.4 per cent post devaluation (as many of us would of course)

 

[Blackswan]

Platinum Edge holder with an Explorer linking to Ascent.

I called Amex earlier in the week regarding the changes. I was told by the offshore Rep that my points would be protected (i.e. doubled) upon the changeover in April.

Got my letter on Friday, with no reference to my points doubling.

Called Amex today, and a different offshore Rep informed me that I wasn't eligible to have my points doubled in April. I asked her to listen to the original call (after I stated I would go to FOS), and she called me back to tell me they'd do a manual intervention (to double) in April. They're going to put it in writing, and email it to me.

What a joke Amex has become.

 

[Mr_Orange]

Platinum Edge holder with an Explorer linking to Ascent.

I called Amex earlier in the week regarding the changes. I was told by the offshore Rep that my points would be protected (i.e. doubled) upon the changeover in April.

Got my letter on Friday, with no reference to my points doubling.

Called Amex today, and a different offshore Rep informed me that I wasn't eligible to have my points doubled in April. I asked her to listen to the original call (after I stated I would go to FOS), and she called me back to tell me they'd do a manual intervention (to double) in April. They're going to put it in writing, and email it to me.

What a joke Amex has become.

You were lucky. The evidence so far is that only Chagre and Centurion holders are receiving the double points offer.

 

[hossein_au]

I reached out to RP as that's what probably impacts on my ability to generate lots of points, and they said they were aware of the impact and are in discussions with amex --- whilst I might keep my amex plat, I would absolutely stop RP at 2.4 per cent post devaluation (as many of us would of course)

Even at 2.4%+GST RP is too expensive, beyond reasonable. I have been putting lots through another system that only charges 0.8% (inc); albeit they only accept VISA or MC (my current VISA/MC earns around 0.8 points per dollar, which makes this system effectively costing about 1 cent per generated point (inc GST)).

 

[lovetravellingoz]

Platinum Edge holder with an Explorer linking to Ascent.

I called Amex earlier in the week regarding the changes. I was told by the offshore Rep that my points would be protected (i.e. doubled) upon the changeover in April.

Got my letter on Friday, with no reference to my points doubling.

Called Amex today, and a different offshore Rep informed me that I wasn't eligible to have my points doubled in April. I asked her to listen to the original call (after I stated I would go to FOS), and she called me back to tell me they'd do a manual intervention (to double) in April. They're going to put it in writing, and email it to me.

What a joke Amex has become.

Sounds like the first agent made a mistake. So the joke is most definitely not upon you.

 

[DC3]

I don’t really see any benefit in phoning and re-phoning the Call Centres at this time. Some here are being provided with false/conflicting information. Do I keep phoning until I get an answer that I like? Am I missing something?

 

[amaroo]

Even at 2.4%+GST RP is too expensive, beyond reasonable. I have been putting lots through another system that only charges 0.8% (inc); albeit they only accept VISA or MC (my current VISA/MC earns around 0.8 points per dollar, which makes this system effectively costing about 1 cent per generated point (inc GST)).

Done correctly RP will generate 1KF, QF, CX, etc, etc, etc for 0.0085c/point