Amazon payments question

Srinik

Level 2 Member
Hello Forum,
I would like to use Amazon payments to fund my child's savings account.
Are there any issues doing this?
Wanted some input from folks here :)
 

Matt

Administrator
Staff member
Hi Srinik,

I'll answer this seriously before deciding where to move it.

I want to foster a positive environment on this forum, and not have it flame filled like you can see at Flyertalk and others. However, I can't do that alone, and it will take some effort from people who post to create this. In other words I can't moderate everything...

Your comment here is the type that would create a flaming reaction because:

You are talking about Amazon Payments in the general discussion area, when there is an entire section of this forum that is dedicated to manufactured spend (included threads on AP) that you brought it up at all on a points and miles forum implies you know that AP does relate to manufactured spend. I can understand that not everyone understands the format of the forum though.

The question is unusual. I take it one of two ways: it is someone trying to indirectly say they are aware of AP and want to show some knowledge without really wanting to know the answer to their question. Or it is a genuine question. If it is a genuine question, then the way to ask it would be in more depth. The simple line 'are there any issues?' is far too broad, and could be expanded upon in order to become specific. If you would like to use AP to fund the childs saving account what do you know of AP already etc...

We do have a "Flame Free Newbies Thread" and we do have multiple AP threads.... and I would be happy to move this to either, but the question needs a little padding out on your side in order to get the proper response.

Cheers,

Matt
 

Srinik

Level 2 Member
Thanks Matt for enlightening and educating me and appreciate your response. I am new to this hobby and trying to learn as much as possible by reading the blogs and forum. I apologize i did not do my complete homework before posting the question. You can move it to MS thread as appropriate.

Now, to add the reasoning behind the question... I was curious if i could create AP account for a child less than 18 years to genuinely fund savings account... I did find out that it is possible by going through AP faq afterwards. Other thought that i was struggling with is whether i am crossing the line. There are lot of grey areas in this game that are shrugged off as no big deal... the CC bloggers encourage the newbies to apply for Business cards even if you don't own a business. I had tough time resisting the urge to apply Chase Ink 60000 UR deal when everyone was marketing as if it was end of the world : (

I am just trying to figure out where i should draw the line. I will be more specific with my posts in future. Thanks again!
 

Matt

Administrator
Staff member
Thanks Matt for enlightening and educating me and appreciate your response. I am new to this hobby and trying to learn as much as possible by reading the blogs and forum. I apologize i did not do my complete homework before posting the question. You can move it to MS thread as appropriate.

Now, to add the reasoning behind the question... I was curious if i could create AP account for a child less than 18 years to genuinely fund savings account... I did find out that it is possible by going through AP faq afterwards. Other thought that i was struggling with is whether i am crossing the line. There are lot of grey areas in this game that are shrugged off as no big deal... the CC bloggers encourage the newbies to apply for Business cards even if you don't own a business. I had tough time resisting the urge to apply Chase Ink 60000 UR deal when everyone was marketing as if it was end of the world : (

I am just trying to figure out where i should draw the line. I will be more specific with my posts in future. Thanks again!
Thanks Srinik - so what is 'the line' that you thinking you may be crossing? Is it ethical, legal, tax reasons? Let's drill down on that and then we can help you understand.

Some things are good to be worried about, but there is too much swept into 'Grey Areas' that we can help explain and understand.
 

Srinik

Level 2 Member
Its the fear of unknowns.... legal, tax etc. I do not want to overlook the pitfalls without knowing what i am getting into. So, i had some time to look into the options and here is what Amazon payments faq says:

Are Children Allowed to Use Amazon Payments?

Our Services are not intended for use by children. Only persons 18 and older are permitted to establish accounts. If you are under 18, you may use our Services only with the involvement of a parent or guardian.


I tried to create an account as a parent but it did not work with the DOB of the child.
 

PointsEarner615

Level 2 Member
My first reaction to this was why you'd use Amazon Payments for a child's savings account when it garners no interest? TreasuryDirect has always worked for me when funding the niece's college fund. TreasuryDirect pulls that money out of your account before you've had a change of heart, so it enforces savings. Admittedly, the interest rate on an I-Bond is just about at historical lows, but the inflation protection and flexibility of funding are major advantages.

Best thing as well as that it's tax free if the money is used for college.
 
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