Amex bonus miles questions

Anonymous · ‎02-04-2012

Hi got approved for amex spg with bonus 15k miles for spending 5k in 6 months.

Any ideas how to reach 5k spending target because my monthly avg spending on credit cards runs about $600.

pizzadude · ‎02-04-2012

Congrats on the approval !!!

Do you have any business trips whee you could use the card for hotel or airfare ? Are any friends or family planning major purchases that could charge on their behalf ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

Anonymous · ‎02-04-2012

Theres several ways to do this, it just depends on your ethics. People used to buy money from the US Mint and then deposit it in their checking accounts. That is no longer allowed but there are other companies that you can charge yourself with and then deposit it in your banking account for free. Then you have the ones that do it for a fee like Paypal, Square, Intuit. And finally, you have the normal expenses and family type reimbursement.

pizzadude · ‎02-04-2012

@Anonymous wrote:
Theres several ways to do this, it just depends on your ethics. People used to buy money from the US Mint and then deposit it in their checking accounts. That is no longer allowed but there are other companies that you can charge yourself with and then deposit it in your banking account for free. Then you have the ones that do it for a fee like Paypal, Square, Intuit. And finally, you have the normal expenses and family type reimbursement.

I would strongly advise you to NOT do any of the above unless you wouldn't mind additional scrutiny from AMEX, possibly in the form of a FR. People who have done these types of transactions have been shutdown and/or FR'd, so don't go there.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

Anonymous · ‎02-04-2012

@pizzadude wrote:
@Anonymous wrote:
Theres several ways to do this, it just depends on your ethics. People used to buy money from the US Mint and then deposit it in their checking accounts. That is no longer allowed but there are other companies that you can charge yourself with and then deposit it in your banking account for free. Then you have the ones that do it for a fee like Paypal, Square, Intuit. And finally, you have the normal expenses and family type reimbursement.

I would strongly advise you to NOT do any of the above unless you wouldn't mind additional scrutiny from AMEX, possibly in the form of a FR. People who have done these types of transactions have been shutdown and/or FR'd, so don't go there.

Many got FR'd by buying coins, but you can no longer do this. PP, Square, and Intuit are legitimate if you are using them for a business. Never had a problem with them in over 2 years.

Open123 · ‎02-04-2012

From what I've seen, any cashlike transaction that has the appearance of circumventing their "cashadvance" TOS may be flagged for some kind of review. This may not result in the full 4506T thing, but certain they will request copies of invoices, related accounts where the funds have gone, and bank statements.

If it appears you've paid yourself, then you may face some kind of adverse action.

pizzadude · ‎02-04-2012

@Open123 wrote:
From what I've seen, any cashlike transaction that has the appearance of circumventing their "cashadvance" TOS may be flagged for some kind of review. This may not result in the full 4506T thing, but certain they will request copies of invoices, related accounts where the funds have gone, and bank statements.

If it appears you've paid yourself, then you may face some kind of adverse action.

That's what I'm saying. Tread VERY LIGHTLY when you are using those services. Running $5,000 through the card on paypal to yourself is NOT a good idea.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

Anonymous · ‎02-04-2012

@pizzadude wrote:
@Open123 wrote:
From what I've seen, any cashlike transaction that has the appearance of circumventing their "cashadvance" TOS may be flagged for some kind of review. This may not result in the full 4506T thing, but certain they will request copies of invoices, related accounts where the funds have gone, and bank statements.

If it appears you've paid yourself, then you may face some kind of adverse action.

That's what I'm saying. Tread VERY LIGHTLY when you are using those services. Running $5,000 through the card on paypal to yourself is NOT a good idea.

+1 I should have put the warning "Dont go overboard" 500 here and there maybe. Not a large amount in one day.

Open123 · ‎02-04-2012

@Anonymous wrote:
@pizzadude wrote:
@Open123 wrote:
From what I've seen, any cashlike transaction that has the appearance of circumventing their "cashadvance" TOS may be flagged for some kind of review. This may not result in the full 4506T thing, but certain they will request copies of invoices, related accounts where the funds have gone, and bank statements.

If it appears you've paid yourself, then you may face some kind of adverse action.

That's what I'm saying. Tread VERY LIGHTLY when you are using those services. Running $5,000 through the card on paypal to yourself is NOT a good idea.
+1 I should have put the warning "Dont go overboard" 500 here and there maybe. Not a large amount in one day.

Yes, $5k/month like clockwork is not a good idea! LOL While it may be legitimate, and you if you can show invoices and bank statements backing the veracity of your transactions, then AmEx will be fine with it. But, you run the risk of them asking you.

Now, for stuff like 500 here, 250 there, and 428 there--they couldn't care less.

mxp114 · ‎02-04-2012

@pizzadude wrote:
@Open123 wrote:
From what I've seen, any cashlike transaction that has the appearance of circumventing their "cashadvance" TOS may be flagged for some kind of review. This may not result in the full 4506T thing, but certain they will request copies of invoices, related accounts where the funds have gone, and bank statements.

If it appears you've paid yourself, then you may face some kind of adverse action.

That's what I'm saying. Tread VERY LIGHTLY when you are using those services. Running $5,000 through the card on paypal to yourself is NOT a good idea.

I'm just curious, how exactly do you pay yourself? I never knew you could. Unless you mean creating two accounts in your name and literally paying yourself? How would they verify if you paid yourself, if for example you sent the funds to a friend or actually paid someone $5k?