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Interesting situation. Need opinions from the experts... or people who know american Express

Established Member

Re: Interesting situation. Need opinions from the experts... or people who know american Express

The 100k was given to him. 

 

 

And for your information the 2012 Tax form shows 11k. So this should be interesting

21 Year Old, College Student in NYC.

Discover IT - 2000 ; Chase Freedom - 2000 ; American Express GPR - NPSL ; American Express Delta Sky Miles Gold - 6000 ; Chase Saph Pref - 9000 ; Citi Thank You Pref - 9500

Message 21 of 71
Super Contributor

Re: Interesting situation. Need opinions from the experts... or people who know american Express


09Lexie wrote:
While this situation raises several alarms; let's remember to be respectful and supportive of each other -friends too. Smiley Wink

Thanks!

I'm certainly not trying to be disrespectful or rude. Sorry if it came off that way. I just figured it's best to be honest and down to earth about his situation, even if it means getting the message across in a not-so-nice way. There's really no sugarcoating certain stuff, such as fraud. 

 

The story itself is somewhat flawed, or that the "friend" is just not too bright (to put it in a nicer way). 100k in balances (doesn't matter where it came from. My guess is that it came from his parents), which probably is making less than 1% interest per annum, and he rather drag high balances and pay interest on some cards that doesn't have any 0% promo. There's really no reason why he isn't using that 100k to pay off that card, unless that 100k that he has isn't meant to be spent (such as parents putting money with him just so he has liquidity in the event of an emergency). This is too stupid ridiculous to be true. 

 

Anyhow, given the situation he has put himself in, it's best he pay off all those balances with his "100k balance", close the Amex accounts, and walk away from Amex for the near future. And hopefully, he learns his lesson and doesn't put himself in the same situation again.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 22 of 71
Super Contributor

Re: Interesting situation. Need opinions from the experts... or people who know american Express


Jmdurbz wrote:

The 100k was given to him. 

 

 

And for your information the 2012 Tax form shows 11k. So this should be interesting


WOW 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 23 of 71
Established Member

Re: Interesting situation. Need opinions from the experts... or people who know american Express

I was telling him during the 2 months the same thing. Why are you not paying in full. Is it more attractive to you that your checking account is still high? 

 

Kept telling him your paying interest.... didnt seem to care. Interest seems to be the least of his problems now. 

 

 

Will see what Amex does. I will let you guys know

21 Year Old, College Student in NYC.

Discover IT - 2000 ; Chase Freedom - 2000 ; American Express GPR - NPSL ; American Express Delta Sky Miles Gold - 6000 ; Chase Saph Pref - 9000 ; Citi Thank You Pref - 9500

Message 24 of 71
Community Leader
Senior Contributor

Re: Interesting situation. Need opinions from the experts... or people who know american Express


myjourney wrote:

Jmdurbz wrote:

The 100k was given to him. 

 

 

And for your information the 2012 Tax form shows 11k. So this should be interesting


WOW 

 


Message 25 of 71
Super Contributor

Re: Interesting situation. Need opinions from the experts... or people who know american Express


Jmdurbz wrote:

I was telling him during the 2 months the same thing. Why are you not paying in full. Is it more attractive to you that your checking account is still high? 

 

Kept telling him your paying interest.... didnt seem to care. Interest seems to be the least of his problems now. 

 

 

Will see what Amex does. I will let you guys know


Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 26 of 71
Moderator Emerita

Re: Interesting situation. Need opinions from the experts... or people who know american Express

@enharu

It was a preemptive request because I can see how this post might ruffle some feathers. Smiley Tongue
Message 27 of 71
Community Leader
Senior Contributor

Re: Interesting situation. Need opinions from the experts... or people who know american Express


Jmdurbz wrote:

I was telling him during the 2 months the same thing. Why are you not paying in full. Is it more attractive to you that your checking account is still high? 

 

Kept telling him your paying interest.... didnt seem to care. Interest seems to be the least of his problems now. 

 

 

Will see what Amex does. I will let you guys know


Best of luck on whichever option he decides to take.  It's not gonna be a walk in the park for sure but hopefully this will be a lesson learned.

Message 28 of 71
Super Contributor

Re: Interesting situation. Need opinions from the experts... or people who know american Express


Jmdurbz wrote:

I was telling him during the 2 months the same thing. Why are you not paying in full. Is it more attractive to you that your checking account is still high? 

 

Kept telling him your paying interest.... didnt seem to care. Interest seems to be the least of his problems now. 

 

 

Will see what Amex does. I will let you guys know


He sounds like one of those college kids who's trying too hard and often spend beyond their means as a result. Most of the money is usually spent on trying to impress girls, in order to pass off the image that he's rich. It's one of those typical guys that often end up making a mockery out of himself.

 

Anyhow, best of luck to him.

Do pay off those balances ASAP.

 


09Lexie wrote:
@enharu

It was a preemptive request because I can see how this post might ruffle done feathers. Smiley Tongue

Yea I understand. My post wasn't phrased in the most supportive language either. 

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 29 of 71
Moderator Emerita

Re: Interesting situation. Need opinions from the experts... or people who know american Express

I certainly hope you learn from his mistakes. In case the income was inflated a little on your recent apps, best thing is to keep your spending within your income levels and not carry balances.
Message 30 of 71