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The street is concerned about the cost of axp's reward program, we should all be careful. Avoid those stores reporting L3 data unless the purhcase (for credit/reward/offer) is explicitly allowed.
The question is Amex taking things to far I wonder? I know I can no longer atm get sign-up bonuses for new card yet I use my cards for decent spend, etc. I like the fact they still will approve new cards, but their language of gaming the system is very broad. I suppose that is why every 3-6 months you see another article saying amex sent out checks or bonuses to people that never got them as maybe they are worried about getting hand slapped or a lawsuit? I think they have being the RAT team has taken it to the extreme, although I still like being able to get more cards with them albeit with the bonus. So pros/cons with amex at least for me. I don't think I will be obtaining anymore new cards with them as their AF's keep going up, yet they keep cracking down more and more than any other lender it appears. I do like amex, but they have their things that peeve people. Some completly innocents are getting impacted about how far they are going IMO as well. shrug
Glad I went with socks.
The interesting thing is Amex has given out explicit Amex Offers for gift card suppliers, the latest one for my BCP being HappyCards.com, $15 off a $100 card. You would think Amex was implying merchant gift cards were allowed.
We will see.
I'll likely be the odd person out on this, but by them leading the charge on abuse crackdown, it's also more likely that they will maintain their industry-leading signup bonuses and rewards systems. It's not like they are making up the rules as they go along, as they're clearly laid out in the terms and conditions (example: the travel credit on charge cards has always specifically excluded gift cards, but there was an uproar when Amex "took them away").
From all of the reports that I have seen, "innocent bystanders" aren't very common with these crackdowns. Buying a single GC somewhere that reports L3 data is very unlikely to concern the RAT, and it is far more likely that they are looking for patterns of abuse. I buy Delta gift cards from the Staples website every time there's a 10% or 15% Amex Offer for Staples (which I know reports L3 data because I see itemized billing for business purchases on the Business Platinum Card at work), and have never had a problem because gift card purchases are a very small percentage of my annual spending with American Express and make up only a few of many hundreds of purchases each year. It's going to be transactions or a pattern of transactions outside of the norm that are going to be triggering red flags for them.
Edit:
FWIW the terms on the Sak's credit reads: "Not valid on Saks Fifth Avenue Gift Cards or purchases at outlet locations (in stores and online)."
And as far as the self-referrals, I'll bite my tongue but those who did it should not be shocked.
@FieryDance wrote:The interesting thing is Amex has given out explicit Amex Offers for gift card suppliers, the latest one for my BCP being HappyCards.com, $15 off a $100 card. You would think Amex was implying merchant gift cards were allowed.
We will see.
There's no problem with purchasing merchant gift cards, unless there is a credit being issued where the terms specifically exclude gift card purchases.
@K-in-Boston don't disagree with anything you say and understand why they do the things they do, doesn't mean I have to love the extremes on the RAT team recently .
Staple offer explicitly only excludes gc purchase in "bulk".
All i'm saying, if you want to buy gc for offers, read the term first. If you want to buy gc for multipliers, do it where L3 data isn't reported (like a grocery store). Better safe than sorry, lol.