AmEx Cards - Are They Really Worth It?

bricabrac89 on 17/01/2017 - 08:53

Hi All,

Apart from the cash back offers when paying with AmEx that are floating around OzB lately, are there any real benefits to signing up for an AmEx card?

I already have a Low Rate Gold MasterCard that I pay $89 a year for that I have only ever paid interest on once and all my other bank accounts are with CBA.

Is it really worth the hassle of signing up for an AmEx card either directly with AmEx or Bank Issued and being stung with transaction fees everywhere or having places decline to accept AmEx?

I fail to see any benefits to having one so far, except the cash back offers, which do not always apply to my needs at the time anyway.

Thanks

Financial American Express

Comments

  • CyberMurning on 17/01/2017 - 08:57
    +20

    "being stung with transaction fees everywhere or having places decline to accept AmEx?"
    then ask first and use other cards when there are fees…. world class problem solved.
    sometimes the amex offer is really good i think it is okay to get amex as well.

    "I already have a Low Rate Gold MasterCard that I pay $89 a year for that "
    that is a mistake. why would you pay annual fees on credit card.. well unless you can rack in thousands points each month…there are SOOOOO many free annual CC around…

    "all my other bank accounts are with CBA."
    another mistake. i dont have cba but i believe they dont offer good saving interest rate.
    usually big banks are stingy. you are just giving your money to pay their CEOs salary of 500k a year

    • bricabrac89 on 17/01/2017 - 09:04
      +1

      The main reason for keeping my accounts and CC together with the same provider is for convenience and the fact that paying money off the credit card is quicker.

      I have had 3rd Party CC before (Coles) and would always take 3 days+ for the transfer to go through.

      At least when I login to my account I can see the funds move instantly between account and CC.

      However, I am willing to change CC if someone gives me a good reason to, although I guess I'd still need a free CC with CBA for avoiding those transaction fees where required.

      • CyberMurning on 17/01/2017 - 09:47
        +2

        "paying money off the credit card"
        sorry did you mean you have cc debt? if this -> sorry cant help i dont and will never ever have cc debt.

        or just paying balance every month? if this -> just setup automatic payment you can pay cc balance from other bank i think? like my coles cc, i paid every month in full, automatically by direct debit from ubank.
        amex is not a bank you dont have to open saving account with them (and you cant).

        what fees? why need instant fund transfer?

        most people i know, they use credit card when buying coffee or new tv, then at the end of the month the cc will auto debit their main bank. end of story. free 55 days interest, collect points, and happy

        • bricabrac89 on 17/01/2017 - 10:35

          The second option is my scenario…

          or just paying balance every month?

          Anyway, I've just signed up for one of the free options

      • ronnknee on 18/01/2017 - 13:33
        +4

        I have had 3rd Party CC before (Coles) and would always take 3 days+ for the transfer to go through.

        From my experience, it doesn't matter when the BPAY payment goes through. It only matters when the payment is initiated.

        For example, balance due on 15th, BPAY payment initiated on 14th, BPAY payment cleared on 16th (showing the payment was made on 14th) - that is still fine.

      • chriise on 18/01/2017 - 18:56
        +1

        just fyi, CBA have a low fee card for $29/year and a low rate for $59/year.
        but surely waiting 3 days for a transfer, or setting up a auto payment is worth $90 to you?

        • chillin222 on 18/01/2017 - 21:16

          The CBA low fee card is free if you use it (>$1k spend p.a.).

          Low rate is only for people who carry balances.

        • chriise on 18/01/2017 - 21:49

          @chillin222: yes you're right about the $0 fee. i assumed OP is carrying balances because he specified low rate card, rather than low fee.

    • Baysew on 17/01/2017 - 10:29
      +13

      you are just giving your money to pay their CEOs salary of 500k a year

      Wish it was only $500K

      Commonwealth Bank chief executive Ian Narev takes home $12.3 million

  • ezzaf on 17/01/2017 - 09:16
    +4

    "I fail to see any benefits to having one so far, except the cash back offers, which do not always apply to my needs at the time anyway."

