American Express Discussion Area

LeroyBoyce

I have about £30000 outstanding on a car I purchased last year.

I'm thinking of using the American Express Platinum card to pay it off, and get cashback.

Let's say, for example, they gave me a credit limit of £5000. I understand they offer 3% but only in the first 3 months.

Could I:

Pay £5000 off the car, and get 3% cashback, and then do a 0% balance transfer to another credit card.

Then, when this £5000 has been paid off (and I've had it confirmed that the balance on the Amex is now £0 again), make another £5000 payment on the car, and balance transfer it again.

Is there a limit to how many spends and balance transfers I can make? Are there any pitfalls in my plans? Should this be possible to do 6 transactions in the opening 3 months?

Any advice would be much appreciated...

Llyllyll

Anyone else had problems viewing all details of this last months' transactions online?

I had quite a problem understanding the Indian chap at their call centre but I'm pretty sure he said there was some sort of problem, but that it would be rectified by now... however this is not the case.

LeifGR

KarieBlue wrote: »

It is becoming more and more acceptable, and if you travel overseas, in the USA it is brilliant!

Karie x

It might be well accepted in the US, but are you aware that AMEX will charge you an extra 2.73% commission on every transaction if you use a non-US AMEX card in the US? For overseas use, Nationwide's CC is the best as they do not charge you ANY commission.:T

LeroyBoyce

Bumpitty bump!

LeroyBoyce wrote: »

I have about £30000 outstanding on a car I purchased last year.

I'm thinking of using the American Express Platinum card to pay it off, and get cashback.

Let's say, for example, they gave me a credit limit of £5000. I understand they offer 3% but only in the first 3 months.

Could I:

Pay £5000 off the car, and get 3% cashback, and then do a 0% balance transfer to another credit card.

Then, when this £5000 has been paid off (and I've had it confirmed that the balance on the Amex is now £0 again), make another £5000 payment on the car, and balance transfer it again.

Is there a limit to how many spends and balance transfers I can make? Are there any pitfalls in my plans? Should this be possible to do 6 transactions in the opening 3 months?

Any advice would be much appreciated...

Disillusioned-

AMEX it seems require minimum earnings of 20k, anyone know if anyone applying on less than this has a chance? I'm under 20k but have a good credit rating, I pay my card off on time every month, no bad debts, etc - and in full time employment, no mortgage.

---lee---

Disillusioned- wrote: »

AMEX it seems require minimum earnings of 20k, anyone know if anyone applying on less than this has a chance? I'm under 20k but have a good credit rating, I pay my card off on time every month, no bad debts, etc - and in full time employment, no mortgage.

Yes, I've had a poke around the site and I see they don't do the blue amex anymore which probably had a lower income threshold.

I used the help me choose function of the website and selected a salary range of 12-20k for a cashback card - the only one it suggested was the platinum, yet when you go the application page it says you need to earn 20k+. So there is some ambiguity there.

This is the page I used: http://www.americanexpress.com/pes/uk/choose_card_flash.shtml

You could always ring them and enquire about it?

Shay_2

fyi - I've had a Amec platenum card for 2 months now. I was hoping to ditch my old NW Gold card (Visa) but have found that Amec is not always accepted in smaller stalls, retaurants etc. V frustrating. Don't like carrying 2 credit cards. Also the foriegn exchange fees are poor with Amec but free with NW.

M_Thomson

Shay wrote: »

fyi - I've had a Amec platenum card for 2 months now. I was hoping to ditch my old NW Gold card (Visa) but have found that Amec is not always accepted in smaller stalls, retaurants etc. V frustrating. Don't like carrying 2 credit cards. Also the foriegn exchange fees are poor with Amec but free with NW.

It is Amex not Amec.

M_Thomson

LeroyBoyce wrote: »

I have about £30000 outstanding on a car I purchased last year.

I'm thinking of using the American Express Platinum card to pay it off, and get cashback.

Let's say, for example, they gave me a credit limit of £5000. I understand they offer 3% but only in the first 3 months.

Could I:

Pay £5000 off the car, and get 3% cashback, and then do a 0% balance transfer to another credit card.

Then, when this £5000 has been paid off (and I've had it confirmed that the balance on the Amex is now £0 again), make another £5000 payment on the car, and balance transfer it again.

Is there a limit to how many spends and balance transfers I can make? Are there any pitfalls in my plans? Should this be possible to do 6 transactions in the opening 3 months?

Any advice would be much appreciated...

You'd have to get 0% cards that have credit limits totalling 30K which unless you have a huge salary will be difficult. Also, you would have to pay balance transfer fees of around 3% to bring the balance to a 0% card which will wipe out the cashback. Also, I doubt most car dealers would accept Amex as the fee they charge merchants is a lot higher than Mastercard or Visa.

cazara

yeah I think that so