MY GOAL: Get The AmEx Centurion Card - MY PLAN: read in article[ Edited ]
12-05-2009 04:47 AM - edited 12-05-2009 04:52 AM
Hello everybody. This is my plan for getting the AmEx Centurion card.
Step 1: Get AmEx Gold.
Step 2: Spend 500k with it in a year.
Step 3: Wait for the invitation.
It sounds simple, but I'm only 22, my net wealth is in the negatives, and I'm a full time college student. I believe AmEx sends you an invitation once you pass 300k, so just to be safe, I set my goal to 500k. You might ask, "How in the world can you spend 500k if you're broke?" That's a good question, but I think I have the answer. All you have to do, is buy and sell items. Of course, throughout the whole process, you at least have to break even for the plan to work.
What you buy and sell is up to you, but I myself am doing this with high-end computers. I buy them directly from the manufacturers, and I sell them on eBay. I usually get quantity discounts of up to 30%. I don't really care about making money, so my mark-up is only 5%, and that is just to cover the storage and shipping costs. When I drop-ship, I charge the costomer the same ammount that I pay. In reality, my customers are saving up to 30% on each computer I sell, and I am spending thousands on my AmEx.
I was really surprised when I called up AmEx and they told me I had spent 130k in like a 6 month period. I had no idea I was doing such large volume, but 10k here, and 10k there quickly adds up. Hopefully, I will be close to 500k at the end of the year, but just in case I'm not, I plan to buy the rest in gold bullion, and then re-sell the gold to Northwestern Territorial Mint. If I sell right away, I lose like 3% of what I spend on the gold, but if I buy on a dip, I just have to wait for gold to go up 3% then I don't lose anything.
All of this for credit card might be too much work, but what have I got to lose? Even if I get the invitation, I am not sure I can pay the 5k innitiation fee, and 3k anual fee. Hopefully they will negotiate with me and waive the fees, since they are already making money off of me.
Anyways, that's my plan. Post if you have different ideas.