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Amex devalues Platinum Card with Walmart+ membership


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Hold on a minute there [mention]hegemony [/mention]. I guess you've never seen that massive Wally's over on Rainbow. It has just about everything and is far cheaper and less crowded than any grocery store.

As an extra added bonus, you will find [mention]Kat58 [/mention]working at a check-out counter and [mention]centex [/mention]always there trying to hit on her.


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On 10/16/2021 at 6:33 AM, TheVig said:

IMO it's just a expensive coupon book card now.

 

It's definitely becoming a caricature of itself.  I may hold on for one more $550 renewal next month, but good lord.  

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On 10/13/2021 at 10:35 AM, cv91915 said:

To deliver the perks of Walmart+ to even more customers, we’re teaming up with American Express. 

 

On 10/17/2021 at 9:20 AM, cv91915 said:

It's definitely becoming a caricature of itself.  I may hold on for one more $550 renewal next month, but good lord.  

A few years ago, American Express flagged and marked their cardholders for purchasing goods at Wal-Mart. Now, What is the development of American Express? They're evolving into a pragmatic money maker? :D  

 

If you told people to use the American Express Platinum Card to shop at Walmart a few years ago, people would laugh to death at your suggestion.  :lol:

 

CV, you are right! What a caricature! What ironic irony, contemptuous contempt. 

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On 10/17/2021 at 9:20 AM, cv91915 said:

 I may hold on for one more $550 renewal next month, but good lord.  

The American Express Platinum Card is an extremely expensive annual fee card, priced at $695 per year. 😜

 

American Express is clogging my mailbox with the Platinum Card upgrade offer. So without any travel and entertainment plans or lack of air tickets and car rental and hotel reservations, it is difficult to swallow a $695 annual fee card. 

 

Hahaha, I use my Green Amex at Wal-Mart. After all, it is an NPSL "Debit Card" with a POT of $25,000 in credit.  :D

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The American Express Platinum Card is an extremely expensive annual fee card, priced at $695 per year. 
 
American Express is clogging my mailbox with the Platinum Card upgrade offer. So without any travel and entertainment plans or lack of air tickets and car rental and hotel reservations, it is difficult to swallow a $695 annual fee card. 
 
Hahaha, I use my Green Amex at Wal-Mart. After all, it is an NPSL "Debit Card" with a POT of $25,000 in credit.  

I always get offers for the Platinum business card. For 150,000 MRP, I might go for it for a year.


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17 hours ago, MP80 said:

 

A few years ago, American Express flagged and marked their cardholders for purchasing goods at Wal-Mart. Now, What is the development of American Express? They're evolving into a pragmatic money maker? :D  

 

If you told people to use the American Express Platinum Card to shop at Walmart a few years ago, people would laugh to death at your suggestion.  :lol:

 

CV, you are right! What a caricature! What ironic irony, contemptuous contempt. 

Seriously? Did Amex really flagged their customers for shopping at Walmart or is that just a joke?

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Seriously? Did Amex really flagged their customers for shopping at Walmart or is that just a joke?

A few couple of years ago there was a lot of noise about a guy who had his AmEx card shut down because of, IIRC, unusual shopping patterns. Seems the only place he shopped at was a Walmarts in a poor neighborhood. So the claim was that he got shut down because he shopped at Walmart, though I am not sure if that was ever really confirmed or not.

I seriously doubt, though, it was over shopping at Walmart.


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13 hours ago, StarkRaven$ said:

Seriously? Did Amex really flagged their customers for shopping at Walmart or is that just a joke?

Hehe... Try not to use your AmEx Card on some second-hand clothes in the slums of disadvantaged groups in the metropolis, and you will continue to maintain your membership.  :)  My joke.  :D

 

The slogan of American Express is "Don't leave home without it." When Karl Malden was an actor on the streets of San Francisco, he imitated the famous American Express Traveler's Check advertisement on TV as a law enforcement detective, 70s was an ancient time. Imagine an era when only a few skyscrapers existed, and now the famous Transamerica Pyramid Tower San Francisco has not even been completed. Therefore, at that time, American Express was an "Entertainment Travel Card". Another slogan that American Express kept displaying was "Membership Has Its Privileges" with a mysterious myth: this is a "No Preset Spending Limit" Card. As a result, eye-catching slogans, NSPL myths, and all the hype flooded the travel industry, attracting wealthy consumers to apply for American Express. As my friend PotO said above, someone used an American Express Card to shop in Walmart in a poverty-stricken neighborhood and marked a crapola on the Prestige Card. This means: "What you have done, you think this is a multinational bank like Cross Country Bank Card or an Aspire Diamond Card card? Um? This is how American Express uses American Express cards in entities where poor people often buy goods and merchandise?" It's this depiction of a stain that AmEx trying to avoid all those glorious decades.

