Reduced AMEX earn rates from April 2019

[amaroo]

Post 15th April using the correct Amex card when paying Gov charges via RP will earn a maximum of 1.125 KF, CX, QF, etc, etc

RP do not need to reduce their fee by 50% to match today's conversion. I reckon they'll drop the fee to around 1.5% / 1.8% .... with Amex support.

 

[sjk]

Post 15th April using the correct Amex card when paying Gov charges via RP will earn a maximum of 1.125 KF, CX, QF, etc, etc

RP do not need to reduce their fee by 50% to match today's conversion. I reckon they'll drop the fee to around 1.5% / 1.8% .... with Amex support.

I'd hit the "Agree" key, but I've had my "Agree" privileges terminated.

 

[kkl]

Just got off the phone with AMEX regarding applying for a PLAT charge for the purpose of doubling points.

Apparently since the 15/11 all plat charge cards will have this reflected on the AMEX back office system (double of points).

Theoretically this should show up on my account when approved. AMEX charges annual fee after first billing cycle. So if it doesnt work, can cancel card before annual fee is charged?

 

[maccaisking]

A friend had the above response in online chat when enquiring whether he could apply for a Plat Charge now and have balance doubled in April. It was after he pushed for a definite answer after the initially not getting anything concrete. It looks positive but he then called for further confirmation and was told he would only find out whether points were to be doubled when he received his welcome pack. He will now be another lost customer in April.

 

[Bell21]

That 7.5k cap is what prevents me from going for the card. Not worth the AF just to earn an extra 1312QFF/month* over the Dragon. Signup bonus notwithstanding.

*Calculated as 7500*1 (ANZ) - 0.825*7500 (Dragon+bday bonus)

Yes, I agree - I have the Rewards versions of this card and the $5K cap for when points go from 1 point / $ to 0.5 / $ is fine when I'm pushing spend through my AMEX, but come April, the cap will make it a lot less practical

 

[peanutz]

mmm I received a letter for my Explorer and Reserve but no letter for points changes or double of points for my Platinum charge yet.

Question is... KF or QF should I transfer my points to?

 

[Jaian]

I haven't received a letter for my Platinum Charge yet, just for the Explorer and Reserve, and no points. I called up Amex, to politely discuss the change in points. While the guy initially downplayed the reduction in points value, he eventually did agree. With nothing else forthcoming, I mentioned I heard about other members getting their points doubled, the guy said he'd check. I'm not a high spender, putting maybe 25-30k a year through my Explorer/Charge combination, and have only been with Amex 3 years now.

A minute later though he confirmed that I would be getting my points doubled. So win for me, I just want to see it in writing to feel secure. Once confirmed in writing, I can keep my MR balance warehoused,and transfer all my Velocity points to KF by end of December before that devaluation.

 

[Chicken]

I haven't received a letter for my Platinum Charge yet

A minute later though he confirmed that I would be getting my points doubled. So win for me.

i don't think it is a specific win. Everyone with a platinum charge gets their points doubled?!

 

[Bell21]

i don't think it is a specific win. Everyone with a platinum charge gets their points doubled?!

Ironically its 'apparently' targeted...

 

[michael65]

I do get it; earn rate of *MR* points will go up (which means transferring to airlines after the devaluation would result in the same number of airline points as it does today). I was reflecting on the letter they have sent out, which is worded so as to (wrongly) give the impression people will be far better off when paying for government charges and fees.

If the letter was reflective of the reality and without any marketing bull, I would have said RP would lose almost 100% of their customers. I predict they will lose well over 50%, to account for the fact that some (a good proportion?) RP customers will fall for AmEx marketing cough before realising what has actually happened to the earn and transfer rates.

The letter is quite sneaky in that it refers to increasing earned rate when the “effective” earn rate is really dropping. If they were honest, they would have just said we have reduced the earn rate for Supermarkets from 3:1 to 1.5:1 and left the redemption rate alone.

 

[potm]

The letter is quite sneaky in that it refers to increasing earned rate when the “effective” earn rate is really dropping. If they were honest, they would have just said we have reduced the earn rate for Supermarkets from 3:1 to 1.5:1 and left the redemption rate alone.

But then they couldn’t halve the value of people’s MR balances. The redemption rates is a dodgy way of doing things.
Amex have spent decades building up their reputation, only to destroy it now. The premium status they had over the banks is now gone in my eyes.

 

[SeaWolf]

Jbhifi charge 2.45%

Pro tip for getting JB Hifi to accept AMEX without a surcharge. Just use their online store, pay with Paypal (no fees) and pick Click and Collect. It's usually ready to be picked up within about 30 minutes.

 

[blingy90]

Hey guys,

I hold the explorer / edge currently, if I apply for the charge, do your current points automatically link to ascent premium?

Or do you have to go through the same process as linking gateaway to ascent? But obviously with linking ascent to ascent premium.

 

[blingy90]

On a further data point - I’ve received both my letters and No doubling of points for me. I am going to call and see if I am eligible however. Shall report back on how I go.

 

[hossein_au]

Fair enough. I would never have taken that meaning from the following, though.

You are correct; I had jumped a few steps in my thinking without explaining myself in the text...

 

[hossein_au]

Post 15th April using the correct Amex card when paying Gov charges via RP will earn a maximum of 1.125 KF, CX, QF, etc, etc

RP do not need to reduce their fee by 50% to match today's conversion. I reckon they'll drop the fee to around 1.5% / 1.8% .... with Amex support.

I agree with your calculation (but not necessarily with your assessment). For me, personally, I will not be using RP unless they reduce their fee to 1.125% (that is the exact reason I currently do not use them--I currently don'y pay for anything with over around 2% (inc) fee with Explorer).

 

[hossein_au]

Pro tip for getting JB Hifi to accept AMEX without a surcharge. Just use their online store, pay with Paypal (no fees) and pick Click and Collect. It's usually ready to be picked up within about 30 minutes.

Or just walk across to a Coles or Wollies and pick up one (or more) JB gift card(s). You can even be rewarded (cheap pun) with extra points if using the right AmEx card.

 

[Oxy]

Or just walk across to a Coles or Wollies and pick up one (or more) JB gift card(s). You can even be rewarded (cheap pun) with extra points if using the right AmEx card.

Yep I did this yesterday. Enjoying it while I still can

Went to pay one of my major suppliers today and they informed me this is the last time they will be accepting Amex, due to high processing charges. I had another one last year do the same. Flies in the face of what Amex marketing department is saying.

 

[sjk]

they will lose closer to 0% customers than 50%. after April, AMEX will still be the higher points earning card, and even moreso when the rest of the banks follow the lead of Westpac and devalue their redemptions also. 0.33ppd will be the new standard for visa/mc

By "they" here, do you mean AMEX or RewardPay?

 

[michael65]

I would recommend that people go to American Express’s Facebook site, and look at their posts. On these posts you should comment and complain about the changes so that it is more public than comments on sites like this. They responded to two of my comments and then I responded to their comment. PersonallyI do not have such an issue with the REAL earn rate (not their false claim it is increasing), but it is reduction in MR points you currently hold that is my beef