Programs: CX DM, LH SEN, AA PLT, Starwood PLT, Marriott PLT, Hyatt DIAM, Amex Centurion
Posts: 1,879
I actually think spending by supp card holders will actually go into the basic card holder's AM account:
Quote:
As a Basic Cardmember you'll earn......Asia Miles faster with Supplementary Card spend.
And I'm quite sure you should still be able to apply for this card even if you hold some other AmEx charge or credit cards - it seems to be positioned as a quite different product. a bit unlike AmEx Krisflyer/Cheung Kong credit card where upon successful application of one of these cards, your existing "normal" AmEx credit card will be cancelled and balance transferred to this new credit card - so out of the three types ("normal"/Krisflyer/Cheung Kong) you can only have one at a time; same for "normal" AmEx charge card vs. Peninsula charge card. but so far I haven't seen any clause like this for the new CX card yet.
Recalling from a conversation with Amex ~2 years ago, I believe it is 2% for Amex credit cards and 3% for amex charge card.
Yes - this one 2% as well, but the problem is that all non-US$, non-HK$ charges get converted first to US$ and then to HK$ incurring two currency spreads, totalling 4%.
I wonder whether there will be any additional special sign up offers for existing MPO members. I'm waiting to see if they have any direct mailing offers to attract join up for this card.
I notice that Amex is also advertising the card through Flyertalk banner ads now at the top of the CX forum (they have different ads for different people so you might not see it).
Programs: CX DM, LH SEN, AA PLT, Starwood PLT, Marriott PLT, Hyatt DIAM, Amex Centurion
Posts: 1,879
yes, non-USD transaction will be converted to USD before being converted again to HKD, but, are we sure that it means 2 x 2% commission ? because in the T&C, it actually said "a single conversion commission of 2%"...doesn't necessarily mean each conversion will get a 2% ? maybe it means each transaction (despite requiring 2 conversions) will get a single 2% commission ? I don't know, just a thought...
Quote:
13. FOREIGN CURRENCY CHARGES If you make a Charge in a currency other than Hong Kong Dollars, that Charge will be converted into Hong Kong Dollars. The conversion will take place on the date the Charge is processed by American Express, which may not be the same date on which you made your Charge as it depends on when the Charge was submitted to American Express. If the Charge is not in U.S. Dollars, the conversion will be made through U.S. Dollars, by converting the Charge amount into U.S. Dollars and then by converting the U.S. Dollar amount into Hong Kong Dollars. If the Charge is in U.S. Dollars, it will be converted directly into Hong Kong Dollars.
Unless a specific rate is required by applicable law, you understand and agree that the American Express treasury system will use conversion rates based on interbank rates that it selects from customary industry sources on the business day prior to the processing date, increased by a single conversion commission of 2%. If Charges are converted by third parties prior to being submitted to us, any conversions made by those third parties will be at rates selected by them.
yes, non-USD transaction will be converted to USD before being converted again to HKD, but, are we sure that it means 2 x 2% commission ? because in the T&C, it actually said "a single conversion commission of 2%"...doesn't necessarily mean each conversion will get a 2% ? maybe it means each transaction (despite requiring 2 conversions) will get a single 2% commission ? I don't know, just a thought...
I swear I read somewhere that most major foreign currencies such as the GBP, JPY, EUR and CAD (may have missed a few) no longer require a conversion to USD first. I think that was a mailing from Citi CX card, on a monthly statement or something. But then, I can't be sure anymore. I must have gotten this info somewhere and perhaps it was from an AMEX statement??? This is what happens when you have too many plastics in your pocket!
In any case, as a rule of thumb, AMEX always have higher FX conversion charges than Visa/Mastercard. I see no real tangible benefits with this CX AMEX card vs. the Citi PremierMiles card although the latter is scarce in details on what exactly they offer other than same point earnings as before. The HK version of the CX AMEX card seems to better than the Taiwan version. It seems as though AMEX Hong Kong is more aggressive in targetting the existing Citi CX customer base than does its counterpart in Taiwan. There are some pretty good $1 for 2 miles AMEX cards in the U.S. right now by Bank of America for Asiana and Virgin Atlantic and you don't have to pay any FX charges if you spend them in the U.S., which IMO, is better than this new CX AMEX.
Citi has treated me very well and I racked almost half of a million Asia Miles last year thanks to them. So far, I see no reason to ditch a Visa that has the same earning potential than the far more expensive and restrictive AMEX.
So far, I see no reason to ditch a Visa that has the same earning potential than the far more expensive and restrictive AMEX.
The CX Amex only has 2 +ves for me ... great introductory offers and the card looks very nice. Once I've paid the conversion fee for the intro miles, I don't see myself using it very much. In fact, I'd probably cancel it once any miles clawback period has passed.
I quite like the travel insurance included as well. Since my other cards no longer have that I had been purchasing separate policies, so there are some savings there.
If it doesn't then what is the point of telling us that they are going to perform two conversions?
Can anyone with an existing HK$ Amex shed any light on this?
When I moved to Hong Kong I noticed these T&Cs as well. I believe it is perhaps related to US companies (somebody mentioned Citi has this T&C as well, but I know that Dah Sing and HSBC do not seem to). However, as somebody said, the 2% is not added on BOTH conversions, just on the overall. So you may lose slightly on the double-conversion exchange rate but not on a double fee.
Also, given that the HKD is pegged to the USD, I'm surprised people see this as a big issue. The extra miles on overseas should make up for the slight difference in conversion as compared to another product, no?
But Amex has exactly the same miles as Citi Premier Miles on HK$ and overseas expenditure. Citi converts at 2% off interbank from most currencies (or a touch under for US$) in my experience.
