Thanks for the DPs and intel @Shadowfactor. It lasted while it did for many that were able to use that method, but not surprised that AmEx's RAT would eventually clamp down. I think there were some rumours floating around that this wasn't going to be sustainable and it was a matter of time before the other [AmEx] shoe dropped.
aye, can't say I didn't see this coming. People were too bold.
Wonder if that is why one of my amex gold card referrals has yet to hit my account and it was legit(old boss) from about a week back on his approval? Will cause a stink after another few weeks if not
This was inevitable and people only have themselves to blame honestly. Everyone in the credit world knows the RAT team has been in place for quite awhile now and obviously self referrals weren't going to fly under the radar. Can't say I really feel bad for anyone in this scenario as this was clearly gaming the system.
In all honesty this was such a simple programming fix for amex to perform you wonder why they haven't closed this loophole vs having this backlash --- smh.. I agree it wasnt smart for people to do at all, but i suppose greed obviously took over, be interesting on the tax issues for said reported bonuses on taxes on how all that will be handled, what a mess
In reading the threads it's pretty clear that the whales are the ones being targeted. The smart ones already knew to cash out their MR ASAP and be ready to bail on AMEX if their accounts suddenly showed a negative balance.
It's part of the game. If you don't know how to play at that level eventually you're going to get burned.
This is hardly a surprise. I was wondering why Amex allowed this for so long. P1 to P2 referals make sense but that was just playing with fire.
I was reading some military guys blog where this was this trick. Seems Amex waives annual fees for active Military. So he would get Amex Business Green after Amex Business Green. That card waives the annual fee the first year and only has a 5k sign up bonus which he wouldn't get. So he would call in as soon as the card was approved and have the card upgraded to Amex Platinum with a 50k upgrade offer. He said just keep doing it over and over again. I thought that was wrong because Amex will eventually stop waiving annual fees for active military.