Amex CEO: More Card ‘Refreshes’ (& Fee Hikes) Are Coming Soon

[longtimelurker]

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@CYBERSAM wrote:

As a none Amex Delta card holder, this is a good news!

I have only BCP Amex and don't see any value for other personal cards that they offer! So revamping their lineup to be more competitive is great.

Always liked AMEX and their services, so hopefully they "revamp" their obsolete cards such as 1.5% rewards etc...

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I think a fairly obvious reading between the lines (or maybe not even between) shows that the revamp is for the benefit of Amex, not the consumers.   Sure, for some people the refresh of a particular card might be beneficial, but don't bet on it.

[FlaDude]

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@Aim_High wrote:

 If they did the same thing on the Gold card while perhaps adding at least one other useful annual credit (maybe $200 airline fee credit, similar to what they used to have when I first got the Gold and before they shuffled the credits?), it might be worth it to pay as much as $500 for the Gold instead of $250 and you wouldn't feel like they were playing so many games.   

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Interestingly, when I had the Plat card years ago the AF was $450, so under this scenario Gold would be more than Plat used to be.

[Aim_High]

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@FlaDude wrote:

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@Aim_High wrote:

 If they did the same thing on the Gold card while perhaps adding at least one other useful annual credit (maybe $200 airline fee credit, similar to what they used to have when I first got the Gold and before they shuffled the credits?), it might be worth it to pay as much as $500 for the Gold instead of $250 and you wouldn't feel like they were playing so many games.   

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Interestingly, when I had the Plat card years ago the AF was $450, so under this scenario Gold would be more than Plat used to be.

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Right, but if the credits are actually useful and intended to encourage the consumer to use the card (create loyalty), the AF becomes irrelevant.   AMEX could charge the high AF to get in the door just to make sure someone was serious about wanting or needing the card, and that they intended to use the card regularly; then give the credits to fully refund the AF as usage continued.   I know that for some people, the charge card credits already work that way since the credits are organic to their spend.  But it appears to me that the credits are purposefully narrow so that they are rarely true organic spend.   If they made it easier for everyone to get the AF back with enough usage, they'd probably build more brand loyalty and still make more money from swipe fees than from AF breakage.  

[swankytiger]

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@Aim_High wrote:

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@FlaDude wrote:

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@Aim_High wrote:

 If they did the same thing on the Gold card while perhaps adding at least one other useful annual credit (maybe $200 airline fee credit, similar to what they used to have when I first got the Gold and before they shuffled the credits?), it might be worth it to pay as much as $500 for the Gold instead of $250 and you wouldn't feel like they were playing so many games.   

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Interestingly, when I had the Plat card years ago the AF was $450, so under this scenario Gold would be more than Plat used to be.

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Right, but if the credits are actually useful and intended to encourage the consumer to use the card (create loyalty), the AF becomes irrelevant.   AMEX could charge the high AF to get in the door just to make sure someone was serious about wanting or needing the card, and that they intended to use the card regularly; then give the credits to fully refund the AF as usage continued.   I know that for some people, the charge card credits already work that way since the credits are organic to their spend.  But it appears to me that the credits are purposefully narrow so that they are rarely true organic spend.   If they made it easier for everyone to get the AF back with enough usage, they'd probably build more brand loyalty and still make more money from swipe fees than from AF breakage.  

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Like the walmart+ credit, AMEX seems to want to market the plat as a card for the higher echelon but yet they add a credit for walmart...

[Aim_High]

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@swankytiger wrote: Like the walmart+ credit, AMEX seems to want to market the plat as a card for the higher echelon but yet they add a credit for walmart...

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Ahh, but not just Walmart, @swankytiger . 

Walmart PLUS! 😉 

🤣😂😜🤣😂 

[redpat]

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@swankytiger wrote:

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@Aim_High wrote:

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@FlaDude wrote:

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@Aim_High wrote:

 If they did the same thing on the Gold card while perhaps adding at least one other useful annual credit (maybe $200 airline fee credit, similar to what they used to have when I first got the Gold and before they shuffled the credits?), it might be worth it to pay as much as $500 for the Gold instead of $250 and you wouldn't feel like they were playing so many games.   

