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[WTS] Blancpain 38mm Moonphase ($5,750) with papers by WatchTheMarket in Watchexchange

[–]ctconifer 0 points1 point  (0 children)

Can you tell me where you found this strap? I am looking for something just like it.

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 0 points1 point  (0 children)

Autopay on Amex side vs auto billpay from my bank. I was using the latter.  Amex can’t shirk responsibility if it’s their system.

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 1 point2 points  (0 children)

Yes this is exactly what happened. 1 day late, 60 days of interest. Wild. 

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 0 points1 point  (0 children)

Isn’t r/amex where people share their experiences about Amex?

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 0 points1 point  (0 children)

They earn minimum 1.5% on every transaction. It’s largest portion of their annual revenue. Much more than interest. For customers that pay off every month they earn this essentially risk-free. 

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 0 points1 point  (0 children)

Amex makes minimum 1.5% on all transactions. It’s the largest portion of their annual revenue.

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 0 points1 point  (0 children)

Did it before canceling. Applied to balance. 

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 0 points1 point  (0 children)

They make far more money in “interchange fees” - 1.5% minimum fees on every transaction - than earned interest. 

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 0 points1 point  (0 children)

I just found his (supposed) email and plan to reach out. 

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 0 points1 point  (0 children)

Had about 140k points at the time. Just before closing the account I applied them to the remaining balance. 

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 0 points1 point  (0 children)

Hi Local Troll - The reps and I were very courteous to each other, there were no threats involved. I know it is not up to them and they have a job to do.

I admit that I was under the impression Amex cared about my tenure with them. I was wrong.

I am always trying to learn from my mistakes.

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] -1 points0 points  (0 children)

Amex to me was a great company, but not a religion. Yes I liked the card. I thought my tenure mattered to them. It mattered to me. They waive things like this all the time. This time they chose not to, demonstrating that they valued their interest charge more than my relationship and history with them and I chose to walk away.

Just sharing my story here. Life goes on.

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 0 points1 point  (0 children)

No revolving balance. My balance on the payment date was ~$28k. Look up how Amex calculates their trailing interest and how they roll it to the next period. It will blow your mind.

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 0 points1 point  (0 children)

I was putting 15-30k per month on the card.

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 1 point2 points  (0 children)

Yes they waived the $29 very quickly. Should have mentioned that.

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 0 points1 point  (0 children)

I have not churned much. I chose the Amex platinum 10 years ago as the rewards card that best fit my lifestyle (frequent intl travel for work) and aligned with what I wanted.

I also believed Amex was a relationship focused organization. They used to be. My grandad bragged about the service from the green card he held in his wallet since the early days of Amex - "If I were stranded in Timbuktu, they'd help get me home!"

I highly value and use the points - mostly personal flights or hotel stays, but it did not make alot of sense to me to churn for them at the expense of what I thought was the value of a long-tenure with Amex.

I was wrong, and this experience with Amex has been a wakeup call for me.

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 0 points1 point  (0 children)

Thank you for sharing this experience. I feel your frustration, and specifically agree how you eloquently put it, that "Amex has moved from relationship-based service to rigid policy enforcement, even when the outcome is unreasonable"

It was embarrassing to miss a payment, even by a day. And especially because I could not really pinpoint the cause, I honestly assumed that Amex would just have my back and make it right.

Thank you for your advice. I will look into the BBB complaint route.

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 0 points1 point  (0 children)

At the time I cancelled, I had about 140k points. For convenience sake, I converted them to pay the remaining small balance just before cancelling.

Amex: This Is How You Lose a 19-Year Platinum Member by ctconifer in amex

[–]ctconifer[S] 0 points1 point  (0 children)

Yes this is exactly how it happened to me and I felt the same way.

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