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-   -   AmEx for Target: $400/week credit card ATM withdrawals for 1.3%+ in certain cities (https://www.flyertalk.com/forum/manufactured-spending/1242493-amex-target-400-week-credit-card-atm-withdrawals-1-3-certain-cities.html)

skynerd Jul 30, 11 3:06 pm

AmEx for Target: $400/week credit card ATM withdrawals for 1.3%+ in certain cities
 
I would like to thank Astrophsx for sharing his discovery of this card at http://www.flyertalk.com/forum/16822687-post409.html .

The "American Express for Target" reloadable prepaid card is being tested in Atlanta, Baltimore (reportedly includes DC and much of Northern Virginia), Chicago, Denver and Miami metropolitan areas.

Fees:
Reload: $3, reloadable by Visa, MasterCard, and American Express.
ATM Withdrawal: $2
Annual: $10 (works out to ~0.1% for depositing 1k every 5 weeks in the scheme discussed below)

Limits:
Maximum reload $1000/card/day (based on $3/reload, cheapest fee = 0.3%),
Maximum reload $5000/person/28 days [Thanks, MyTravels, for the correction.]
Maximum ATM withdrawals $200/card/week (based on $2/withdrawal, cheapest fee = 1%).
Maximum cards/person: 2, cannot be opened same day.
Maximum card value: $2,500

One application: load $2k into two cards, withdraw $400/week at a no-fee ATM for a cost of ~1.4% + lost interest over a month + your time visiting a no-fee ATM (.3% for deposit + 1% for withdrawals + ~.1% for annual fees = ~1.4%).

URL's:
http://www.americanexpress.com/target
https://www212.americanexpress.com/d...00d0faad94RCRD
http://www.fatwallet.com/forums/finance/1100165/

An unusual feature of this prepaid card is that it is reloadable from other Visa, MasterCard and American Express cards. blase at FlyerTalk reports being able to purchase a $500 card with a British Airways Visa, and sf3895 at milepoint reports being able to reload it with a prepaid Visa card.

This card is linked to your social security number, so I suspect that, within the limits of financial privacy laws, AmEx might remember everything you do with it forever.

That said, I would be curious to know if anyone loaded this card from an AmEx gift card purchased via the bigcrumbs 1.6% rebate or bought an AmEx GC via bigcrums using this card.

Other ideas:

1. In addition to being rechargeable online, this card can be recharged at participating Target stores, which might make reloads look like ordinary shopping at Target, maybe reducing the chance that a credit card issue would try to reclassify the transaction as a cash advance, or start mysteriously cancelling your AmEx GC orders, etc. Recharging in the store might also make the program look better to management if it seems to pull customers into Target stores. However this is all very speculative.

2. The relatively low load fee and high maximum value might occasionally have other applications, such as combining or cashing out other gift cards.

Please feel free to post problems, information and your bright ideas about using this card. I plan to try to summarize by editing this message on an ongoing basis.

Edited 7/31/2011: Thanks to MyTravels for pointing out that the $10/card annual fee would add about 0.1% to the costs of depositing $1k per card every 5 weeks, and that the maximum reload per person per 28 days in the terms and conditions is $5k, not $4k. I am sorry I don't know a way to change "1.3%+" to "~1.4%" in the thread subject. Also, thanks to BeachMiles for noting "Baltimore test area includes Washington DC and much of Northern Virginia."]

Edited 8/3/2011: Thanks to blase at FlyerTalk and sf3895 at milepoint for reporting success with buying the card using a mileage earning visa and reloading with a visa gift card, respectively.

skynerd Jul 30, 11 3:06 pm

reserved

saacman5033 Jul 30, 11 3:10 pm

Looks similar to Pass and other AMEX options. Not worth the effort to me but thanks for the info.

FTnoob101 Jul 30, 11 3:19 pm


Originally Posted by saacman5033 (Post 16828329)
Looks similar to Pass and other AMEX options. Not worth the effort to me but thanks for the info.

If you buy one in Miami can you re-load it at any target?

skynerd Jul 30, 11 3:54 pm


Originally Posted by saacman5033 (Post 16828329)
Looks similar to Pass and other AMEX options. Not worth the effort to me but thanks for the info.

The most important difference for FlyerTalkers is that you may be able to get rewards by reloading this card.

Confirmation or refutation of this would be most welcome.

blase Jul 30, 11 6:16 pm

Sounds interesting. I'm in the Chicago area and I have to go to my Target tomorrow anyway, so I think I will pick one up.

My only question - how do you find no-fee ATMs?? If I bank at Chase, do I assume that other than the $2 fee, I will not be charged anything additional for using one of these AmEx for Target cards at my Chase ATM?

blase Jul 30, 11 6:17 pm

Looks like the maximum initial load is $500.

When you purchase the Card, there is a minimum initial load amount of $.01 and a maximum initial load amount of $500.

QL_714 Jul 30, 11 6:31 pm


Originally Posted by blase (Post 16829085)
Looks like the maximum initial load is $500.

When you purchase the Card, there is a minimum initial load amount of $.01 and a maximum initial load amount of $500.

Correct.

They will ask for ID, DOB and SS# at purchase.

Remember the easiest way to kill a deal is to have a dedicated thread about it. Learn from mistakes do not keep making them over and over.

element7 Jul 30, 11 7:15 pm

Thanks for info. Seems like too much work for small amount of benefits. Not worth it to me. However, it might be good as one of "last resort" methods to hit spending requirement.

medellinfein Jul 30, 11 8:02 pm

Amex (probably) remembers, and is notoriouosly fickle...

Ritz Jul 30, 11 8:23 pm


Originally Posted by blase (Post 16829083)
My only question - how do you find no-fee ATMs?? If I bank at Chase, do I assume that other than the $2 fee, I will not be charged anything additional for using one of these AmEx for Target cards at my Chase ATM?

That was gonna be my query as well. Where and how do you target (no pun intended) "no-fee" ATMs?

balima Jul 30, 11 8:29 pm

Smaller local banks usually do not charge if you use their ATM's at the bank. My bank does not charge if you use the ATM in their lobby or drive thru. Look for locally owned banks. They are also friendlier and they didn't get money in the bailout and the money generally stays local.

Happy Jul 30, 11 8:31 pm


Originally Posted by blase (Post 16829083)
My only question - how do you find no-fee ATMs?? If I bank at Chase, do I assume that other than the $2 fee, I will not be charged anything additional for using one of these AmEx for Target cards at my Chase ATM?

Why would you think Chase not charge you? You are not using a Chase card at Chase network.

You will be charged by Chase for using its ATM with a card NOT from Chase.

Your Chase bank account's ATM card will be free at Chase ATM. Every thing else would be subject to $3 fee a pop. You can test it out by using a Non Chase ATM card to try - the screen should display a message to warn you the transaction would cost you X amount of fee. Do you still want to continue? You can then abort the transaction and not being charge the fee, nor withdraw any money.

The above scenario should apply to 99% of any bank's ATMs.

xp0 Jul 30, 11 9:42 pm

I guess lucky for me I have a no-fee ATM where I work... about 15 feet from my office actually. This could be of interest I guess ... only I do not live in one of those cities.

montreid Jul 30, 11 9:58 pm

Wouldn't recommend loading the GC since $3 fee per load. Even at $500 denominations that's higher than you want.

Can't imagine that this earns points while all other Amex Debit cards haven't done so in the past: eg PASS.

Has anyone confirmed points earning on this?


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