From April 15th 2019 AMEX will undergo sweeping change to it's Earn and Redemption rates to all of it's credit cards.
The trend is down.
https://www.pointhacks.com.au/amex-changes-apr-2019/
Is this a dealbreaker for you?
Upcoming Changes to AMEX Earn & Redemption Rates
LemonShapedRock on 15/11/2018 - 06:52
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Reassess your spending and reward preferences and decide what card to close or keep.
A lot of reassessing based on all the changes announced over the last few weeks
- Velocity/Krisflyer conversion rates increasing
- Velocity adding carrier charges
- Amex redemptions rates decreasing
Arghhh !!!
Explorer and Edge are probably the pick of the AMEX cards and both have improved earn rates. Not a deal breaker at all
it's the new transfer rates that's the concern
my bad, didn't scroll that far
Will they be reducing their annual fee accordingly?
Definitely will be impacting me. Good thing I'll be transferring all of my points across to an airline When this comes into affect.
You mean BEFORE
Yeap before…
Must of had a brain spasm while typing the comments.
This will make my Velocity Escape almost not worth having, as it will only earn 0.125 Velocity Points per dollar more than my CommBank Diamond Mastercard does. Will have to take a serious look at my credit card setup next year.
cant think of any remotely good news from the announcement, especially those that transfer to airlines, which where the most value is
these 2-3 ppd earn cards are now woth 1.5-1 ppd which is virtually the same as visa or mastercard,
chances are ill be cancelling all my amexs with an annual fee
I also suspect that those that trade airlines will be in the dumps in some way
to me this is not a bad announcement, but a deal breaking announcemnet
This is the worst news to wake up to! Card cancellations coming up..,,
This combined with not having any decent AMEX offers (ones that worked well for me personally) this year means I'll probably end up cancelling both my cards, really not worth it anymore.
Will be transferring points balance out and cancelling my Explorer before next renewal
No point in keeping it anymore
Thanks for the heads up, this is going to be a deal breaker for me
Everyone, please cancel your cards in March 2019, that will ought to get them thinking and revising their program and strategy in the future.
Decreased earn rates/miles
Declining customer serviceBetter off just churning cards.
Yeah I plan to cancel both my cards. My Platinum Edge is definitely going as the reduced transfer rates makes the bonus points not worth it anymore. I'm considering keeping my Velocity Escape as it might be handy to keep around with no annual fee, but on the other hand I'd rather help send them a message by cutting all ties.
Damn, I have over 500,000 points on my platinum charge now. Was saving for Singapore airlines transfer and suite class. Worth 500,000 Kris flyer points now. 250,000 after April?
Yes, I have over 300k, and will just transfer over, despite the 3 year expiry. More travel over the next 36-48 months I guess.
I thought KrisFlyer points expire only if not used at all?
I think they're normally valid for 3 years, or if you are a top tier PPS they don't expire
A few questions to the wiser members.
I have the Platinum Charge Card.
Plus the Amex Explorer for the 2 points per spend on most things.
1.Can those in the same boat confirm that having the Amex Explorer will now be unnecessary for us please?
2.Also I have the companion Amex Platinum Reserve Credit Card. Not mentioned!
3.What was the card that people were using for 3 points per dollar spend before? EG those reselling Woolies G.C's.Don't know about the first 2 but for Q3, that's the Platinum Edge card - 3 points per $1 at supermarkets and 2 points per $1 at servos. Servos are getting jumped to 3 points per $1 but the value of the points will be halved. I transfer all my points to Velocity so now my Visa will actually be earning me more points than my Amex Platinum Edge…
It says on Ausbt that "Additionally, the AMEX Platinum Reserve credit card – a free companion to the AMEX Platinum Charge Card – will also no longer earn points at the same rate as the charge card: its earn rate will instead mirror the Explorer card, at 2 MR points per $1 spent, worth 1 frequent flyer point, with government spend continuing to give 0.5 frequent flyer points."
So Amex Platinum reserve is pretty much earning the same rate as explorer.
Well that's how to ruin my day.
What is the best program to be transferring my points to from Amex platinum? I am thinking Kris Flyer
I agree. My second choice would be Asia miles.
dont forget the cruical 3 yr expiry on them!
I wish KF changing to 5 years expiry date. But it wont happen for sure :(
Is there any way to reset the expiry like QFF does?
yeah you pay a fee, its not expensive, but I dont think its worth it
@Samsungnote10: You can always sell any KF points that come close to the expiry date. I anticipate the price for KF and Asiamiles point will jack up after May.
@Samsungnote10: With KrisFlyer, to extend expiring miles, it costs USD12 per 10,000 or 1200 miles. Only extends them 6 months, and can only do it for that block of expiring miles Once! Must extend the entire expiring block, and can't choose a lesser number to extend.
