Macroeconomics, contrary to popular belief, is actually interesting and good. Having done significant research into macroeconomic policies and the implications on interest rates and cash flow for nations, I somehow ended up comparing credit card benefits around the world.
Specifically, it is interesting to view the fees and benefits associated with a particular card from a particular credit provider that offers the card across different geographical regions.
For example, American Express (Amex) offers their esteemed Platinum card in many major markets, including the U.S. and Australia.
Below is a comparison of the features, benefits and fees of this card between the two markets where significant or noteworthy deviations occur. I have emphasised which country I believe has the best value for each of criterion.
United StatesAmex Platinum Card |
AustraliaAmex Platinum Card |
|
Annual fee |
US$450 | AU$1200 |
Minimum income requirement |
None, but must have good credit rating | AU$100,000 |
Introductory points |
40,000 MR points when you spend $3,000 in the first 2 months | 80,000 MR points when you spend $500 in the first 2 months |
Foreign transaction fees |
None | 3% of the converted value
Conversion rate often not market rate |
Airport lounge access |
The Centurion Lounges, Delta Sky Clubs, Airspace Lounges, Priority Pass Select | Virgin Australia Lounges, Priority Pass |
Travel credit |
US$200 | AU$200 |
Earning additional points |
|
|
As you can see, Amex U.S. appears to be far more willing to accept people with lower incomes while generally providing better features and far more significant access to lounges.
This contrasts with Amex Australia, which attempts to restrict those who can apply to maintain its ‘elite’ status, while also being far more generous on the allocation of Membership Rewards (MR) points.
Which one is better overall? I would say the U.S. card, without a doubt.
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