BigFlyer

I want to make a tax payment which exceeds my credit limit for mileage purposes. Last year this was no problem.

This year, I was told by Amex account services that my Amex Delta card is "heavily regulated by the government", and they can't accept a payment in advance that would allow me to charge more in one month than my credit limit because of that "heavy regulation."

Sounds like nonsense - anyone have any experience this year trying to prepay?

DeltaFFATL

Very simple:

Send a wire from your bank to theirs. The funds will post to your "credit" card account, thus temporarily increasing your credit limit. I do this several times a month and have for years. You can also mail a check for a higher amount and it will post the same way, it just takes about a week to ten days.

JP Chase Morgan
American Express Cardmember Wire Depository
1 Chase Plaza, NY, NY 10081
ABA# 021000021
ACCT# 9102753036
REF: Provide your last name and your credit card account number you want the funds to post.

Wire department phone: 800-344-4046

Feel free to call and verify bank routing/checking account.

BigFlyer

Good advice - just not sure I can do it between now and Monday.

Georgia Peach

As long as you pay the amount over your credit limit before the cut off date, it won't be a problem. We have done it a couple of times, and called AMEX a few days before so they could put a note on our account. YMMV.

sokolov

Does this work in Canada as well? Some first line Amex representative told me that a prepayment would not increase my limit. I haven't had time to hang up and call again, yet.

I have an important, substantial payment to make in one week, and I have the money, so I have no problem with prepaying. (My credit card account is brand new. I've had Amex charge cards for several years).

TNX

Tibs

Pay it in two chunks? You can usually do this even for Federal owed (2 per year).

Charge, make payment, charge again.

NoStressHere

I thought there was a nasty fee to pay taxes with a credit card. Is it really worth it?

sokolov

My payment is not for taxes. And, no, I can't pay it over several days. Walk in, pay, walk out.

Tibs

Its 1.89% to pay taxes, and yes thats expensive.

sokolov

I'm simply trying to establish if I can prepay money to my new Canadian Amex credit card, then advise Amex of an upcoming charge (card used for a service, provided by a respectable business, card presented in person) and have that charge processed.

TNX

btk2333

1.87% and it can be worth it- for example 2% cash back cards make .13%.

If you owe $50,000 you would make $65. Not much obviously but it's better than not making $65.

If you value some rewards currencies at more than 2 cents per point then you can come out more ahead.

sokolov

To answer my own question, here is what happened:

I prepaid the expected charge, and then I payed the outstanding balance (plus a little extra for expected charges). Then, 1 week ahead, I called Amex and advised them of the upcoming charge. They told me that they do not advise prepaying, but, in essence, that they can't stop me from doing it (it would have been too late anyway). They asked me how much the upcoming charge was and at what business and if it was over the phone (no, it was in person, card present). The agent said she put a note on my account, but that the charge may still be declined.

A week later, when I tried to pay, the charge was in fact declined. The clerk at the business where I tried to pay told me that the error message was an unusual one she had never seen before. I called Amex. They told me that the business had to call Amex themselves, and I was given a certain phone number for that.

The clerk of the business called the number. She was asked several questions, then the charge was put through again - and this time it was accepted.

However, my Amex credit card was rendered useless thereafter. Although I still had a small positive balance, the card was being refused for other charges. Again, I called Amex and was told that I couldn't even charge a single dollar to the card until the large charge had been cleared, which was to take a number of days.

Kagehitokiri

does amex canada do prepayment by wire transfer?

sokolov

I don't know. I did it through the "bill payment" feature of my chequings account.

sokolov

PS: The card was blocked even after the charge had cleared. Although I had a positive balance! As was then explained to me, the card was blocked until the start of the next billing cycle.

They are adamant to limit their revenue.