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I got the letter as well. I intend to do a few things about it. My anniversary date is August so in JUNE I will do a few things:
1. Pay up completely on any amounts and not use at all.
2. Wait until all my points are pushed into the AmEx card and then transfer it all to Qantas.
3. Confirm the transfer from AmEx
4. Call AmEx to let them know I will be cancelling the card (do this at least 5 weeks before anniversary date) and let them know that it is because of the increased fees.
Usually you will get the call center dude offering you incentives to stay such as another free year. This is dependent on how much you spend of course.
If you cannot get them to waive this fee then simply cancel the card. You have already taken out all your points so you are not going to lose out on anything.
Regards
Daniel
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