    You've hit the nail on the head there. The cash back offers are very generous, and for me the only reason I have the cards. Generally speaking I won't use the card unless I'm getting cash back. The value of those cashbacks can be pretty great though, especially with multiple cards.

    If you spend a lot of money at businesses that accept Amex then the rewards points might be worth it for you. But don't feel like you need to get one just because everyone else does. Make the choices that are right for you, don't do something just because everyone else is.

    PS: You can get commbank credit cards that come with an extra Amex card on the same account, so it's possible to have an Amex without dealing with a different financial institution.

  • ChaseTheSun on 17/01/2017 - 09:16
    +1

    Yes. Amex offers more flexibility in terms of rewards points and higher redemption than banks' cards.

  • djones145 on 17/01/2017 - 09:18
    -3

    no don't get a amex

    too many people with amex means they will offer less deals and I cant sign up

    what you have is great!

    • CyberMurning on 17/01/2017 - 09:42
      +4

      this guy forgot to put "sarcasm" at the end of his rant…

      • djones145 on 17/01/2017 - 09:49
        +4

        if a guy is on ozbargain, has seen all the amex deals and is still questioning whether he needs a amex with no annual fee's…

        move on people!

        • CyberMurning on 17/01/2017 - 09:54
          +5

          and plus he is paying $89 annual fee for a cc…
          speechless

        • bricabrac89 on 17/01/2017 - 10:34

          Because sometimes spending money to get money back is not applicable to me…

          I'm not going to go to TGI Fridays and spend $100 just to get $25 back. I'd rather save $100 and not eat there.

          https://www.ozbargain.com.au/node/287895

          I'm not going to stay at the Hilton and spend $300 just to get a $150 statement credit.

          https://www.ozbargain.com.au/node/270499

          Neither am I going to buy a bottle of $90 whisky (which I don't drink) for $90 just to get it for $75 with AMEX

          https://www.ozbargain.com.au/node/287198

        • dbui8743 on 17/01/2017 - 10:48
          +12

          @bricabrac89:

          But you forgot to mention the countless deals with Westfield (essentially cash), Woolworths (don't tell me you don't shop there), Myer (group gift cards). You chrry picked three deals in the last hundred deals to downplay the cards?

        • bricabrac89 on 17/01/2017 - 10:49
          -8

          @dennis3107:

          No I don't shop at Woolies, I shop at the competition thanks to TM discount.

          Yes, I just picked the last few deals that came up when I search for AmEx.

        • djones145 on 17/01/2017 - 11:39
          +1

          @bricabrac89:

          shop small, where u can refill ur travel cards for half price
          westfields which was like eftpos…

          woollies, which u can cover into any gift card

          the list is endless

        • ronnknee on 18/01/2017 - 19:19
          +1

          @bricabrac89:

          TM discount… So you shop at Coles which means Coles Myer gift cards are usable. Again, you cherry picked dennis3107's examples and ignored the applicable one.

        • virhlpool on 20/01/2017 - 08:13

          @dragonindespair:

          and plus he is paying $89 annual fee for a cc…
          speechless

          This is when Coles keeps on knocking the doors on Ozbargain for their fee free MasterCard fairly often.

  • nickomac on 17/01/2017 - 09:22
    +5

    The cashback offers are great, I managed to save $500 on a fridge with the recent Harvey Norman offer (spend $300 get $100 back) by splitting the payment across multiple cards - most places I frequent don't have surcharges and the rewards programs are second to none. That being said, I've also got a Visa for those times Amex isn't accepted, but it's usually small retailers like cafe's that it gets utilised.

  • ColonelYumYum on 17/01/2017 - 09:45

    I got it by default when signing up for a frequent flyer credit card from ANZ.

    I keep both on me and pay using Amex where there are no charges (online shopping, woolies etc.) and use the visa everywhere else.

