Making/Leveraging $10K Amex Biz Spend
Jun 20, 2012, 2:53 pm
#1
Original Poster
Join Date: May 2008
Location: PHL (kinda, no airport is really close)
Programs: AA Exp, but not sure for how long. Enterprise Platinum woo-hoo!
Posts: 4,550
Making/Leveraging $10K Amex Biz Spend
I am considering trying to take advantage of the Amex Biz card offer that just appeared, which requires spending $10,000 in 4 months.
Given the other cards I have recently applied for, I'm not in a position to meet that kind of spend requirement just now.
Is there any opportunity to use the card to buy gift cards or prepaid cards, for which I might get an additional bonus at certain stores that qualify for the Amex Biz card? It would be quite joyful if I could, for example, buy a generic gift/prepaid card at an office supply store for $10,000 (or 10 $1,000 cards) and get double points, then sit on those cards for a few months and use them once I've met the spending requirements on my other pending cards.
Given the other cards I have recently applied for, I'm not in a position to meet that kind of spend requirement just now.
Is there any opportunity to use the card to buy gift cards or prepaid cards, for which I might get an additional bonus at certain stores that qualify for the Amex Biz card? It would be quite joyful if I could, for example, buy a generic gift/prepaid card at an office supply store for $10,000 (or 10 $1,000 cards) and get double points, then sit on those cards for a few months and use them once I've met the spending requirements on my other pending cards.
Jun 20, 2012, 3:56 pm
#2
Join Date: Sep 2010
Location: Cypress Hills Research Center
Posts: 5,295
I am assuming that when you say, "I'm not in a position to meet that kind of spend requirement just now", you actually mean that you don't have any need to buy $10K worth of stuff; not that you are financially constrained (otherwise buying and sitting on $10K worth of gift cards wouldn't make sense).
If you pay US taxes, you can use your AMEX card to make estimated payments. The service charge is around 2.3%, give or take. If you overpay then you can get a refund when you file.
I have paid estimated with my Visa and gotten miles. Haven't tried AMEX so I can't say whether they treat this as a purchase or cash advance. Others probably have some experience with this and maybe they'll chime in.
If you pay US taxes, you can use your AMEX card to make estimated payments. The service charge is around 2.3%, give or take. If you overpay then you can get a refund when you file.
I have paid estimated with my Visa and gotten miles. Haven't tried AMEX so I can't say whether they treat this as a purchase or cash advance. Others probably have some experience with this and maybe they'll chime in.
Jun 20, 2012, 10:51 pm
#3
Original Poster
Join Date: May 2008
Location: PHL (kinda, no airport is really close)
Programs: AA Exp, but not sure for how long. Enterprise Platinum woo-hoo!
Posts: 4,550
Yes, I just don't need $10K of stuff in the next few months. I actually kind of do, but a lot of it will be overseas.
One option is to just trust that there will be another 75K bonus later in the year. They have had them about every 2-3 months, and being on FT every day, there is little chance I could miss it.
I was at the grocery store today and saw gift cards for up to $500 for a $5.95 fee. So that would cost 1.2% to move spending around, compared to double that to create new spending by doing the tax thing. About a wash.
Right now I'm thinking I'll just wait. But the promo lasts for another week.
One option is to just trust that there will be another 75K bonus later in the year. They have had them about every 2-3 months, and being on FT every day, there is little chance I could miss it.
I was at the grocery store today and saw gift cards for up to $500 for a $5.95 fee. So that would cost 1.2% to move spending around, compared to double that to create new spending by doing the tax thing. About a wash.
Right now I'm thinking I'll just wait. But the promo lasts for another week.
Jun 20, 2012, 11:02 pm
#4
Join Date: Dec 2010
Location: Chicago
Programs: AA EXP, UA former 1K (1.9MM and gone), Marriott LT Plat, Hilton Diamond, SPG Plat
Posts: 1,111
Yes, I just don't need $10K of stuff in the next few months. I actually kind of do, but a lot of it will be overseas.
One option is to just trust that there will be another 75K bonus later in the year. They have had them about every 2-3 months, and being on FT every day, there is little chance I could miss it.
I was at the grocery store today and saw gift cards for up to $500 for a $5.95 fee. So that would cost 1.2% to move spending around, compared to double that to create new spending by doing the tax thing. About a wash.
Right now I'm thinking I'll just wait. But the promo lasts for another week.
One option is to just trust that there will be another 75K bonus later in the year. They have had them about every 2-3 months, and being on FT every day, there is little chance I could miss it.
I was at the grocery store today and saw gift cards for up to $500 for a $5.95 fee. So that would cost 1.2% to move spending around, compared to double that to create new spending by doing the tax thing. About a wash.
Right now I'm thinking I'll just wait. But the promo lasts for another week.
Jun 20, 2012, 11:10 pm
#5
Join Date: Oct 2003
Location: PDX/AUS
Programs: AA-UA-AS IHG-SPG-Carlson
Posts: 4,562
you could likely return some of them later in the year if not needed.
It was not any part of a "strategy",
but I bought a few Hyatt gift certs at Costco some time ago,
and when I realized I would not use them effectively, returned them.
But it was only maybe $100, not $10K.
One famous FTer was banned for doing this with diamonds !
Last edited by MrHalliday; Jun 21, 2012 at 2:27 am