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Please sign the petition
https://secure.avaaz.org/community_petitions/en/
american_express_amex_scrap_the_2_99_non_sterling_fee_on_u_k_platinum_cardholders/We the U.K. cardholders feel especially disadvantaged towards other Platinum cardholders of the world. We pay a big annual fee for a card “Designed to heighten your travels” as American Express advertises while we are penalised for any transaction outside the U.K. (so basically when travelling) with an enormous 2.99% non sterling transaction fee.
Many other cheaper products from competitors do not charge users to use their card abroad for purchases, while offering competitive fx close to interbank rates.
Even American Express themselves in many other countries they do not charge any fee for using platinum American Express cards abroad in different currencies.We would simply like amex to reevaluate the relationship with frequent travellers and scrap the (non appropriate for this card) 2.99% non sterling transaction fee.
sincerely,
UK platinum cardholders.
“Even American Express themselves in many other countries they do not charge any fee for using platinum American Express cards abroad in different currencies.”
What other countries apart from the US don’t?“Even American Express themselves in many other countries they do not charge any fee for using platinum American Express cards abroad in different currencies.”
What other countries apart from the US don’t?Not sure if any have a full waiver like in the U.S., but there are markets in which Amex Platinum holders have more creative/modern and consumer-friendly features than the expensive 3% fee like in the UK.
If I’m not mistaken, the UAE issued Platinum has no FX fees on USD (in addition to the local currency, of course). The same arrangement may be in place for other markets in the Gulf region. Amex Israel allows you to prevent costly fees by having USD and EUR charges be debited from USD/EUR current accounts located in Israel (these extra accounts are very simple to establish and conversions/funding from a shekel account to the USD/EUR accounts can be done instantly online, with fees sometimes as low as 0.4% total, including any spread).
So there is certainly room for more creativity and improvement!
EDIT: The Centurion IDC (not to be mistaken for the UK administered ICC) also has 0 foreign transaction fees.
- This reply was modified 55 years, 4 months ago by .
“Even American Express themselves in many other countries they do not charge any fee for using platinum American Express cards abroad in different currencies.”
What other countries apart from the US don’t?Not sure if any have a full waiver like in the U.S., but there are markets in which Amex Platinum holders have more creative/modern and consumer-friendly features than the expensive 3% fee like in the UK.
If I’m not mistaken, the UAE issued Platinum has no FX fees on USD (in addition to the local currency, of course). The same arrangement may be in place for other markets in the Gulf region. Amex Israel allows you to prevent costly fees by having USD and EUR charges be debited from USD/EUR current accounts located in Israel (these extra accounts are very simple to establish and conversions/funding from a shekel account to the USD/EUR accounts can be done instantly online, with fees sometimes as low as 0.4% total, including any spread).
So there is certainly room for more creativity and improvement!
EDIT: The Centurion IDC (not to be mistaken for the UK administered ICC) also has 0 foreign transaction fees.
Thanks, that’s interesting to know. I agree that fx fee shouldn’t exist on these high AF cards, but to say that many countries don’t charge this is probably stretching the truth, or at least in the sense that it’s without caveats/limitations.
If I’m not mistaken, the UAE issued Platinum has no FX fees on USD (in addition to the local currency, of course).
Sorry if I’m missing something but what is the bolded bit supposed to mean? When would there ever be FX fees on local spending?
If I’m not mistaken, the UAE issued Platinum has no FX fees on USD (in addition to the local currency, of course).
Sorry if I’m missing something but what is the bolded bit supposed to mean? When would there ever be FX fees on local spending?
Sorry, I was just trying to make it clear that the card is not simply denominated in USD (as is the ICC), rather that in addition to regular local currency charges, USD charges also incur no extra fees.
- This reply was modified 55 years, 4 months ago by .
+1, it’s always felt odd to me that a card that is focused on a travel-heavy lifestyle penalises you for actually using it abroad versus the numerous other debit and credit cards that don’t charge FX fees.
Could it be that a significant number are either corporate or HNW where the charge is not a top priority? Is there a similar charge on the Centurion?
Personally, don’t really agree (or see the point) in having a petition on privately held companies. Walk with your feet if necessary
Personally, don’t really agree (or see the point) in having a petition on privately held companies. Walk with your feet if necessary
+1.
It’s simple. There’s just no competition for these premium cards.
For non-Amex cards (can’t speak for Amex) these fees are the ONLY way that cards aimed at the high-end market can possibly make any money these days.
If FX fees were banned, anyone who could afford to clear their card balance each month would no longer be able to apply for cards.
For non-Amex cards (can’t speak for Amex) these fees are the ONLY way that cards aimed at the high-end market can possibly make any money these days.
If FX fees were banned, anyone who could afford to clear their card balance each month would no longer be able to apply for cards.
So you’re saying that swipe fees, annual membership fees, and potential interest charges are not enough to turn a profit?
Aren’t swipe fees actually higher and more profitable on international/cross-border transactions (which is why I never understood the need for the FX fee, unless it had to do with FX fluctuation risk management…)? Or is all the profit in the higher foreign transaction merchant charges eaten up due to all the hands in the cookie jar (foreign processor, domestic processor, card issuer/bank, card network, etc.)?