    I pay small yearly fees, no interest as I pay it off each month in full, and get qantas points for everything I buy. More for the Amex. I've updated my billing to pay using it where on feees apply, so my rent, gas, electricity all earn me points, too.

  • bricabrac89 on 17/01/2017 - 09:50
    +1

    Since both QFF and Virgin points do not expire as long as I earn/redeem within 18 and 24 months respectively, it seems a no brainer to at least get myself a discovery or escape then - even the cashback offers are not always applicable to me.

  • [Deactivated] on 17/01/2017 - 10:10

    I am looking at getting the Qantas American Express Ultimate Card to get the 100k points from eligible expenses - is the annual fee charged at the start or end, or is it pro-rata?

    • The Champagne Mile on 17/01/2017 - 13:10
      +3

      If signing up for the Ultimate, make sure you use a referral link as that will give you an extra 10,000 points. The annual fee is charged in your first month. It is possible to get a pro rata refund by requesting one via the AMEX call centre when cancelling the card within the first 4 months.

      • illumination on 18/01/2017 - 13:59

        The 4 month thing you just mentioned.. is that an official rule? Haven't heard of that anywhere, but it's good to know!

        I would assume there may also be some dependency on whether you've used (some of?) the perks. e.g. Imagine you get the Explorer, use up the $400 credit in its entirety and then indicate your intention to cancel. Would they still give you a pro-rata refund?

  • ProjectZero on 17/01/2017 - 10:27
    +7

    IMO, there is no down side to having an AMEX card, I have the basic Qantas AMEX card. It has no yearly fees, it's $1:1pt. Sure it has surcharges when you use it in some place but its negligible in the grand scheme of things. Plus you can always get a VISA card as back up (I have the WW Qantas card).

    Basically, my AMEX card now sits there waiting for any offers, I'll just use my other card if needed.

  • bricabrac89 on 17/01/2017 - 10:30
    +3

    Thanks all for those who left a valuable comment.

    I've decided to get the free Velocity Escape Card, since I'm already getting Velocity points elsewhere.

  • Krazyy on 17/01/2017 - 11:34

    I am glad this thread was made… i was just talking with AMEX today (I am a Platinum edge card holder)…

    One of the nice things I liked and justified the annual fee was the free domestic flight… however, talking to them today, that is being canned…… :| It is being replaced by a $200 "travel credit"

    What does everyone think about that?

    • bluesky on 17/01/2017 - 12:13

      Maybe time to consider swapping over to either a free card (e.g. Essential, Qantas Discovery), or Explorer - not free, but many OzB'ers consider a deal, due to 110K bonus points? (I posted on Essential card here).

    • tristanium on 17/01/2017 - 12:28
      +2

      for me (Perth) this sucks, the free flight to east coast was more valuable ($400+)
      for others (East Coast) the flight was probably worth less than $200 and the $200 credit will be more flexible for use at hotels etc, but was always available to be sold for ~$400
      I'll be keeping my Plat edge for the time being anyways for point earn and amex offers

    • AncientWisdom on 17/01/2017 - 23:21

      Yeah it sucks (also in WA) and I'm thinking what to do. None of the other options are as good as the Platinum Edge was, it is probably worth switching to one of the following (mainly due to bonus points):
      AmEx Platinum Explorer - https://www.ozbargain.com.au/node/262944 - Higher cost and still only get a $400 travel card
      AmEx Qantas Ultimate - https://www.ozbargain.com.au/node/275964 - Higher cost, not as flexible with point choices but does include an annual flight from Perth to ADL/MEL/SYD
      AmEx Velocity Platinum - https://www.ozbargain.com.au/node/285239 - Higher cost, not as flexible with point choices but does include an annual flight
      ANZ Rewards Travel Adventures - https://www.ozbargain.com.au/node/287907 - Not as good point earning and transfer ratio

      I'm considering switching to the Explorer and then back after 1 year or when a good offer comes around

    • inherentchoice on 23/01/2017 - 10:52
      +1

      I will most likely cancel my Platinum Edge card after redeeming the last flight, and before the subsequent annual fee.