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Interestingly, when I had the Plat card years ago the AF was $450, so under this scenario Gold would be more than Plat used to be.

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Right, but if the credits are actually useful and intended to encourage the consumer to use the card (create loyalty), the AF becomes irrelevant.   AMEX could charge the high AF to get in the door just to make sure someone was serious about wanting or needing the card, and that they intended to use the card regularly; then give the credits to fully refund the AF as usage continued.   I know that for some people, the charge card credits already work that way since the credits are organic to their spend.  But it appears to me that the credits are purposefully narrow so that they are rarely true organic spend.   If they made it easier for everyone to get the AF back with enough usage, they'd probably build more brand loyalty and still make more money from swipe fees than from AF breakage.  

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Like the walmart+ credit, AMEX seems to want to market the plat as a card for the higher echelon but yet they add a credit for walmart...

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Well I boycotted Walmart for many years and went to Target, now my boycott is with Target and go to Walmart.  

Amex knows where everyone shops in store and online so don't think for a minute that the higher echelon doesn't shops there.  

It's the same people that say they don't eat at McDonalds......

[longtimelurker]

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@redpat wrote:

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It's the same people that say they don't eat at McDonalds......

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What's "McDonalds"?

(OK, as a vegan I really don't go there, at least in the US.  Elsewhere they do have real vegan options)

[OrangeRange]

I wouldn't be surprised if the Gold and possibly Green are up for renewal soon. Gold's last refresh was nearly six years ago already, and Green was five years ago. The Everyday line is most desperate though as it's been a decade, but I feel like Amex will keep them on the backburner in lieu of the more premium MR cards.

Seeing the Delta and Hilton refreshes, I feel as if the Gold will probably go up to $350 max.  I wouldn't be surprised if they add $120 Resy credits to the Gold as the 'broad' dining credit.  

Green, I'm not entirely sure; perhaps $195 to $250. I feel like it needs greater lounge access, but they're probably more likely to give it rideshare credits  similar to the Delta crds and a hotel credit for stays booked via Amex Travel (which would actually not be bad). 

Either way, I'm likely going to close one of the two going forward. I feel like redundant credits is their goal because it forces those of us with multiple cards to forget to fully utilize them on one or both cards. I'm leaning towards opening the Everyday or EDP depending on the charge card refreshes, but we'll see. 

[OrangeRange]

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@CYBERSAM wrote:

As a none Amex Delta card holder, this is a good news!

I have only BCP Amex and don't see any value for other personal cards that they offer! So revamping their lineup to be more competitive is great.

Always liked AMEX and their services, so hopefully they "revamp" their obsolete cards such as 1.5% rewards etc...

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Honestly, if they just made the non-cat base for BCP 1.5% and raised groceries to  $10K from $6K, they'd have the best one and done cashback card. 

1.5% base / 3% transit and gas / 6% streaming and groceries (up to $10K)...Wouldn't need another card really other than for online shopping. 

[Aim_High]

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@OrangeRange wrote:

 I feel like redundant credits is their goal because it forces those of us with multiple cards to forget to fully utilize them on one or both cards.

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Excellent point, @OrangeRange.  AMEX uses many tactics which as-a-whole, can only be intended to facilitate spoilage. (Why else would you have to pre-designate only one airline for fees, only use certain credits within a certain month,  only dine at certain locations to get a restaurant credit, only use certain merchants for other credits such as Saks Fifth Avenue, UBER, or Equinox?)

To clarify, I wasn't suggesting that I thought the Gold card would go from $250 to $500 immediately.  I was just using that as an example of how the AF is irrelevant to serious users if the credits are easy and sufficient to reclaim it.   I agree that the Gold may jump again, unfortunately.  I enjoyed my Gold card while I had it, but it just didn't pay for itself with my calculations and usage. 

I don't know the full history of AMEX fees, but my impression is that they've gone "fee crazy" in recent years.  They've always had fees but it seems they are increasing them more often and going higher and higher with these crazy credits as justification.  Enough.