Kris Flyer. When I have tried to redeem with Asia Miles 99% of flights are on waitlist. KF have lots of redemptions, and low fees.
It's a churn for me.
Closing account in January.
I am shattered by this news but plan to make the most of it while it lasts. I'll buy lots of supermarket egift cards before the change to keep me going for a while and cancel the platinum edge when it is due. I think, if Amex is going to hit us with such a serious change, they should look at making it easier to use the travel credit, I am really struggling. I have a US card that automatically gives me a credit on my account when I spend on any travel expense. That is a much better system.
I'm struggling to use my $450 qantas flight credit. Qantas flights are so expensive that it's not worthwhile as there are other airlines with better options. Thinking I'll just let it go without using it and cancel my card.
Sell it on classifieds, I think the going discount rate is 25%, might be able to sell faster at a higher discount rate if desperate
Agree with the other person. Be sure to search it for price.
I think that the rot has set in with AMEX.
The Platinum Reserve card had the return Virgin Flight (poss value $600) replaced by $400 travel credit.
My Platinum Charge card now costs $1450 annual fee.
These new changes mean that I will be getting approximatey 1 FF point per 1$ spend, and I don't see any alternative card giving better.
Once they bed these changes in, then what next? They will rely on us to have short memories.
Since getting involved with AMEX a few years ago I have not seen any positive changes that benefit members without a simultaneous higher costing offset.
Thinking of using edge in March to max out on opal cards to get bonus points, then converting them to airlines. Money in opal, close them and refund money back… thoughts? And close Amex in April of course.
Possible, just not sure if the opal card admins will care you are refunding so many cards
I really though this would have got more response from OzB community
Maybe it’s about fee free cards and the offers/lounge access for majority of people?
With the large number of posts asking for very basic advice (eg what's the best card for free flights?), my guess is that the system is sufficiently complex that most people either (a) do not bother collecting points or (b) have a very basic earn/burn system (eg have a Visa/MC that earns QFF/VFF points that they use to buy toasters).
I’m also surprised that there has not been that many responses. I was expecting OzBargainers to be very savvy about their points earning and to be very outraged by these changes.
We're still crying to be outraged!
Found in be AusBT comments
Fee free to drop them a line with your thoughts - I did
did they respond?
No
im gonna buy up as much as i can on the amex in advance and cancel the cards … likely will transfer to VA or SQ
Oh decisions decisions… 130k+ points, convert to AMEX payment? Transfer x to Velocity for bonus? Transfer y to Krisflyer…. not that I fly with them at all? Gah!!
VA or SQ?
As a holder of the OzB free for life Citibank Signature card, like a lot of others here who took advantage of it, we may be best off cancelling paid for AMEX.
I currently have the AMEX Platinum Edge and Citibank Signature. The new AMEX redemption levels combined with the annual fee makes it a no-go for me.
So, will transfer all points to Singapore Airlines and close the AMEX account.
The Citibank Signature has also been devalued over the years (once upon a time it was 1 point =1 Krisflyer point, now it is 2.5 to 1), but at least it is free for many of us.
Plus the Citibank card now has the Diner's companion card that means you can earn 3 x points at servos and supermarkets.For many, perhaps the best portfolio may now be a free foreign transaction card (28 degrees or Bankwest Platinum mastercard) plus the Citibank Signature
Hopefully the wiki will be updated to show thisIf they bring back free domestic airfare instead of the useless travel credit, I would definitely stay
So which visa/credit has the highest earn rate pointwise, either own reward program or QFF/Velocity program?
Letter received yesterday for my Explorer card.
The only "enhancement" that was mentioned was a "Stay 2 nights at a participating hotel and get a complimentary upgrade and a USD75 credit at checkout".
Otherwise, everything else was a reduction in benefits.
Looks like it's the time to spend up big before mid April (Christmas makes this easy) and then transfer over to an airline and just go nuts booking flights to places you won't have otherwise thought of.Those with points in the ascent premium get their points doubled in April so their value won't drop
?
Wow that’s awesome.
Haha keep the whales but screw the rest.
Damn, that's awesome. I guess it's some consolation for the $1450 annual fee that Plat Charge users cop (or $1200 via a PA).
That’s not bad, but long term the earn rates are still average for the annual fee though
@knobbs: Yes you have a point.
The best combo for people who can make use of benefits yet spend a lot of money on travel, dining, and earn a good amount of points would be to hold Explorer and Platinum Charge card. However post April 2019, Explorer card will be ordinary, Platinum charge card loses the bonus points from dining, travel, etc. It still has reasonable benefits, but I don't think the $1400 annual fee is worth paying. Of course YMMV. And when you look at the benefits of the same card in US, we in Australia are getting ripped off for the annual fee paid vs benefits received.