  • Krazyy on 17/01/2017 - 11:35
    +1

    The annoying thing is, the travel MUST be booked through them… so let me guess….. their rates are going to be inflated accordingly.

    • ilikeradiohead on 17/01/2017 - 18:30

      Weren't too bad for what they were selling (eg transpacific flights were pretty competitive, although more expensive than getting the absolute cheapest rate), however you could still get it cheaper, and considering you've paid $200 for $200 credit, why would you use Amex Travel in the first place?

    • inherentchoice on 23/01/2017 - 10:54

      And the options are more limited, especially for accommodation, as it seems they barely have half the listings of Agoda and other booking sites.

  • Krazyy on 17/01/2017 - 11:39
    -2

    Yep… i just did a test search…. their flights are $300 more than other sites I use….

    i.e. Sydney <—> Manilla return (11/02/2017 - 22/02/2017) 1 adult with iwantthatflight is $400-500 return pp. With Amex travel the cheapest is $739.34

    Pfft!! Not even worth having the platinum card….

  • Krazyy on 17/01/2017 - 11:54

    oh… and your free travel insurance is not included unless you pay for your travel directly through amex.com/travel/

  • [Deactivated] on 17/01/2017 - 14:04
    +2

    Well let's begin with the bonus 100k points? That's worth $1,000
    You pay $400, but in-return get $400 travel credit. Let's say that's worth $300
    You get a host of travel insurance's, and other insurance's. Let's say $100

    Amex constantly has DEALS, as in spend $50, get $20. Let's say worth $50

    For a card which costs you $100, it looks like good value to me.

    I travel overseas every year, weather I use my Visa or Amex I get free travel insurance and just 2 weeks in Bali is $150-$200+

    Points, either use them to upgrade or even people sell them online at the value mentioned. It's a no brainer really, as long as you get a chunky bonus(Points).

    :)

  • Olokun on 17/01/2017 - 18:35
    +12

    My biggest regret in life is not getting Amex and QFF sooner. 2nd biggest would be discovering Ozbargain 'only' 5 years ago.

  • flawlessvictory on 17/01/2017 - 19:20
    +8

    I love my Amex. I've saved hundreds in less than a year and use it for most of my purchases. It's very rare that I come across a store that charges an additional, but no biggie as I have the linked ANZ Visa. Totally worth getting an Amex. I've just applied for a direct card!

  • EVA-01 on 18/01/2017 - 00:41
    +3

    Apple Pay/Android Pay

    • bricabrac89 on 18/01/2017 - 08:45
      -1

      Didn't think of that! +1

  • tuvz on 18/01/2017 - 01:31
    -3

    How is this even a thread?

    • bricabrac89 on 18/01/2017 - 08:44
      +1

      Why bother leaving a comment?

      Sometimes people are unsure and wish to obtain further information about a product before simply biting the bullet and going ahead with something.

      Why be an (profanity)?

      • tuvz on 18/01/2017 - 10:03
        +2

        Not being a profanity
        Was an honest question

        There a countless threads enumerating the various benefits of each amex card. Ill try post links here when i have time

  • [Deactivated] on 18/01/2017 - 09:06

    I have an Amex Centurion which has a heap of benefits; one free flight a year, membership of a few frequent flyer clubs without having to rack up the miles, access to lounges at airports, travel advice, concierge service, access to gigs with tickets that nobody else can access, discounts at Michelin restaurants etc.

    • The Champagne Mile on 18/01/2017 - 10:51
      +1

      … but for a $5000 set up fee and $5000 annual fee ongoing, it's probably not for everyone! You can get many of the perks you've mentioned above through much lower fee cards (Platinum Charge offers many of those perks, while there are many much cheaper cards with free flights or travel credit offer).

      • [Deactivated] on 19/01/2017 - 09:18

        I've had it for a long time so I don't pay anywhere near $5,000 a year.

