Cancelling AmEx Soon Due to Devaluation - What Should I Replace It with?

sippah on 29/03/2019 - 09:30

As we all know, AmEx is devaluing their points mid April and I am planning on cancelling my card as a result. I have a platinum edge card as my main point rorting card (came with a good deal of bonus points when I first signed up).

I am in a bit of a pickle as I've been looking through current deals and cant seem to see anything as enticing as the AmEx deal I first signed on with.

A few things I really enjoyed about the AmEx Platinum Edge that I would be looking to replicate:

  • Annual Fee sub 300 and given back in travel credit (which I do use)
  • 3x points on all basic shopping (Woolies, Coles, Big W, Myer etc.) which meant I easily accrued points
  • Easy Travel Insurance, only have to pay fro the travel tickets with the card and it activates (according to CHUBB and AmEx)

Suggestions?

Financial American Express

Comments

  • prisonmike on 29/03/2019 - 09:49
    +3

    Consider ANZ Adventures Rewards card. It has an annual fee but that can be easily recouped with annual flight redemption (domestic only with Virgin). Point earning is decent but can be converted to Velocity. Also the card comes with 2x Velocity lounge passes annually.

    Travel insurance is standard with the card and then there is no foreign transaction fee when you use it overseas. Ticks all your boxes.

    • sippah on 29/03/2019 - 09:56

      Just had a look, definitely ticks all the boxes. Thanks!

      • spiff on 29/03/2019 - 12:44
        +1

        Also earns points on foreign purchased up to 1500 a month. Not sure of any other forex free card that collects points.

        You can sell the lounge passes for about $50 each which effectively brings the annual fee down to $125.

        The flight isn't as flexible as the Amex Platinum Edge though. Can't sell it and needs to be booked in your own name at least 60 days in advance. From a personal point of view there's also less availability than there was for Amex (back when it had a flight attached).

        You should have applied for it during the 80k VFF bonus though.

    • anglais on 29/03/2019 - 11:00

      No forex fees is such a cracking part of this card. 3.5% is a massive chunk of a holiday budget. Pretty much a free beer for every night of accommodation.

  • KBZ on 29/03/2019 - 10:01
    +1

    Annual Fee sub 300 and given back in travel credit (which I do use)

    Since you use it might as well keep it. Plus if you utilise alot of the AMEX offers, shop small, spend X off X etc you'll be ahead.

    • sippah on 29/03/2019 - 10:48

      As below, was thinking of waiting out the 18 months and getting the bonus points again. You're right though, I am currently getting very decent value as it is, so maybe this is an exercise in futility

  • bossmode on 29/03/2019 - 10:33

    I'm currently deliberating between cancelling my Explorer now and waiting the 18 months so I can churn again, or maintaining the card so I can keep at least one Amex and one non-Amex… decisions!

    Is anyone else in the same boat, deciding on whether or not it's worth waiting out the grace period prior to re-joining Amex for the bonus points?

    • sippah on 29/03/2019 - 10:48

      ^HUGEEEEEE THIS

    • Tiredman on 29/03/2019 - 10:49

      Same. I have the Explorer and Westpac Black Mastercard. Still thinking about what to do with them.

    • fishball on 29/03/2019 - 11:05
      +1

      I cancelled the AMEX issued by AMEX and just kept the Westpac Black AMEX that way I can get any sign on bonuses with AMEX while still holding an AMEX lol

    • cashless on 29/03/2019 - 12:02

      I cancelled my Amex Edge and have kept Citibank Signature (free for life) plus an international fee-free c/card.
      My decision was based on looking to churn to a new AMEX in 18 months when there's a good deal for free points.
      Not really missing it 3 months into that cycle.

    • scanuck on 29/03/2019 - 21:52

      Get on someone’s as a supplementary card holder?

      EDIT - your churn period starts, but you still get other benefits

  • Diji1 on 29/03/2019 - 10:36

    my main point rorting card

    The main point of these spending incentive programs is they change spending behavior so that the mark loses money where they wouldn't have without the program. This happens automatically and unconsciously.

    • sippah on 29/03/2019 - 10:46
      +4

      Thanks Barefoot Investor! I agree to an extent, however these changes can be managed and you can maximise your benefit. Don't buy anything you wouldn't/couldn't pay for with your money.

      E.g.
      Having not paid a dime in interest, receiving basically a free return flight to Cairns from Brisbane and half of a return flight to Perth and back on bonus points alone, Plus a second return flight to Cairns on the annual fee travel credit (not free but makes annual fee worth it). I think I have maximised my value by using this card to pay for groceries and things I consider a need or would buy anyway

      • lubos on 29/03/2019 - 12:36
        +1

        I found it's easier to exploit credit card programs to your benefit if you have already accumulated savings which are greater than the credit limit on your card. This way credit on your new card is not tempting since you are already used to have access to that kind of money.

        So my advice is, if you have no savings - do not get credit card. If you have only $5,000 in savings, don't get card with credit limit higher than $5,000 etc…

  • jabbairc on 29/03/2019 - 12:10

    Hi guys,

    Did anyone have both the Explorer and Platinum Edge? If so what do you suggest, keep one? None?

    Thank you!

  • HardQuiz on 29/03/2019 - 17:15
    +2

    I’m downgrading to a free Amex

    • meowmeowmeow on 29/03/2019 - 18:22

      I did the same, downgraded to the no annual fee Qantas Amex a few weeks ago

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