Let’s begin with how great this service is. If you choose goods/services sender pay NO fees and the recipient pay NO fees for receiving money. Do not use ‘Cash Advance’ as that is exactly that. Your credit card will be charged as a cash advance.
You may already know that I have the Chase Amazon card, well, I’ve tried it already. Only 1% back. Not 3%. When I pay my graphic designer, I will be sure to send a down payment, then either pay in installments, or in full. We still have not negotiated terms yet, but let’s play with some numbers.
Say she charges me $500, I will use my Freedom card and pay her $100, in 5 installments. I’d net 120 points, 100 points for each dollar, 10% (10 points) of that, and 10 points for each transaction. The variable here is the more transactions the more 10 points you’d receive. So in total, for me I’d get an extra 50 points.
Don’t go running off and send small transactions, Chase will close out your Freedom card for abuse. In addition, if you receive more than 200 transactions AND $20,000, Amazon will report your earnings to the IRS.
