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Major Amex clawback related to self referrals

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Valued Contributor

Major Amex clawback related to self referrals

Waiting for an admin to review the link I sent them from Reddit for approval for posting.

https://www.reddit.com/r/churning/comments/cbuf0q/discussion_thread_july_11_2019/etjpnaq/?utm_source...

https://www.reddit.com/r/churning/comments/cc18gz/amex_mr_clawback_thread_71119/?utm_source=reddit&u...

Huge claw backs of MR points for self referrals. This was a wide spread thing over many travel hacking groups with lots of people touting how great this was and encouraging others to do the same.

It was extremely stupid and now Amex RAT has started to crack down. People are getting the bonuses clawed back and some are loosing their accounts altogether.




Total Revolving Limits $194,600

FICO 8 scores 04/2019
EX-778
TU-714
EQ-716
Message 1 of 33
32 REPLIES 32
Moderator

Re: Major Amex clawback related to self referrals

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.

Message 2 of 33
Valued Contributor

Re: Major Amex clawback related to self referrals

aye, can't say I didn't see this coming. People were too bold.

 
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Message 3 of 33
Moderator

Re: Major Amex clawback related to self referrals

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 

Message 4 of 33
Super Contributor

Re: Major Amex clawback related to self referrals

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.

Message 5 of 33
Moderator

Re: Major Amex clawback related to self referrals

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 Smiley Happy

Message 6 of 33
Moderator

Re: Major Amex clawback related to self referrals

This is why I never trust a bank with their rebate programs, as soon as they can be redeemed they are redeemed nothing is carried for long in my rebate accounts. I detest one way "we can do what we want" agreements.
"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 7 of 33
Senior Contributor

Re: Major Amex clawback related to self referrals

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.

(8/2019)
FICO 8 (EX) 793 (TU) 808 (EQ) 794
FICO 9 (EX) 822 (TU) 827 (EQ) 844

$800K+ club
Message 8 of 33
Valued Contributor

Re: Major Amex clawback related to self referrals

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. 

More cards than I can mention in a signature.
Message 9 of 33
Valued Contributor

Re: Major Amex clawback related to self referrals

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. 

More cards than I can mention in a signature.
Message 10 of 33
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