Retention Bonus Offer

[HanoiIG]

My wife's AX Platinum is set for a fee on Feb 15. They offered us 20K points if spend $3000 in 3 months. I'm guessing we take it though I'm not sure what to buy. She just got approved for Gold and SPG so there's spend we need on those.

Hey, might it be worth the vig if we can pay mortgage with the card? I'll have to check that out.

 

[jnjustice]

You can always prepay expenses such as auto insurance or buy some gift cards to use in the future or even manufacture the spend if that's your thing.

 

[HanoiIG]

You can always prepay expenses such as auto insurance or buy some gift cards to use in the future or even manufacture the spend if that's your thing.

I have no clue about manufacturing. After 10+ years it may be time for new carpet and a mattress. We have a weekend in NY one in Cleveland and one in Toronto so I’ll use the new cards for hotel and restaurants. Car insurance doesn’t take credit cards. Mobile phone cheap but I can pay a year in advance.

I put the 4 new cards in my wallet and will use them exclusively until I see how I’m doing. AX says you can’t buy gift cards for spend but I think Amazon will work.

 

[jnjustice]

I have no clue about manufacturing.

"Manufacture Spend/Spending" is simply buying a gift card (typically Visa or MasterCard prepaid cards and then getting the cash off of it to pay your credit card. This allows you to "increase" your spend without actually buying any real goods.

AX says you can’t buy gift cards for spend but I think Amazon will work.

American Express doesn't want you buying gift cards to meet the spend, they want people to use their cards as daily drivers and keep them at top of wallet. There are bonuses being withheld as seen in many data points but if you are careful and don't over do it, even buying gift cards will be fine.

 

[HanoiIG]

You can always prepay expenses such as auto insurance or buy some gift cards to use in the future or even manufacture the spend if that's your thing.

Our car insurance doesn't accept credit cards and, before you say "find one that does" we pay about $500/year for full coverage with max liability so why trade that for a couple of thousand credit card points?

 

[asc8u]

Our car insurance doesn't accept credit cards and, before you say "find one that does" we pay about $500/year for full coverage with max liability so why trade that for a couple of thousand credit card points?

You could use Plastiq to pay the car insurance. They'll charge you a 2.5% fee to send a check to your car insurance company
which could be worth it if you're otherwise short on finishing a minimum spend.

 

[HanoiIG]

You could use Plastiq to pay the car insurance. They'll charge you a 2.5% fee to send a check to your car insurance company
which could be worth it if you're otherwise short on finishing a minimum spend.

OK. But for 1000 points pay $12.50. Isn’t it a wash?

 

[asc8u]

OK. But for 1000 points pay $12.50. Isn’t it a wash?

This is mainly useful if you're trying to hit a minimum spend.

For example, you mentioned that you need to spend $3k for 20k MR points with your
Amex Platinum retention offer:
If you had bills/rent to charge all $3k through Plastiq, it would cost 2.5% or $75.
It would only generate 3k MR points but then you'd get the 20k MR point bonus.
At an estimated 1.8 cents per MR point, you could value 23k MR points at $414.

So pay $75 fees and get $414 worth of MR points. Not a huge win but it's not bad
if you don't have any cheaper ways of completing the minimum spend.

 

[HanoiIG]

I get it, but I can pay cable or mobile bills in advance or Amazon gift cards

 

[JDub]

I can pay my electric bill with a credit card for $1.85 fee. I pay $500 as needed so less than half a percent fee. Also, no fee to pay water bill by cc here.

 

[AdamJensen]

Your money is your money, manage it as you wish. it's like asking what time does Netspend deposit funds