amolkold

I have done this, too, and haven't had any problem (maybe you are two roommates who split paying utility bills to the same provider ...)

hawkandhoo

Even if you were dumb enough to try that, it wouldn't work, because of the daily and monthly BB limits.

distantarray

that's why it's stated payments each day as you load but there are people who have helped kill the deal like TPG buying $20,000 in one day of ice cream at OD with a Ink

Corridor!

In the beginning, I would only pull out a few hundred a week. Now I make one withdrawal each week for around $500. The most I have been able to pull out at once was $520. I have never paid an Amex card with it or any card that has purchased a Bean. I sent money twice to my bank account. I do use the bill pay feature for all it's other benefits. I will also make a small purchase here and there.

I try not to load money and w/d money in the same day. I have done so but it was hours apart. I think it would be suspicious to load it at Wal-Mart with my WF card just to w/d $300 from the ATM minutes later.

I was able to purchase a money order with it at a grocery store. I didn't realize that it wouldn't ask for my pin. The store said something to me about it but they let the sale go through.

NYBanker

Use your card for small dollar swipes. Amex makes money on swipes and not much else with this product. When shut downs happen, that will invariably be a factor.

outthemirror

subscribed. Currently, no luck for me to find a VR at PHX, I know, I didn't try many CVS stores.

MDWCommuter

I also think it helps to leave a balance on the account. My 30-day average balance is probably > $2000. I move verrrrry slowly with my BB.

IkeEsq

Don't be a pig.

Mainly, I use BB to pay mortgage and son's daycare, neither of which accepts credit cards. I don't withdraw funds to my bank or send checks other than to pay bills. I paid US Bank <$100 for each of my wife and my first statements because I hadn't figured out how to pay electronically yet and didn't want to send checks. Otherwise, I don't pay credit cards with it. I make some purchases using BB every once-in-a-while, especially if it helps to clear out the balance.

All funding through VR, purchased 1K at a time from CVS with a few small items tossed in so it is never $1007.90. Whatever I might need at the moment. CVS is getting some purchases I would normally make at the grocery, Target, etc. so they are not losing money. I don't purchase more than once per card in any month. I make a few purchases on a new card before buying ice cream.

Just some thoughts.

arlflyer

Agree 100% with IkeEsq.

C'mon people, don't ruin it for everyone. Pay the mortgage, student loans, auto loans, rent, insurance, whatever, of course. That's what this product is designed for (partially). But I think sanity should prevail with respect to the "circular" transactions and such. That's going to get the whole thing shut down.

nwflyboy

Good advice. ^

jrey

Loaded $5k in 5 days and then paid $5k to an Ink card at once. No problem.

distantarray

i always throw some cash in to lower it, then keep a similiar range each month. seems safer. Also if they ask you can always say your ambilify medication runs that much (it does) or state that you don't like your cc number over the net, so your buying amazon gift cards.

nwflyboy

Lots of medications cost big bucks. For folks with no insurance or crappy insurance (and even some with good insurance), pharmacies can be a major expense.

daringtofly

Lots of voodoo in this thread. Sure, we all have experience with [perks-earning through manufactured spend on] products like this and it's unlikely that AMEX has completely rewritten their policies when they made it. However, it is a new product designed for the teeming millions of "underbanked" and unless you're in charge of BB at AMEX you have no idea how they are monitoring for suspicious transactions and if/how they will respond once they find them.

The biggest foolishness on display here is thinking that the encouragement of restraint in one tiny FT thread will stem the floods on this one. After years of minty famine, mana has fallen from heaven and the swine are gorging. The blogs laid it all out there, and forums many times our size are lashing this horse at 18,000,000 BPM. Either AMEX loves all this attention or it doesn't, but we certainly aren't going to be the determining factor in that.

IkeEsq

Huh? Did I miss something here? The purpose of this thread, as best as I can determine, is to give thoughts on how an individual can avoid getting their individual account shutdown by the Cardinals. We can't affect the pigs and we can't affect the multitudes. However, we can affect our own behavior and the chances for keeping our own accounts open as long as possible.

Plenty of people got their Venmo and AP accounts closed by opening multiple accounts. Meanwhile, I pushed the maximum on Venmo each month and not only got an increase in the maximum but was able to add a fourth card. Why? Because I am not a pig and I am not an idiot. If I can make my account profitable for AmEx without it costing me any money then I will do that in the hopes of keeping my account open. It isn't that difficult.