AmEx Platinum - Anyone Else with a Terrible Experience?

Ljjjj on 05/10/2024 - 09:27

Got the AMEX Airpoints Platinum card three months ago, and it's been a pretty bad experience overall.

  • The earn rate has gone from 1/59 to 1/70 APD, which is understandable, but no pro-rated refund or any refund if you decide to cancel as a result. You just have to suck up the new earn rate despite paying $195 in annual fees upfront.

  • The acceptance is getting worse I find, apart from the big retailers.

  • The support is shocking. They reply quickly on live-chat, but don't really answer any tough questions (e.g. cancellation, changes to credit limit, joint cards, etc).

  • No pre-payment or overpayment. Say you have a limit of 8K, and want to buy something for 10K, you can't load an extra 2K on the card and then buy it for 10K like other banks, you must split up the payment. I messaged them around it, and got told bluntly they'd suspend my card until a refund occurred.

  • 2 days to bank transfer. Even if you do transfer, I find the money doesn't appear in AMEX until about 8pm next business day, vs instant processing at the main banks. This is a big issue if you need to urgently book flights and more, and need funds available in AMEX immediately but can't within the credit limit.

  • Their actual call centres now only open at 10:30 NZT (since they're AU 8:30am), and likewise for their insurance (Chubb).

  • Their travel insurance, when reading it thoroughly, is full of loopholes and gotchas, for example, the "full fare" must be paid on the card, so even if you use a single point from any other airline scheme other than Air NZ (E.g. Qantas Points + Pay) you become ineligible for travel insurance! Sure it's in their T&Cs, but incredibly restrictive compared to other credit cards.

  • Their travel insurance has clauses where if you are stranded and need to do daily expenses, it must be done on the AMEX for re-imbursement, this caught me out in Fiji where no retailer at the airport actually accepted AMEX, but the claim was still refused.

Overall, I'm just shocked at how bad the card actually is when you have it, vs their amazing marketing. Anyone else feel the same way, or have I just had an incredibly bad experience / not suited to my lifestyle?

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Comments

  • zqsn on 05/10/2024 - 10:54

    There is always pros and cons to every product. None of the (NZ) banks and their credit cards are perfect either.

    It's just whether you tolerant it or not.

  • saxasianguy on 05/10/2024 - 11:26

    Nothing new, always been like this except the new earn rate, 1 business day bank transfer (I recently got an email saying to transfer 3 business days beforehand), less big chain stores are taking it i.e (AMI Insurance are getting rid of AMEX payments) and the call centre - I used to get routed to the Americans

  • Stoffel on 05/10/2024 - 12:16
    +3

    I'm pretty happy with it. Manage to do the bulk of our expenses on the card and have a SBS no fee Visa for anything else. Haven't used the travel insurance as I tend to buy a dedicated travel insurance policy instead. I like the mobile phone screen insurance. The offers have been nice and its nice to have lounge access at the airport.

  • victor47 on 06/10/2024 - 00:59

    Does the additional card issued at $0 for family members get them each the 2 entries to the Strata Lounge/Centurion Lounge in SYD/MEL per year?

    • digitalbugsy on 06/10/2024 - 07:53
      +1

      It does not. I just tried to get my wife the Priority Plus card you need to get access to those lounges, and was told no.

      • jjjj on 06/10/2024 - 08:07
        +1

        It's pretty frustrating because they don't tell you this upfront, only later on once you have the card.

  • AhhNo on 06/10/2024 - 09:58

    I find it a little annoying at times, I have the minimum limit. I requested the min when I applied for it years ago as didnt think I would use it that much.

    But now I use this card to pay for eveything and pay the balance off in full each month. The amount covers my monhtly expenses comfortably but thats about it. I called to cancel closer to the beginning of the year, they kept me with a retention offer. But they refuse to increase the minium balance, ive tried three times in the last three years because of the limit and wanting to spend higher than the limit for flights/hotels etc. I do keep this card in credit, not by alot. When I need to use it for a large purchase, I put the spend amount on the card, wait for it to clear, then use the card to pay. Its very annouing. Ive never had my card restricted for a refund before.

    I also have a ANZ card as a back up, but the earn rate is poor vs Amex.

  • HappyChipMonk on 06/10/2024 - 10:16

    No different from any other credit cards tbh.

    Your example for using quantas points + pay wouldnt qualify (thought it was obvious) - we bought different flights using different airlines and caught covid before our big trip. Everything was covered via chubb insurance.

    Had a small accident in a domestic rental car and this was easily covered without any hasle.

  • Rash on 07/10/2024 - 18:17

    I overpay my platinum charge card regularly, usually when i pay it off I just round to the nearest thousand because I don't want to enter the exact number. Never had an issue so I don't see why you would.

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