  • potm on 18/01/2017 - 12:42
    +2

    My Statement credits from all the cashback deals in December was about 2k…
    That's not to mention all the luxury flights and accommodation from points.

    First year bonuses are a no brainer. There's a card to suit everyone ongoing though, just depends on your own spending.
    Every year there is usually a couple of really awesome deals. The explorer at the moment is one of them. 110k points through a referral link is massive.
    For me at 2 ppd it is definitely worth holding onto.
    For others it may not be worth the annual fee in subsequent years.

  • illumination on 18/01/2017 - 14:28
    +3

    If I had to recommend just one credit card to someone, I would recommend an AMEX like the AMEX Explorer and say don't even bother with Visa/Mastercard.

    It is factually not wrong that Visa/MC have better acceptance/lower surcharges, but I feel the benefit in having an AMEX outweighs the "risk" of being surcharged/not being accepted. If they don't accept it or the surcharge is too high for your liking, then don't pay with AMEX!

    Others have mostly covered it already:

    • AMEX Statement Credits - tell me how many Visa/MC statement credits you can find (if any). AMEX ones are monthly. Not to say you'll have one relevant to you every month, but due to the sheer volume of offers, you are bound to find one that suits you
    • Ability to multiply opportunity for statement credits by applying for supplementary cards
    • Supplementary cards pricing more generous than banks
    • Versatile rewards program - not applicable if you opt for one of the Qantas/Velocity cards as they're not really versatile
    • Non expiry of rewards program
    • From my personal experience, really good customer service. 24/7 too.
    • Cards that generally offer very good value and are reasonably versatile

    That's all I can think of now but I'm sure there'd be more.

    • mmd on 18/01/2017 - 18:21
      +1

      The shop small programming was great for me.

  • EnALup on 18/01/2017 - 14:33

    Thought the free flight seems interesting, but if getting other tickets from them is expensive, it is better to get cheaper deals from elsewhere. In that case, which Amex is best value for money in terms of the offers ( like statement credits, etc) and points and bonus points to join.

    • bluesky on 18/01/2017 - 15:17

      Many OzB'ers consider Explorer a good deal, mainly due to 110K points with referral link (then cancel afterwards?) A free card (Essential, Qantas Discovery, Velocity Escape) is great value too; you still get cashback offers, bonus and many benefits; e.g. Essential benefits see my post.

  • westernculture on 18/01/2017 - 16:52
    -2

    Shop Small offers, top up your Opal for half price. Most people have like 12 amex cards.

    • illumination on 18/01/2017 - 18:33
      -1

      Most people? Are you sure?

      • [Deactivated] on 18/01/2017 - 21:03

        Most in ozb lol…

    • -.- on 18/01/2017 - 18:49

      I'd love to see their credit score reports …

    • The Champagne Mile on 18/01/2017 - 20:26
      +2

      I suspect this is referring mainly to sup cards - as you can hold multiple supplementary cards per account (even in your own name).

      • illumination on 19/01/2017 - 16:17

        Yea I agree - I think it was quite obvious they were referring to that, I was just being a bit of an arse. However, I still don't think "most people" have 12+ even on Ozbargain :P

        I've got quite a hit & miss experience with obtaining supplementary cards in your own name. Whether you can actually get a supplementary card issued in your name or not largely depends on the agent you get on the phone.

  • lostn on 18/01/2017 - 19:21
    +1

    Depends what they cost you. If you get a no fee card, then yes. What have you got to lose?

    Promos are the best, and it costs you nothing.

  • robbo135 on 18/01/2017 - 20:48
    +3

    The Amex promo's are great but I have a feeling I ended spending money which I may not have otherwise have spent. Mind you I'm not complaining about some of the shiny new toys I've got now :P

    • iSamurai on 18/01/2017 - 21:46
      +2

      True, I'm guilty of that too but i think most people here are interested in stores that sell gift cards/woolies which can be used for groceries (money that has to be spent anyway).