 

Recently, American Express lost many of its high revenues from its co-branded partners due to the expiration of the contract. The losses of several money-making entities forced American Express to change its business tactic agreement and expand revenue from different aspects of the credit market to flourish in diverse business communities and growth. :D

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14 hours ago, PotO said:


A few couple of years ago there was a lot of noise about a guy who had his AmEx card shut down because of, IIRC, unusual shopping patterns. Seems the only place he shopped at was a Walmarts in a poor neighborhood. So the claim was that he got shut down because he shopped at Walmart, though I am not sure if that was ever really confirmed or not.

I seriously doubt, though, it was over shopping at Walmart.


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I seriously doubt it too. If he/she uses the card and pays on time then why would Amex care.

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Hehe... Try not to use your AmEx Card on some second-hand clothes in the slums of disadvantaged groups in the metropolis, and you will continue to maintain your membership.    My joke.  
 
The slogan of American Express is "Don't leave home without it." When Karl Malden was an actor on the streets of San Francisco, he imitated the famous American Express Traveler's Check advertisement on TV as a law enforcement detective, 70s was an ancient time. Imagine an era when only a few skyscrapers existed, and now the famous Transamerica Pyramid Tower San Francisco has not even been completed. Therefore, at that time, American Express was an "Entertainment Travel Card". Another slogan that American Express kept displaying was "Membership Has Its Privileges" with a mysterious myth: this is a "No Preset Spending Limit" Card. As a result, eye-catching slogans, NSPL myths, and all the hype flooded the travel industry, attracting wealthy consumers to apply for American Express. As my friend PotO said above, someone used an American Express Card to shop in Walmart in a poverty-stricken neighborhood and marked a crapola on the Prestige Card. This means: "What you have done, you think this is a multinational bank like Cross Country Bank Card or an Aspire Diamond Card card? Um? This is how American Express uses American Express cards in entities where poor people often buy goods and merchandise?" It's this depiction of a stain that AmEx trying to avoid all those glorious decades.
 
Recently, American Express lost many of its high revenues from its co-branded partners due to the expiration of the contract. The losses of several money-making entities forced American Express to change its business tactic agreement and expand revenue from different aspects of the credit market to flourish in diverse business communities and growth. 


Which co-brand partners did AmEx lose?

I don't think the problem is using your card in the slums. The issue -- and this is with almost all credit card companies -- is when you use your card in unusual-for-you circumstances. If you are from the slums and use your card on Rodeo Drive in Beverly Hills, expect a security event. Conversely, if you are from Beverly Hills and use your card in the Los Angeles slums, expect a problem. It's also common sense.

Some banks are more sensitive than others, too. Other times the issue is just random. HSBC recently declined a transaction I made with an Australian merchant online. It didn't seem to click with HSBC that I had used the same card at the same merchant a dozen times in the past three months. Had this happened with AmEx it probably wouldn't have been annoying because they send you an e-mail or an SMS that you can instantly respond to.

HSBC are Neanderthals. You have to call their security team which is 100% outsourced to the slums of Mumbai. After negotiating a barely functioning phone menu designed by Jethro, you reach a staff member who, more often than not, has the English language skills of a dyslexic chimp with marbles in his mouth. Sometimes I think they set these security events just to make their security department look useful and they can keep their jobs.

"Are frome Ooda?" WTF is an Ooda? After 5 minutes of trying to understand WTF he was talking about, he says "It closed Loose Beejass." WTF????? "Capital is Salta Lakie Chitty." Fortunately I have seen the musical "Book of Mormon". Ooda = Utah. Fook HSBC. Their exiting the retail banking and credit market is good thing.


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9 hours ago, PotO said:

Which co-brand partners did AmEx lose?