- This reply was modified 55 years, 4 months ago by .
That’s a very narrow scoped petition, perhaps would have been better to engage the full cohort of Amex retail customer’s rather than disenfrachise the majority who don’t hold a platinum card?
Either way, payment of FX transaction fees is a lifestyle choice and most Amex customers are financially sophisticated enough to use their Virgin Atlantic Mastercard or Halifax Clarity card instead.
That’s a very narrow scoped petition, perhaps would have been better to engage the full cohort of Amex retail customer’s rather than disenfrachise the majority who don’t hold a platinum card?
Either way, payment of FX transaction fees is a lifestyle choice and most Amex customers are financially sophisticated enough to use their Virgin Atlantic Mastercard or Halifax Clarity card instead.
I think you will find a great many cardholders, financially sophisticated or not, are aware of the fee and don’t care. As you say, those that do care have options that enable them to avoid FX fees.
For non-Amex cards (can’t speak for Amex) these fees are the ONLY way that cards aimed at the high-end market can possibly make any money these days.
If FX fees were banned, anyone who could afford to clear their card balance each month would no longer be able to apply for cards.
So you’re saying that swipe fees, annual membership fees, and potential interest charges are not enough to turn a profit?
Aren’t swipe fees actually higher and more profitable on international/cross-border transactions (which is why I never understood the need for the FX fee, unless it had to do with FX fluctuation risk management…)? Or is all the profit in the higher foreign transaction merchant charges eaten up due to all the hands in the cookie jar (foreign processor, domestic processor, card issuer/bank, card network, etc.)?
Robs point was that non-Amex cards can’t make money on customers who pay off in full each month without fx fees. Amex plat ought to be able to stay in profit with its hefty up-front fee even without fx charges I’d hope.
Whilst it’s a little annoying there’s no UK Amex with fee-free fx ultimately that’s Amex’s loss, not mine, as I’ll use another card abroad.
Whilst it’s a little annoying there’s no UK Amex with fee-free fx ultimately that’s Amex’s loss, not mine, as I’ll use another card abroad.
From what I read, they’re also generous in providing car, travel and medical insurance benefits, even if the expense was paid on another card.
Whilst it’s a little annoying there’s no UK Amex with fee-free fx ultimately that’s Amex’s loss, not mine, as I’ll use another card abroad.
From what I read, they’re also generous in providing car, travel and medical insurance benefits, even if the expense was paid on another card.
Wouldn’t class that as “generous”, it’s a paid for service via the annual fee.
The thing about Platinum that seems silly to me from Amex’s point of view is there’s little to no benefit in using it. The benefits from that card decide whether it’s worth it for you, but actual spend on the card offers less than other cheaper Amex cards. You can get a Gold for free, get additional points on certain spend, and spend of £15K, sure you have to dump and replace every 13 months with a small cost, but a much better option than spending on a plat.
The thing about Platinum that seems silly to me from Amex’s point of view is there’s little to no benefit in using it. The benefits from that card decide whether it’s worth it for you, but actual spend on the card offers less than other cheaper Amex cards. You can get a Gold for free, get additional points on certain spend, and spend of £15K, sure you have to dump and replace every 13 months with a small cost, but a much better option than spending on a plat.
Are the various purchase/shopping protections (return/purchase protection etc.) offered on other cards besides the Platinum?
The thing about Platinum that seems silly to me from Amex’s point of view is there’s little to no benefit in using it. The benefits from that card decide whether it’s worth it for you, but actual spend on the card offers less than other cheaper Amex cards. You can get a Gold for free, get additional points on certain spend, and spend of £15K, sure you have to dump and replace every 13 months with a small cost, but a much better option than spending on a plat.
You are not the only person to have noticed this (and it’s true in the US as well as the UK). Heavy spenders holding Plat or Centurion may put the bulk of their Amex spend through other cards (Gold, BAPP, Bonvoy etc).
The thing about Platinum that seems silly to me from Amex’s point of view is there’s little to no benefit in using it. The benefits from that card decide whether it’s worth it for you, but actual spend on the card offers less than other cheaper Amex cards. You can get a Gold for free, get additional points on certain spend, and spend of £15K, sure you have to dump and replace every 13 months with a small cost, but a much better option than spending on a plat.
Very true.
I have the Platinum just for the status benefits and lounge access. However, I rarely ever use it, most spend goes on my Gold card. Spend multipliers on the Gold have been more practical for me and the S75 (whilst also still having the AmEx protection) is a big win in my book.
The thing about Platinum that seems silly to me from Amex’s point of view is there’s little to no benefit in using it. The benefits from that card decide whether it’s worth it for you, but actual spend on the card offers less than other cheaper Amex cards. You can get a Gold for free, get additional points on certain spend, and spend of £15K, sure you have to dump and replace every 13 months with a small cost, but a much better option than spending on a plat.
You are not the only person to have noticed this (and it’s true in the US as well as the UK). Heavy spenders holding Plat or Centurion may put the bulk of their Amex spend through other cards (Gold, BAPP, Bonvoy etc).
… and as a contrary data point, the couple stood next to me checking into my hotel earlier paid with a Platinum Amex.
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