Hi all,
I am planning to go with The Platinum Edge Credit Card after days of research!
Just wanted a few feedback from amex users.
My alternative was the DJ card, however, I think The Platinum Edge Credit Card is a better option.
I mainly use my Platinum Edge on Groceries and Petrol (or when there are Amex Offers) - it's not overly worth paying phone, internet, gas/water/power or insurance with it due to the half point (so it's handy if you have another higher earning card). Places like Coles/Woolworths and 7-11/Shell don't have surcharges for Amex.
In terms of the surcharge, like CheapskateQueen said, you've got to weigh up whether it's worth it - 99% of the time it isn't. It all depends on how you're going to spend your points down the track. For example if you transfer to Velocity FF, an Intl. Business flight could have a point value of 5-7c a point, whereas getting a gift card is closer to half a point.
There are some pretty good resources online discussing point redemption options like PointHacks and AusBT - check them out if your end game is flights/accommodation.
In terms of referral codes, there's a bunch of people on OzBargain who stick them on the wiki page - Amex Referral Wiki
Where do you draw the line if there is Amex surcharges?
Based on the 3 point system
Based on the 2 point system
Based on the 1 point system
I'm trying to find whether there is value in using amex if the surcharge is charged.
I'll very rarely pay surcharges (if you find a place that has a 1% surcharge, that's a win - most places you find are 2% which isn't worth it), unless it's absolutely necessary - big purchases from retailers such as JB Hi-fi which you might want the extended warranty insurance come to mind, instead of having to purchase extended warranty (make sure you check the PDS!)
My spending habits were already at places that don't generally have a surcharge associated for Amex, so it was a no-brainer for me.
On the 3 point system, I only shop at Coles or Woolworths, which don't have a surcharge.
2 point system, I fill up at 7/11, BP or Shell, which also don't have a surcharge (in my experience) - 7/11 stores without fuel also count in the 2 point range, it's where I top-up my Opal card so there's an easy 120 points a fortnight.
Earning at 1 point, as mentioned above, the only time I'll really use the card is when I'm wanting to make use of one of the insurances offered by Amex (although i've never had to use them) when there's a surcharge.
It's always super handy to have another card that is either a Visa or MasterCard, for places that have a big surcharge or don't accept Amex - the earn rate isn't as good, but you're still earning points :)
Good idea on the Opal. I'm currently on ING, however, the 2% cash back is ending very soon.
Any recommendations on visa/MasterCard? Thinking of the Citibank debit card which apparently is good for overseas use aswell.
As a percentage, do you know the return rate for the 3/2/1 point system?
I've got a Citibank debit for when I travel, however you don't get any points on purchases as it's a debit. For earning points on Visa/MasterCard I have a Commbank Awards card - points earn isn't great but it's better than nothing.
There are better options out there though, I've just had that card for quite some time and haven't jumped ship yet. I'm pretty sure there was an awesome No fee for life Citibank Rewards deal that would've been perfect for me, but I missed out. There are a heap of low fee options at places like ANZ, Westpac, St George and NAB to name a few :)
There's a master credit card table over at Pointhacks which gives you a pretty good rundown - it's fairly accurate but check OzB for any deals that might pop up!
@nickomac: @bargain424
I agree with everything nick says.
(Why are you guys using card to buy opal? You should be using 5% off WW e-gift cards to do your recharges :p)
And buy the giftcard with the CC,, at least then you are still getting some point action.
and if you are not in a hurry, and if you really must buy from places like JB Hi Fi, you can purchase giftcards from Coles/Woolies, that way, there is no surcharge, and triple points too :)
@FW190: Did some testing myself about JB AMEx surcharges. One day, told the person I was paying by AMEX, she added the surcharge to the total and punched the number in the terminal machine. Said no and paid by MC. A week later bought something else, told person I was paying by card but didn't tell them I was paying by AMEX. Did PayPass (under $100), paid the cost of the item nothing more, and walked out of the store. No further charge on my AMEX bill as well.
TLDR; JB don't want to pay extra fees which apply to AMEX transactions.
I'm just wondering, Is the card worth it just for the supermarket/petrol points system?
I use the 5.5% off Wish cards that frequently come up for all my groceries and petrol (purchased with an amex), which I am sure is more worthwhile than earning 3 points/dollar?
If a retailer has an AMEX surcharge then I will use another payment method, except when there's a statement credit like the current AMEX shop small promo.
If the surcharge is under 1% then you may still benefit with the rewards points.
I still prefer the ING Direct 2% cashback over using my Platinum Edge card. But that's ending in 2 weeks so I expect to use the AMEX a lot more.
If the surcharge is under 1% AND if it is a 3point or 2point per dollar then it is worth it?
I doubt a 1point to $1 purchase with 1% will benefit you.
I don't think many places will have a surcharge and multiples of points. The places with extra points tend to have a relationship directly with American Express which would probably include not surcharging. EG Coles and Woolies you get 3 points (plus other supermarkets, so potentially some cheapskate IGAs might surcharge).
have you considered AMEX Explorer? $395 annual fee but comes with yearly $400 travel credit and bonus 100,000 signup points (equivalent to 75,000 qff points). https://www.ozbargain.com.au/node/262944
also comes with 2 amex lounge invites and better insurances
Would also need to consider if the 3:2:1 points/$ of the Platinum Edge or 2 points/$ across the board for Explorer suits better. Or get both, or Edge for groceries/fuel plus another card for everything else.
but then you pay 2X annual fee :(
This looks very appealing. Do you know if the $400 credit will accumulate every year? I personally haven't travelled before but the 100k point is apparently worth alot.
