AMEX FEEDBACK TIME! 2019

• The cap on the Cobalt is IMO more than fair for the majority of people, and only affects those who are closer to manufactured spending or abusing the 5x category.
• Devaluation is a "strong" word currently. If you are talking in the sense of the Platinum switching to 1/2/3, I personally will make more points for each dollar average, and so will most people.
• Anti-churning policies have always been in place by Amex, and are being enforced more strongly because of the abuse by some. The Amex train used to be a lot more profitable, but there is genuine reasons why Amex would discourage it.
• FYF has never been a strong suit of Amex. Sure the Gold used to be (and part of the reasons why I got one), but Amex always has been the more "premium" issuer, with its compromises. Plus, most of their cards welcome bonus is worth more than the annual fee for a year.I expect to get close to 1,200 - 1,500$ of value out of my Platinum welcome bonus, easily offsetting the 499$ per year.
• Amex has launched Amex Offers in Canada as a way to increase the earn rate of certain transactions, a similar model to the US. In the last month, I have scored some good credit statements and bonus MR on my purchases.
• Point transfer is likely never gonna happen, as it is in Amex interest to keep the balances separate due to the various redemption options. I discuss it in the Atlas, but it would make no sense that the Cobalt MR would have "as much power" as the Platinum MR. It would devalue their portfolio and the prestige of the products.
• Insurance on reward flights will not be included on the Platinum, or any other Amex product. TD has the "best" Aeroplan portfolio, and I assume they have contractual obligations not to offer those. Plus, with the often FYF on the TD Aeroplan VI, stacking them is not a crazy strategy.

• No-FTF across the lineup, especially since they brand most of their cards as "travel".
• Improve their insurance package (especially on the Platinum), as many cards are getting closer in that manner.
• Increase the partner list of the FTP, including more US airlines or international carriers.
• Not cut in the hotel benefits (a move that was discussed previously in a survey, though we haven't heard anything).

thefusio15 wrote: ↑ [*]No-FTF across the lineup, especially since they brand most of their cards as "travel".

seriesofcontradictions wrote: ↑ My feedback to Amex would go something like this:

Dear Amex: Nobody accepts your card. As such, I never use it and it sits in a drawer. Sincerely, me.

masterman wrote: ↑ This depends where you live, and where you shop.
I use Amex SCP as my daily driver, and the only place I’ve encountered that don’t take it is A&W.
Even Dollarama takes AMEX..

joshnet wrote: ↑ The only places regularly in my day to day that don't take Amex is... Wendy's and a mom and pop fast food place. It certainly feels as though things have improved.

WayneW8682 wrote: ↑ Why do the US Amex have better deals such as no FTF?

seriesofcontradictions wrote: ↑ My feedback to Amex would go something like this:

Dear Amex: Nobody accepts your card. As such, I never use it and it sits in a drawer. Sincerely, me.

Kiraly wrote: ↑ No currency conversion is something that is competitive in the USA. Here it's not, because the markup is buried in the exchange rate, and Canadians don't even know it's there, unless they remember (if they even read) it being on the disclosure statement when they applied for the card.

It used to be that way in the USA too, until regulators started to force issuers to list the conversion fees separately on the statement, to make them transparent to consumers. That's when people started to notice and complain about them, and when no-FX started to become a competitive advantage. Maybe that will come here someday.

thefusio15 wrote: ↑ Honestly, I think most of the points you bring up are not really something we "deserve" to complain about.

• The cap on the Cobalt is IMO more than fair for the majority of people, and only affects those who are closer to manufactured spending or abusing the 5x category.
• Devaluation is a "strong" word currently. If you are talking in the sense of the Platinum switching to 1/2/3, I personally will make more points for each dollar average, and so will most people.
• Anti-churning policies have always been in place by Amex, and are being enforced more strongly because of the abuse by some. The Amex train used to be a lot more profitable, but there is genuine reasons why Amex would discourage it.
• FYF has never been a strong suit of Amex. Sure the Gold used to be (and part of the reasons why I got one), but Amex always has been the more "premium" issuer, with its compromises. Plus, most of their cards welcome bonus is worth more than the annual fee for a year.I expect to get close to 1,200 - 1,500$ of value out of my Platinum welcome bonus, easily offsetting the 499$ per year.
• Amex has launched Amex Offers in Canada as a way to increase the earn rate of certain transactions, a similar model to the US. In the last month, I have scored some good credit statements and bonus MR on my purchases.
• Point transfer is likely never gonna happen, as it is in Amex interest to keep the balances separate due to the various redemption options. I discuss it in the Atlas, but it would make no sense that the Cobalt MR would have "as much power" as the Platinum MR. It would devalue their portfolio and the prestige of the products.
• Insurance on reward flights will not be included on the Platinum, or any other Amex product. TD has the "best" Aeroplan portfolio, and I assume they have contractual obligations not to offer those. Plus, with the often FYF on the TD Aeroplan VI, stacking them is not a crazy strategy.

HOWEVER, I gotta recognize some opportunities that Amex should seize.

• No-FTF across the lineup, especially since they brand most of their cards as "travel".
• Improve their insurance package (especially on the Platinum), as many cards are getting closer in that manner.
• Increase the partner list of the FTP, including more US airlines or international carriers.
• Not cut in the hotel benefits (a move that was discussed previously in a survey, though we haven't heard anything).

I can totally understand your frustration, but I do sincerely believe that American Express is one of the best issuer in Canada, and will likely sit in my wallet for years. Obviously, you vote with your money, and your complaints can be legitimate, but distiguishing "regular" consumers interests and "RFD churning dream" is important, as they are in it for a profit. Amex being stronger than ever is good as it encourages healthy competition, and with the increasing number of small issuers, market shares are up for grabs.

EDIT: Obviously, I hope it doesn't come across as insulting or pretentious. I have got amazing value out of my Amex products over the years, and don't expect to get any less in the upcoming years. Amex is focused on growing its market share, as they focus their attention on "new spenders" with lifestyle products like the Cobalt and the new 1/2/3 structure of the Platinum. It might not please some of the long-time cardholders, but the market changes and we are focused on "getting the most for ourselves", letting others subsidize our vacations or redemption. Averaging close to 10% return rate on an Amex is incredible.

Everyone who receives the survey should genuinely take the time to answer based on what they perceive, and what, as a consumer, they want to see. I received many surveys in my two years of cardholding, and Amex is probably one of the few issuers that genuinely cares for the customers feedback. Being honest benefits everyone, but we also need to recognize what is reasonable (or not) to expect.

Kiraly wrote: ↑ The vast majority of Canadians either 1) don't know about the 2.5% conversion markup, or 2) do know but think it's a necessarily evil and don't realize there are alternatives, or 3) do know about it, and do know there are alternatives, but don't care. Those of us who do care are a very small number; a niche client base. I can assure you that the card issuers have teams of actuaries who are constantly looking at ways to be more competitive, and for now, have largely determined that they make more money with that fee than they would without it. So despite some indications that this is starting to change, I don't see the conversion fee markups going away any time soon.