Reduced AMEX earn rates from April 2019

[calgarychris]

I'm obviously not a fan of the devaluation (especially the halving of balances, although I have a charge) but at least I'm benefitting from the fact that I'm a shareholder in Amex...

 

[Mr_Orange]

How much will this save you?

after allowing for the points difference and the interest cost of prepaying expenses (for me thats 4.2%) its just too little gain for me to bother. YMMV of course.

Where do you get 4.2% on savings account with instant access?

 

[potm]

Where do you get 4.2% on savings account with instant access?

It’ll be a mortgage offset account I assume.

 

[Mr_Orange]

It’ll be a mortgage offset account I assume.

OK, so for a standard, instant access savings account we are talking more like 2.5% at the moment. The benefit is therefore a 2.5% discount at Woolies and 3ppd with Amex MR, if using an Edge. I'll certainly be buying up a chunk of discounted GCs before 'Devaluation Day'.

 

[amaroo]

I don't see the travel credits as "benefits", they're just something you can use to reduce the ridiculous cost of the card. And you have to remember to use them, and find something to use them on. If they were a simple statement credit it would be better but being forced to book through Amex Travel and not being able to combine the two credits makes them more of an inconvenience than anything else as far as I'm concerned.

I can't recall when the travel credits came into vogue, but I've been an Amex member for 25 years, and have held QF Ultimate for as long as I can recall .... I've never used the travel credit. For all the usual reasons, forgot, couldn't be bothered, didn't have time....

Clearly - I don't have the card because of the travel credit ..... I now have 4 Amex cards, all with credits

 

[cove]

I am with kpc on this one as 3 Kris Miles and 5% off are worth a total of 17% to us as we use the Miles for the best seats going. I think of my opportunity cost at about 5.5% in Bank Hybrids so I am well ahead of that. With work and play my earn is much higher than many.

 

[Chicken]

How much will this save you?

after allowing for the points difference and the interest cost of prepaying expenses (for me thats 4.2%) its just too little gain for me to bother. YMMV of course.

It depends on what you use it for.

I spend $45 per week on Opal card x 50 weeks = $2250 per year, and because you can actually buy Woolworths cards at 5% off, I am already ahead of my home loan of 4% / break even give or take. This means all the SQ miles are for free.

If you are a couple, 2 people with Opal card or 2 people with cars or 1 each, that's already $5000 per year, and with 5% off Opal card and Woolworths Petrol, you are already ahead.

 

[opusman]

I can't recall when the travel credits came into vogue, but I've been an Amex member for 25 years, and have held QF Ultimate for as long as I can recall .... I've never used the travel credit.

I don't think the Ultimate card has a travel credit does it?

 

[coriander]

I don't think the Ultimate card has a travel credit does it?

From Amex website.....
"$450 Qantas Travel Credit each year. Use your Qantas Travel Credit for eligible international or domestic Qantas flights4 when you book and pay online at American Express Travel."

 

[Chicken]

From Amex website.....
"$450 Qantas Travel Credit each year. Use your Qantas Travel Credit for eligible international or domestic Qantas flights4 when you book and pay online at American Express Travel."

Found the link

You can earn a $450 Qantas Travel Credit just by holding a Qantas American Express® Ultimate Card. Each year, once your annual Card fee has been billed to your account, you’ll receive the Qantas Travel Credit to use towards any international or domestic Qantas flight.

 

[opusman]

Ah ok, interesting. It used to just be a free domestic flight.

 

[Mr_Orange]

Ah ok, interesting. It used to just be a free domestic flight.

It changed at around the same time all the other cards changed from free flights to travel credits.

 

[Bell21]

I have the explorer, so it's getting halved.

Before this devaluation was announced, I'd JUST applied for the Edge, with plans to get points transferred over to make use of the better exchange rate. But I've heard a few stories that Amex is now not allowing the transfer of Gateway points into Ascent. Don't suppose anyone has had this experience?

I'll call tomorrow anyway - I haven't actually activated the Edge yet, just in case I want to turf it (or threaten to as a bargaining tool).

I'm relieved! After your post, I rang Amex and there's no change at this stage re transferring points between different Amex reward programs. I was talking to the business call centre and I was transferring from business to personal

I've posted on this topic a few times, as I've never encountered any difficulties with doing above but other members seemed to have had different experiences over time

 

[ninja-tim]

Just received my Platinum Business Card enhancement letter. No mention of points doubling. Does it come on a different letter or should it be on the same letter?

 

[oz_mark]

I'm relieved! After your post, I rang Amex and there's no change at this stage re transferring points between different Amex reward programs. I was talking to the business call centre and I was transferring from business to personal

I've posted on this topic a few times, as I've never encountered any difficulties with doing above but other members seemed to have had different experiences over time

It will matter even less in the future, as the program redemption rates are by and large being standardised.

 

[Bell21]

It will matter even less in the future, as the program redemption rates are by and large being standardised.

That's for sure, but it's pretty important to me until then!

 

[k3nnis]

Are all of you keeping your amex cards after this enhancement?

I'm still in 2 minds. I have a plat edge and citi signature free for life at the moment.

I normally just transfer to krisflyer and sometimes get some gift cards.

 

[purpleparrot]

Are all of you keeping your amex cards after this enhancement?

I'm still in 2 minds. I have a plat edge and citi signature free for life at the moment.

I normally just transfer to krisflyer and sometimes get some gift cards.

I plan to keep my Edge and Explorer until Devaluation Day. I'll spend up big buying WISH egift cards which will see us through until my partner has sat out his 18 month exclusion from bonus offers. Maybe they'll offer me something to stay.

We cycle through four or five credit cards a year which will easily cover our other spend.

Most of our spend is at the supermarket so we may switch to the DJ AMEX if their rates remain unchanged. Combined with the amended transfer rate from Velocity to Krisflyer, the AMEX changes will see us flying SQ a lot less. I'll miss it!

 

[k3nnis]

Thanks for the reply. I’m thinking whether to stick with the Amex to get 1.5 KF per dollar when using supermarkets and petrol. Or get a st George visa and get 0.75 KF per dollar.

 

[albyd]

I’m sticking but will consolidate to just the Platinum Charge. Will make my life administratively simpler (getting to fly up front more often is good enough incentive to keep it complicated). Thinking about whether to bother with the Platinum edge for the extra 0.375 point earn on supermarket spend now Visa1 doesn’t work anymore. Have recently discovered Aldi.

I’d be pairing my Platinum Charge with my Dragon Visa as my backup.

Been fortunate to be able to concentrate nearly all of my spend on Amex so the Visa isn’t seeing so much use for regular spend. Will similarly miss being able to fly J/F so easily.