Sure, here is some fact based on what I've had said. :wave:

 

In the past 5-6 years, AmEx has lost its co-brand partnership with Costco U.S, the announcement follows the termination of the AmEx co-brand program with Costco Canada. The retailer drafted Visa to be its exclusive credit card brand and Citigroup as the co-brander of its proprietary card. The two companies (Costco and AmEx) failed to agree on terms to renew their arrangement. But hooking up with its new partners (Citigroup, Visa ) gives Costco a direct pipeline to a much wider pool of credit cardholders.

 

American Express already was reeling from the loss of its lucrative co-branding partnership with Costco when later Marriott won the bidding war for Starwood, another of Amex’s valued co-branding partners. It wasn’t good news for another loss.

 

In addition, American Express lost their co-branded credit card partner JetBlue, parting ways with JetBlue Airways Corp is another big loss along with the European Union British Airways debacle.

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Sure, here is some fact based on what I've had said. :wave:
 
In the past 5-6 years, AmEx has lost its co-brand partnership with Costco U.S, the announcement follows the termination of the AmEx co-brand program with Costco Canada. The retailer drafted Visa to be its exclusive credit card brand and Citigroup as the co-brander of its proprietary card. The two companies (Costco and AmEx) failed to agree on terms to renew their arrangement. But hooking up with its new partners (Citigroup, Visa ) gives Costco a direct pipeline to a much wider pool of credit cardholders.
 
American Express already was reeling from the loss of its lucrative co-branding partnership with Costco when later Marriott won the bidding war for Starwood, another of Amex’s valued co-branding partners. It wasn’t good news for another loss.
 
In addition, American Express lost their co-branded credit card partner JetBlue, parting ways with JetBlue Airways Corp is another big loss along with the European Union British Airways debacle.

I don't think losing JetBlew is a big deal. Amongst airlines, JetBlew sucks.

Amazon did get Amazon on their business cards. That's a big win. I think they are hoping to get personal cards, too, when the contract with Chase expires. I remember Chase saying they did GAF whether they lost Amazon or not, but then they turned around and raised everyone's limit.

The whole co-brand partner thing is basically a game of musical chairs anyhow. Hell, some partners are even stupid enough to partner with Barclays.


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On 10/20/2021 at 11:30 AM, StarkRaven$ said:

I seriously doubt it too. If he/she uses the card and pays on time then why would Amex care.

During and sometime after the last big economic crash, there was speculation that Amex was using "purchase models" and algorithms to predict which customers would get into trouble, including "first-purchase" location, and Amex would proactively shut down the relationship in advance of anticipated/ predicted trouble. This was early in the days of AI, and it's unclear how the purchase models were developed, but the belief on CB, at the time, was that one should not use Amex at any business that Amex might consider indicative of financial distress, such as Wal*mart. However, the Amex of 2009 is most certainly NOT the same company as Amex of 2021. But then, neither is Wal*mart.

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17 hours ago, swimmingwithsharks said:

During and sometime after the last big economic crash, there was speculation that Amex was using "purchase models" and algorithms to predict which customers would get into trouble, including "first-purchase" location, and Amex would proactively shut down the relationship in advance of anticipated/ predicted trouble. This was early in the days of AI, and it's unclear how the purchase models were developed, but the belief on CB, at the time, was that one should not use Amex at any business that Amex might consider indicative of financial distress, such as Wal*mart. However, the Amex of 2009 is most certainly NOT the same company as Amex of 2021. But then, neither is Wal*mart.

I tried looking up first purchase location and I couldn't find anything. Can you explain that to me?

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10 hours ago, StarkRaven$ said:

I tried looking up first purchase location and I couldn't find anything. Can you explain that to me?

there was some research and even a couple firms selling "first purchase" models where there is risk assessment of where someone transact with a card for the first time. Amex and other bought in for a short period of time. I know someone whose firm (not named Amex) looked into these models and found little correlation between first use and THEIR internal risk scores. IIRC one of the first selling such models was/is Austin Logistics.

 

 

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10 hours ago, StarkRaven$ said:

I tried looking up first purchase location and I couldn't find anything. Can you explain that to me?

see this rabbit hole....

 

 

some trouble maker started the thread around the time he heard about firms marketing these models and that some creditors were testing them out. It led to a lot of banter.

 

 

 

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