    • bricabrac89 on 20/01/2017 - 06:25
      +2

      That was one of my concerns about getting one. Spending money on things I don't necessarily need, just for the sake of getting $100 off it. Anyway, I have applied for one now.

    • illumination on 20/01/2017 - 09:37

      I know what you mean but that's ultimately down to your own discipline :P

      .. and tbh it sounds like an "Ozbargain" problem more than a robbo135 or bricabrac89 (OP) problem

  • jace88 on 21/01/2017 - 17:59

    It's really for the cash back offers. I have also found AMEX service to be decent too whenever I've had any issues.

    I wouldn't sign up if it wasn't fee free though. It's more of a backup card for me since I also use it in Apple Pay.

    Would be nice if they were able to have a fee-free AMEX card with unlimited cashback on purchases like I had overseas (1.5% on all spend, all the time).

    • bluesky on 21/01/2017 - 19:05

      It's really for the cash back offers. I have also found AMEX service to be decent too whenever I've had any issues.

      For me, it is more than just these. It's my main card. I actually find the 0.741% reward rate from my Amex Essential to be pretty good for a free card. ING 2% was better, but that has been discontinued. And like ING, it can be redeemed as cashback (although allows choice of goods or flights also).

      I also utilise it for the free extended warranty on goods, the refund protection in case I change my mind, the purchase protection in case of breakage etc. Not to mention the free smartphone screen insurance. All in all, I think it is a great card for not paying a cent! I try to use it for any expenses I can - even pay bills using Aust PostbillPay, Paypal etc.

      Would be nice if they were able to have a fee-free AMEX card with unlimited cashback on purchases like I had overseas …

      That would be nice! :-) Even when ING 2% was available, it was limited to paypass <$100. BTW, Is the card still free with the 1.5% unlimited cashback?

      • illumination on 22/01/2017 - 02:16

        Have you actually used the refund protection/extended warranty before?

        Hm curious about this 1.5% cashback!

        • bluesky on 22/01/2017 - 14:02

          I assume you are referring to ‘making a claim’, since using in terms of enjoying the insurance benefits, and getting the peace of mind that they offer (like buying insurance) occurs every time I make a purchase.

          Fortunately, I have no need to claim yet, and like every other kinds of insurance, I hope it stays that way. So far, I haven’t come across any negative experiences about such claims on OzBargain yet, unlike with other insurance types and insurance companies. Which is a good sign.

          Refund protection is the one that makes the most difference to me. If I see a great deal from a store I haven’t bought before, but not 100% sure I need it, I will go ahead to secure it. (As long as it is less than $500 - max claim, excess is 0). In the past, I would spend quite a bit of time & effort studying store refund policies, and how easy to refund etc beforehand).

        • illumination on 22/01/2017 - 14:08

          @bluesky: Yes sorry you are correct on that technicality (and what I meant by my question)

          Fair enough - I am aware of the Refund Protection which is offered on many AMEX cards and haven't used it either, but wanted to hear about someone's experience with actually making a claim to see what it's like. Although I am aware it's there, I just can't see myself using it too often because of the hassle of going through making the claim, and sending the item back to somewhere (as opposed to going to a Woolies/Myer for a refund which imo is easier).

        • jace88 on 23/01/2017 - 09:02

          Sorry not sure if my post was ambiguous but I meant when I lived in Singapore, cashback cards were everywhere but with loads of conditions (eg 7% cashback on online spend but minimum spend $500, maximum rebate $60, 7% cashback on all groceries, etc) making it a bit of a minefield to navigate and everyone having loads of cards in the wallet (but something the more skilled OzBargainers would navigate with ease). The difference was AMEX had a 1.5% True Cashback card which was just easy to use and not require too much thought.

          … that all being said, alot of the cashback cards had overseas spend cashback too but I think that would probably only essentially knock off the FX charges/fees with minor benefit above that… so probably still not worthwhile using these if planning to spend in Australia.

Login or Join to leave a comment
Login Join