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Need Urgent Help in Rotating 20k on Amex Card
nikhilk21
TF Select
Create 3 new MK accounts (need 3 PANs) and add 1k first (0 charges for 1k per month) and then load 5k (For new user, 75 back). You would've added 18k at Rs. 225 charges. i.e., 1.25%. Obviously, this will work only once and if it's a one time thing, this method has the lowest charges
If you want a recurring method - With a single MK account, you can rotate 16k per month. Add 1k first @0 charges and 15k next with century code, so 50 back. Net charges here would be 2.5%. This is the best you can get
If you want a recurring method - With a single MK account, you can rotate 16k per month. Add 1k first @0 charges and 15k next with century code, so 50 back. Net charges here would be 2.5%. This is the best you can get
are you projecting AXIS on Amex?/
I am sorry but this is utterly wrong from your.side......your hate to AMEX is deep it seems...
No...amex is fully ok with it ( as the amount is only 20K)
amex will take action only if the amount will be pretty big or pattern is too erratic to ignore...
drsel
TF Prestige
You are wrong, I don't hate any card.
you should confirm with customer care if Amex is fully okay with it
actually i asked customer care....whether wallet loading is allowed and whether they will take action if I do lots of wallet loading...
they answered that the wallet issuer may take action if you cross the limit set by the government but amex is ok with it as for them it is one type of spend which is allowed by them ( as they give reward point for wallet loading at same rate)
hence, for amex, wallet loading is nothing special....it is simply a spend...that's it....
hence, your suggestion was indeed completely wrong...I had to correct it...
drsel
TF Prestige
You can do it but Amex will earn 3% every time you load any wallet using an Amex card.
So the wallet will charge you for both loading and transfer to bank, to compensate that 3% loss
That is different issue...
Amex design is very clever and sustainable...you can not gain much by loading wallet using amex after certain limit...and i think all these have been designed by a mathematical model..
Hence do whatever you can, no problem for amex
But original topic was different
Actually Amex is pretty straightforward in that regard. They don’t mind spends unless the potential abuse is too big to ignore and that’s when FR is triggered. Heck they don’t mind business spends as well (especially on their charge cards).
Actually he mixed up AXIS and AMEX..
anu29
TF Neo
In uber app ... select amazon pay wallet add money ...you can add 2000 per Amazon account in a month .. then simply transfer funds from amazon wallet to bank . It will be counted in genuine spend .
drsel
TF Prestige
Renewal fee is 5900 (-5000 received) =900 only.
Wallet loading fee 3% is 12000 on 4 lacs
12900 cost to earn 48000 points.
How many nights stay will you get in a city centre hotel in a tourist location with 48000 Marriott points?
that is why AMEX does not mind Wallet loading...and Money rotation...
and They will not block you permanently for the mere 20K money rotation..
Got it now...
please do not spread wrong information...or Give wrong suggestions...
drsel
TF Prestige
This is what chatGPT says--
Yes, American Express (Amex) is known to block or suspend cards if they detect activities that violate their terms of service, such as money rotation or suspicious transactions. Here's what typically happens:
1. Reasons for Blocking Cards
Money Rotation: Transactions involving sending money to yourself or between your accounts to generate rewards or meet spending thresholds without legitimate purchases.
Suspicious Patterns: High-value transactions at atypical merchants or frequent refunds that resemble misuse.
Merchant Misclassification: Transactions at merchants where the activity does not align with their business type, which may raise red flags.
Policy Violations: Activities like purchasing gift cards or speculative transactions to earn rewards without a real purchase.
2. Signs of Blocking
Denied transactions.
An email or SMS notifying you about unusual activity.
An account suspension pending a review.
3. Consequences of Violations
Card suspension or permanent closure.
Forfeiture of Membership Rewards points.
Impact on your relationship with Amex, reducing the likelihood of future approvals.
4. How to Avoid It
Use the card for genuine purchases and avoid transaction patterns that resemble money rotation.
Keep spending within your typical usage profile to avoid triggering automated flags.
Avoid excessive use of the card for gift card purchases, wallet reloads, or returns.
5. What to Do If Your Card is Blocked
Contact Customer Service: Call Amex immediately to understand the reason and resolve the issue.
Provide Supporting Documents: Be ready to share proof of transactions if requested.
Wait for Review: Amex may take a few days to complete its investigation.
If your card has been blocked, it's crucial to address the issue promptly to minimize disruption and maintain a good credit profile.
as long as your credit limit, income and spending pattern is reasonable, it will be ok...
But of course, you have a limit of 3L, income of lets say 10L and you are spending 5L in a month, then of course any risk management algorithm will trigger
But it will not trigger due to 20k wallet loading on 3L card limit
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