cancel
Showing results for 
Search instead for 
Did you mean: 

Amex Cash Magnet

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Highlighted
Valued Contributor

Amex Cash Magnet

I hadn't planned on this but................................

 

 2 1/2 weeks ago we bought a new car for DW.

 

This week I took DDs car in for some exhaust work.   In addition to the exhaust she needs ball joints, control arms, tie rods, and struts.  So it would cost more than we paid for the car to repair it.   So the plan is to get her another junker.

 

I am planning of using Plastiq for about $2,500 in addition to the cash DD has saved for the Junker.   Plastiq would charge my brand new Amex Cash Magnet.  The SUB would more than pay for Plastiq fee and I would still get the 1.5% cash back.   And then I have 0% for 15 months.  I was given an SL of $2,000, but I moved $11,500 from my BCE so that both now have a CL of $13,500.

 

 


FICO 8 Starting Score

Current Scores






Message 1 of 15
14 REPLIES 14
Community Leader
Super Contributor

Re: Amex Cash Magnet

Congrats on your approval! 

EX 753 EQ 769 TU 755
Message 2 of 15
Senior Contributor

Re: Amex Cash Magnet

App'ers gonna app.

 

Congrats.

Message 3 of 15
Community Leader
Super Contributor

Re: Amex Cash Magnet

Congrats there, @MakingProgress!

FICO 08 Scores (Mar-19): TU 808, EQ 795, EX 787

Message 4 of 15
Moderator

Re: Amex Cash Magnet

Very nice... I love it when a plan comes together!  Smiley Very Happy

 

Congrats!  screamer.gif

Message 5 of 15
Valued Contributor

Re: Amex Cash Magnet

YOU...

awesome congratulations GIF by Slanted StudiosCONGRATS on your Approval and Thanks for the DPs!!!

AMEX BCE $4K | AMEX Cash Magnet $15K | Citi DoubleCash WEMC $12.2K | Citi AAdvantage WEMC $12.5K | Discover $15.5K | OpenSky $300 BB&T Cash Rewards $4.5K | Synchrony (PayPal Credit $4K, Care Credit $15K, & PayPal 2% MC $10K) | BBVA Compass Rewards VS $10.5K |
TCL - 100K+ | Rebuilding since April 2018
Message 6 of 15
Valued Contributor

Re: Amex Cash Magnet

And a wrench just got thrown in the plan.

 

I checked with Plastiq and I can't use Amex for this, I can use Visa or MC.  So to make this work lets do some math. 

 

$2,500 needed at 0%

+$62.50 Plastiq 2.5% fee

-$50 Cash Back on Citi DC at 2%

+$125 BT Fee to BT it to Amex CM.

=$2637.50 at 0% until June 2020.

 

So in reality I am paying $137.50 or 5.5% in fees to do this. The BT will not count as a purchase, but $1K in spend gets me $150 sub and $15 in cash back, but I am losing $5.00 in cash back by charging here instead of on my Citi DC.   So I still come out ahead and in effect have financed a car for 0% and even have an extra $22.50 in my pocket or have made a profit of 9%.

 

Not as good as it would have been if I could use Amex, but it still works. 


FICO 8 Starting Score

Current Scores






Message 7 of 15
Senior Contributor

Re: Amex Cash Magnet

Congrats on your approval  !!!!

 

 

 

 

3-2019 / Fico 8 EX 802 , EQ 803 , TR 805
Amex ED 22k , CSP 17k , Discover iT 12.5k , Fifth Third Bank S2C 12k , BofA Cash Rewards 10k , Avianca Vida 10k , State Farm Good Neighbor Visa 10k , Citi DD 6k , Union Bank Rewards 5k
Message 8 of 15
Community Leader
Senior Contributor

Re: Amex Cash Magnet

Congrats on the approval.




Message 9 of 15
Valued Contributor

Re: Amex Cash Magnet

Congrats on your success!!

American Express Business Gold(NPSL 10k) Chase CSP (25k) BofA CR Siggy (20.8k) BofA BBR (22.1k) Pier 1(20k) Amex BCP(18k) Overstock (17.6K) Lowes (17K) NFCU CLOC (15K) NFCU VS Cash (15K) Care Credit (15k) J Crew( 10.9k)Venture WMC (10.25k) Amex Everyday (10k) Chase Slate (10k) Walmart MC(10k) BB Visa (10k) Discover(9.5k☝️) PayPal Cashback Mastercard (8k) Chase FU (7.4k) Citi AAdvantage Gold World Elite (8K) Citi Double Cash (7k) Fidelity® Rewards Visa Signature® Card (6.5K) PenFed PCR (5K) PayPal Credit (4550)Discover (4.5k✌️) Kohls (3k) Chase Freedom (1500)

Mortgage May 2017 - 2 auto loans (1 PenFed and 1 Navy) Aug 2018=98K
Gardening until Aug 2020

FICO 8 Scores EX 698(10) EQ 711(13)TU 707(12)
AAOA 3.8yrs TCL=321,600
Message 10 of 15