Yes it will.
"Start exploring with a $400 Travel Credit every year"
To redeem the Travel Credit, you must have paid the annual fee and have paid your minimum payment by the due date. The $400 Travel Credit can be redeemed against any single eligible travel booking of $400 or more where applicable when booking online through americanexpress.com.au/travel. The Travel Credit can be used for 365 days from date of issue and cannot be carried forward to any subsequent year. Terms and Conditions apply.
The Travel Credit can be used for 365 days from date of issue and cannot be carried forward to any subsequent year
Doesn't this imply it doesn't accumulate?
Just be careful with the Edge vs Explorer. Platinum Edge earns points into Membership Rewards Ascent where airline transfers are 1:1 and the Explorer earns points into Membership Rewards Gateway where transfers are 4:3.
Basically the points earned on the Explorer are worth less than the points earned on the Edge (with maybe some exceptions).
Yes that's true however Explorer earns 2 points per $1. So even with a 4:3 conversion ratio you still end up earning 1.5 FFP per $1 spend.
Pretty much the only time I take a surcharge hit is:
If it's a retail store with a surcharge I'll switch to another card like a Visa or Master which still has point earning potential, albeit at a lower rate.
It is possible to calculate the value of the points if you have something in mind. Like if you need to earn 10k points, you can calculate the value derived from using a certain card, and then decide if a surcharge is worth it (it is almost never worth it, I'd say points are generally equal to ~1% in savings).
Which visa or MasterCard do you use for points ?
I use whichever one I have at the time. I take up the $0 AF in the first year, X0,000 points offers. Currently using this one from Westpac. In the past 2 years I've had a platinum card from each of the 4 major banks.
Are the income requirements for this card hard and fast? I have a $8k limit on a CBA gold card, but earn around $14-19k part time (still at uni). The CBA gold card sucks in terms of reward, because there are none.
I think earning under $20k will make it difficult to get a card with good rewards. I think $75k+ will qualify you for the best ones (CBA Diamond, ANZ Black etc).
I was told numerous times by CBA representatives (both in branches and with their credit card specialists) that I would be able to get a CBA platinum card easily because they only look at existing credit limits. Would upgrading to a platinum card give me any bargaining power when trying to open an Axex platinum edge card?
Sorry not sure. How credit cards are assessed is pretty opaque in Australia. You could try https://www.getcreditscore.com.au/ which can give you your credit score (it's essentially a mailing list).
@ilikeradiohead: I've got a good idea of my credit score, and it's not too terrible (725+ by Experian and 700 odd by Veda). I find it perplexing that I am eligible for the second best CBA card but aren't eligible for some more common offerings by other providers due to income requirements.
@niggard: You will not get any bargaining power for the amex card even if you have the best card with CBA. each card requires an individual assessment of your ability to pay the card back at max limit. Since most platinum cards are 6k plus starting limit and you already hold a CBA card with a 8k limit on a 20k salary you are unlikely to be able eligible. The only reason why CBA would give you a higher card is because you have verified good history with the bank that they can see. Technically they should still be checking your income level but this is usually eliminated with they are cancelling your current 8k limit card with another 8k card. certainly would not be able to get 2 8k cards on that income.
You can however, when applying for the amex card not disclose that you have an existing card when it asks for other card limits and say you have large savings which may help your case for the platinum edge. Amex usually will give you a 3k card limit without too much fuss, enough to score bonus points and make use of the card adequately. You should only do this if you are very good with your cards and know you will not fall into the trap of spending money on your cards beyond what you can afford.
Disclaimer: none of this information is financial advise and you should consider your circumstances and/or speak to a qualified adviser.
@Drifta: thanks mate, great advice there. I'll have a crack at it and see what Amex will offer. I've got roughly double my credit limit in savings so hopefully that'll sway it in my favour.
@niggard: Goodluck with it. Make sure you include all your income on this list. interest from savings, investments, any allowances from parents/gov etc. Also add in asset values such a clothes, vehicles, laptop/phone and so on to boost your chances. Also make sure you also include that you are paying some bills, even if you are not. eg if staying at home, say you pay $300 a month boarding and pay $50 a month phone and $150 food/misc, if youre earning 2k a month, show your spending atleast 400ish
I have got the same card as yours with 15k limit . I Just cancelled it today and apply for a diamond award card as CBA is having a first year fee free on all their award credit card. You can apply for a lower award card with that income
Just curious, does the minimum annual income required not matter when applying for credit cards? Amex has a 50k income requirement for the platinum edge. If you do end up applying, would be great if you could post whether you was successful or not.
I thought it was $30k…if it's $50k I won't bother because it'll look bad on my credit report
How so?
If you are going to apply for the platinum edge-now is the time to do it so you have the card in time for shop small. Please use our referrals on the wiki page https://www.ozbargain.com.au/wiki/american_express_referrals. To cover the annual fee of $195, all you need to do is add a secondary card on your account and then shop at the shop small merchants during November, $10 per transaction , 10 transactions per card.
What is small Shop?
Wouldn't $200 travel credit be better anyways? Sometimes ozbargin have deals for cheap flights
The free flight could be sold for around $300 (see classifieds)
Plus travel credit can only be used via amex travel
Love the amex platinum edge.
But I'll never pay the surcharge. 99.9% of the time the surcharge is less than the points it's worth. Even if in the rare case it might be slightly better (bonus points/rate for example) I still choose real cash savings vs points.
The only time I'll stomach a surcharge of ant kind was with Ing 2% cashback if the surcharge was less than 2%. That's cos it was instant cash back.
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