American Express Noob Questions

mvbc85 on 24/10/2016 - 01:24

Hi everyone,

Got my first credit card last week. I went for an American Express Explorer to get the 100k bonus points.

However, I have some basic questions about CC's and Amex. Any help would be appreciated.

  1. I know that the card has a $400 annual fee, but I can't see that amount showing anywhere in my account. How and when can I pay this fee?

  2. I've always noticed the Amex statement credits offers posted on Ozbargain. However, when I go to the Offers section of my account, there is nothing there. How can I activate the statement credit offers?

  3. I've noticed that Amex cards are not accepted in a lot of places. Can I bypass this by adding the card to Android Pay and paying with my phone?

  4. If I pay using Android Pay, would I still earn points? Would I also be able to bypass any Amex fees?

  5. Same question as #4 but with PayPal.

  6. The OzBargainer in me cringes at the notion of paying additional fees (1% to 3%) for using my CC, specially after getting used to the ING cashback these past few years. Is there a popular way to calculate the value of the points and figure out when is it worth to pay the fees?

Thanks for any help with any of those questions

Cheers

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Comments

  • Shadowsfury on 24/10/2016 - 01:55
    +2

    1) it will get charged to your first statement and you'll pay it off along with the rest of your purchases
    2) That is where they would normally be so keep an eye out for the next one and see if it appears for you
    3) Nope as each credit card uses different back-end systems, and that doesn't change even if you use something like AP
    4) Yes to points, no to fees
    5) Yes to points, potentially yes to avoiding fees
    6) Depends on how many points you get per dollar, and what you intend on redeeming them for. I generally use a baseline of 0.7% (as it is usually roughly 0.7% return on points when redeeming for the worst value option - gift cards) but if you're using the points for upgrades that can go up to 5% (on the assumption you were willing to pay full price for a business/first class ticket).

    • mvbc85 on 25/10/2016 - 01:34

      Thanks! I do intend to use it for flights, probably Premium Economy through Asia Miles though. Still good to have as a baseline

  • rambutann on 24/10/2016 - 02:03
    +2

    1. It will eventually appear in your statement and be charged to your credit card.

    2. Not all amex offers are available to everyone but there is generally always a number of deals available. I've only every looked at these offers via the android app. Maybe download the app and give it ago? If that doesn't work, maybe give them a call.

    3. I doubt it, it is still the same as paying by your card. Its not like 'android pay' is a different form of payment, the merchant will still incur the same fees. You just need to pay attention to where does accept it. Never pay the fee, its never worth it even with the points accumulated. Get a $0 annual fee visa/mc credit card or use a debit card for places that charge a fee for amex.

    4. Yes you would still earn points, no you would not avoid fees as per #3.

    5. Yes you would still earn points and PayPal does not charge a fee for amex.

    6. The value of points varies depending on how you redeem them. Max value is about 1c per point when spent on flights. So as I said earlier, basically its never worth paying this fee. Don't go to the petrol station that charges the fee, work out which one accepts amex without one.

    Hope this helps!

    • mvbc85 on 25/10/2016 - 01:34

      Thanks a lot for the help!

  • inherentchoice on 24/10/2016 - 08:02
    +1

    For question 2, often you can still sign up with the manual links that you can find in the deal post here on OzB.

    • mvbc85 on 25/10/2016 - 01:35

      I just tried it for November's shop small promo. It let me enroll to it but it still doesn't show on my account. Let's see if that changes in November. Thanks for the tip anyway

  • djsweet on 24/10/2016 - 08:56
    +3

    6 My rule of thumb is: If it cost's extra to use Amex, I don't use Amex. The points simply aren't worth it for me. The ING instant cashback was far better than any point schemes and I am pretty sad its gone.

    • mvbc85 on 25/10/2016 - 01:36

      I do miss the ING cashback. However, I like ING as a bank too much, so I'm sticking with them unless something extremely good comes along.

  • Fexofenadine on 24/10/2016 - 19:27
    +1

    Re calculating point values - check out http://www.pointhacks.com.au/rewards-points-valuations/. A good site with good resources generally.

    • mvbc85 on 25/10/2016 - 01:37

      I've been reading a few of their guides recently. Had not seen that one. Thanks

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