Amazon's mobile payment system 1.75% fee
Aug 13, 2014, 3:23 pm
#76
Join Date: Sep 2012
Posts: 4,431
Any major data points yet?
Sounds like the best strategy would be to use a portal to buy $3K and $2K AGC, hopefully at 3%. Pay the $8.95 shipping and $3.95 x2 card fees ($17 in fees).
Get 3% of $5000 ($150) + 5000 miles or 2% ($100)-- max $250
Pay 1.75% of $5000 ($87) in fees.
Net $162.50. Not too bad. Am I missing something?
Sounds like the best strategy would be to use a portal to buy $3K and $2K AGC, hopefully at 3%. Pay the $8.95 shipping and $3.95 x2 card fees ($17 in fees).
Get 3% of $5000 ($150) + 5000 miles or 2% ($100)-- max $250
Pay 1.75% of $5000 ($87) in fees.
Net $162.50. Not too bad. Am I missing something?
Aug 13, 2014, 3:28 pm
#77
Join Date: Mar 2014
Posts: 194
Any major data points yet?
Sounds like the best strategy would be to use a portal to buy $3K and $2K AGC, hopefully at 3%. Pay the $8.95 shipping and $3.95 x2 card fees ($17 in fees).
Get 3% of $5000 ($150) + 5000 miles or 2% ($100)-- max $250
Pay 1.75% of $5000 ($87) in fees.
Net $162.50. Not too bad. Am I missing something?
Sounds like the best strategy would be to use a portal to buy $3K and $2K AGC, hopefully at 3%. Pay the $8.95 shipping and $3.95 x2 card fees ($17 in fees).
Get 3% of $5000 ($150) + 5000 miles or 2% ($100)-- max $250
Pay 1.75% of $5000 ($87) in fees.
Net $162.50. Not too bad. Am I missing something?
Aug 13, 2014, 3:34 pm
#79
Join Date: Mar 2014
Posts: 194
Also, if you are going the "buy VGC" route with AGC then you are paying 1.06-1.29% anyway (assuming you are buying 2x500 @ 4.95/5.95/piece + liquidation costs (assuming .7-$1 per thousand)). With 3% portal you are netting about 1.6-1.9% plus your card miles/points.
With this new system you are netting 1.20% or so plus your card miles/points.
So in the end this isn't really that much more for a lot less headache (assuming it works). Obviously, your personal liquidation costs from start to finish are what makes this worthwhile (or not).
With this new system you are netting 1.20% or so plus your card miles/points.
So in the end this isn't really that much more for a lot less headache (assuming it works). Obviously, your personal liquidation costs from start to finish are what makes this worthwhile (or not).
Aug 13, 2014, 3:39 pm
#80
Join Date: Jul 2013
Location: DFW,OVB (Russia)
Programs: AA HH Gold SPG Gold BA
Posts: 1,823
What does AGC mean? Amazon gift cards? If so, Are you guys saying this is a way to turn Amazon gift cards into cash? If so, while exiting for us wouldn't it be a little counterintuitive for Amazon?
Aug 13, 2014, 4:56 pm
#83
Join Date: Jul 2014
Location: LAX
Programs: Hyatt Globalist, AA EXP, Hilton Diamond, Wyndham Diamond, DL PM, Marriott Platinum, IHG Platinum
Posts: 1,305
Amazon Local Reader
Any thoughts on today's announcement about ability to manufacture spending with 1.75% fees/expenses?
Aug 13, 2014, 4:58 pm
#84
Join Date: Sep 2012
Posts: 4,431
Any major data points yet?
Sounds like the best strategy would be to use a portal to buy $3K and $2K AGC, hopefully at 3%. Pay the $8.95 shipping and $3.95 x2 card fees ($17 in fees).
Get 3% of $5000 ($150) + 5000 miles or 2% ($100)-- max $250
Pay 1.75% of $5000 ($87) in fees.
Net $162.50. Not too bad. Am I missing something?
Sounds like the best strategy would be to use a portal to buy $3K and $2K AGC, hopefully at 3%. Pay the $8.95 shipping and $3.95 x2 card fees ($17 in fees).
Get 3% of $5000 ($150) + 5000 miles or 2% ($100)-- max $250
Pay 1.75% of $5000 ($87) in fees.
Net $162.50. Not too bad. Am I missing something?
Aug 13, 2014, 5:07 pm
#85
Join Date: May 2012
Posts: 157
$3600/year net cash isn't too bad at all...my only concern would be IRS audit or any other govt agency trying to follow your suspicious money trail..
Aug 13, 2014, 5:18 pm
#86
Join Date: Aug 2004
Location: MGM
Programs: United Silver, PC Plat/Amb, HH Dmnd
Posts: 805
This may be a fun experiment, but I'm betting on a lot of account shutdowns for "unusual account activity", a la Square. AP has been such a good goose, I'm hesitant to push things to try to get a few more eggs.
Aug 13, 2014, 6:21 pm
#87
Join Date: Mar 2014
Posts: 226
My feelings exactly. This is sooo tempting but at the same time, I've got access to 3 AP accounts and it's tough to say if it's worth risking losing that super easy $3k of MS each month.
Aug 13, 2014, 7:50 pm
#90
Join Date: Dec 2009
Location: BGM
Programs: HHonors Gold, Club Carlson Gold, Marriott Platinum, IHG Plat, Hyatt Plat
Posts: 771
I don't agree with you though that it can't be a useful MS tool to add to the mix. Why is it any different than anything to do with Paypal or Square or anything like that? People have been messing with those for years and there haven't been any sort of terrible tax implications.
Again, if you're referring to the people who are going to try and run like $600k through this, I agree. But, I don't think you have to hit it that hard to make it useful.