I've called AMEX 3 times in the last 3 months to try get something out of this. I have the QFF premium and Explorer. 3 months ago i called to cancel QFF, and they credited me with 100k bonus. I havent used this card at all in the last year. Last week i called QFF to cancel again cause i don't even use it lol, they credited me another 100k. I just got off phone in regards to explorer, and they said whatever balance i have in my gateway by 1am 15 April, they'll match and credit me the same. eg, 150k bonus if i have 150k points.
My anniversary dates are March for QFF, and October for Explorer.
Anyone else had any luck getting AMEX to double points balance on Explorer by April?
Explorer Gateway not a chance of doubling.
Ascent half a chance if extremely high spend, even then it's not a given
Reminder to get this done by end of the weekend after next!! Am busy buying up all the Woolies gift cards I think I'll use the next year or so, Uber vouchers, etc, to maximise the 3 KF points per dollar! Also Myki credit at 7-11.
Merged from American Express & point changes from mid April. Is it worth keeping Amex card?
HI all, I am a new member so hello everyone! I have a green amex charge card which I think is no longer available. I've been a member of Amex for over 20 years & been very happy with the credit card. Any points I accumulate I use for gift cards eg food shopping etc. This has worked well to date. The card has an annual fee of $80. With the changes to the points about to happen I am unsure if I should get rid of my Amex or whether its worth keeping even with the point changes. I have a problem with maths so can't work out the $value as many of you are able to do. You opinion & help re my keeping or giving up Amex is very welcome. Thank you! Nautilus
Amex card has been less lucrative in recent times in Aus They are more of a pump and dump for point hoarders. Better look for other cards in the market which offer better benefits for the annual fee.
With the points devaluation, they're now generally marginal in value (e.g. if you can get your 5 x ShopSmall credits, plus others, it'll be OK), unless you have a product which suits your lifestyle (travel benefits you'll definitely use).
1 and a half days more to transfer! :)
Managed to get to my target of KF points by loading up on Myki and supermarket vouchers and also some for Ebay and a few others.
Anyone get a letter saying new redemption changes won't take effect until 1 July 2019?
New earn still applies after 15 April thoughLetter in the mail?
yeah was dated 8 April
"Given you were approved for an additional Card between 15 October and 4 December we are deferring the changes to the redemption rate on your American Express Explorer Credit Card to ensure all your linked Cards have the same redemption rates until 30 June 2019. This means that you will remain on your current redemption rates for longer"
nice..
some weird combos are around
Did anyone else get such a letter?
I got it for my Charge as I only applied for it in Oct
Few hours to go
Still showing the old rates.
still can't access the rewards page
It's the new rates now
Damn i guess its too late now. Didnt even know this was happening till today haha
A sad sad day for AMEX and our 3pp/d
I expected it since the federal government reforms to banking surcharges. No other credit card company had modeled their business on fees to merchants rather than to consumers as amex had. Amex did the inverse to the big 4. I assume the big 4 were behind it. https://www.finder.com.au/credit-card-surcharge-reforms-what…
True however acceptance has increased I must say
What did everyone do with their points? I transferred almost 50/50 to Krisflyer and Asia Miles
I scored a doubling offer.. cheering! :D
how?
High spend and a little begging.
Also applied for the charge card in Nov
85 kris/15velo. Hoping kris are east to redeem
They are. You just need a bit of flexibility so you can apply to a few flights and then hopefully one/few will come through.
Ah so you can’t secure a flight on redemption. You have to apply?
@grasstown: Think that's a reference to waitlisted tickets, which is OK (better than the scant availability on Qantas for example), but still not great.
Generally, as long as you're flying some time away, and not absolute peak periods, you'll find availability. And the 85k points it costs to fly First is well worth it, compared to the 60k odd for business (dining, showering and drinking in the Private Room at Changi is one of travel's great experiences).
@JohnHowardsEyebrows: Hey I meant 85%, which was 155k. Are you able to give me some examples of past redemptions? I’m keen to use them Syd to Singapore, or singapore to Istanbul or Rome. Also I saw they do saver rates, but do they do anything like qantas classic reward rates etc. so special rates. I doubt it but maybe you know. Also the Singapore’s air website is quite slow to load and resets after every search, even unsuccessful searches. Is there a way to search availability other than one date at a time.
@JohnHowardsEyebrows: Yes I was referring to waitlisted. I must always be travelling on busy routes (in term of redemptions) as they seem to be whitelisted often.
Well that's annoying. Not sure I'll do anything, but will keep an eye on point hacks to see what they suggest.