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Amex Merchant Fees of 1.639%

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beardoc

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Being a member of the AMA, I just got an offer in the mail from Amex - to be able to accept Amex with a Merchant Fee of just 1.49% plus GST - this works out to be 1.639%.

I wouldn't do this, but I'm thinking that if I did get it and then start charging my family cards through - say I charged $1000 through it on a Platinum or a Gold Maximiser - they receive 1500 points, and I get the $1000, less merchant fees of $16.39. That works out at just 1.09 cents per QFF point, which is not bad if you value your points more highly than 1c/point. Just as an example, by this system, a flight to Los Angeles (96,000 points) on QANTAS would be just $1048 in merchant fees (done by charging $64,000 dollars to the my new merchant account), plus airport taxes/fuel surcharges, of course.

Doesn't seem like a bad deal, does it? Although I can imagine if I started doing it, they'd be down on me like a ton of bricks!
 
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iamhappening

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beardoc said:
I wouldn't do this, but I'm thinking that if I did get it and then start charging my family cards through - say I charged $1000 through it on a Platinum or a Gold Maximiser - they receive 1500 points, and I get the $1000, less merchant fees of $16.39. That works out at just 1.09 cents per QFF point, which is not bad if you value your points more highly than 1c/point. Just as an example, by this system, a flight to Los Angeles (96,000 points) on QANTAS would be just $1048 in merchant fees (done by charging $64,000 dollars to the my new merchant account), plus airport taxes/fuel surcharges, of course.

Not to mention the actual cost of the points would be further lowered by the interest earned on the money by deposting it into high yeliding account.
 

beardoc

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straitman said:
Wish my doctor took AMEX. 8) 8)

Well, if they're members of the AMA then you should contact AMEX and suggest to them that they should - after all, Amex should offer them the same deal.

Actually, I've got an even better offer now - a merchant facility with a merchant service fee of only 0.85% - that means if you spend on a Visa or Mastercard with a 1 QFF point per dollar earn rate, then a flight to the US is only $816 in merchant fees!
 

Jobu

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beardoc said:
Doesn't seem like a bad deal, does it? Although I can imagine if I started doing it, they'd be down on me like a ton of bricks!

Nah - they will probably think "Geeze this guy spends a helluva lot, lets send him a Centurion card."

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G

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ive already researched doing this on bulk...i found a merchant that would do very very low fees for 9 figures which would make it worthwhile

next was off to visit the lawyer to get the green light. Both my AU and US lawyers agreed you'd get shafted for money launderring.

Do it once or twice... but don't get greedy


tomorrows tip.... how to get double points on every flight with qantas
 

Mal

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Yeah can imagine the ATO and AusTrac and friends not looking kindly on $XXXXXX transactions happening frequently.
 

albatross710

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Merchent Agreement

I think these sort of transactions are covered in the Amex Merchant Agreement. Can't specifcally recall off the top of my head but I do recall it is in the VISA/MCard agreement.
 

NM

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Sheriff said:
Wish my doctor took Medicare.
Just got to find the right doctor :wink: . Our local medical centre bulk bills for families - makes visiting the GP almost a painless experience :p .

Now dentists - that is a different matter :twisted: .
 

Mal

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NM said:
Sheriff said:
Wish my doctor took Medicare.
Just got to find the right doctor :wink: . Our local medical centre bulk bills for families - makes visiting the GP almost a painless experience :p .

Now dentists - that is a different matter :twisted: .

A doctor "megacentre" I used to visit had this unusual system of charging.

If I turned up after/before work wearing a shirt/tie or suit, full price. If I turned up in shorts/jeans a tshirt, then bulk billed...

Needless to say I've moved on from that surgery.

(Oh, and they didn't take Amex either.)
 

straitman

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Mal said:
NM said:
Sheriff said:
Wish my doctor took Medicare.
Just got to find the right doctor :wink: . Our local medical centre bulk bills for families - makes visiting the GP almost a painless experience :p .

Now dentists - that is a different matter :twisted: .

A doctor "megacentre" I used to visit had this unusual system of charging.

If I turned up after/before work wearing a shirt/tie or suit, full price. If I turned up in shorts/jeans a tshirt, then bulk billed...

Needless to say I've moved on from that surgery.

(Oh, and they didn't take Amex either.)

More importantly, what was their health care like :?:
 

NM

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straitman said:
More importantly, what was their health care like :?:
Very happy with our local bulk-billing medical centre. There are about 6 doctors there, but we have found 2 that are excellent and always make our appointments for one of those two.

We have another centre that is actually even closer to home, and having been there twice when we first moved to the area, we made the decision to spend a little more in petrol and drive to the other one, where we started going when living at our previous address when it was within walking distance (unless the trip to the doctors was regarding a broken leg).
 

JohnK

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NM said:
...(unless the trip to the doctors was regarding a broken leg).
What is wrong with walking to the doctor's on a broken leg. :? I finished 18 holes of golf playing with a fractured ankle after fracturing it on the 3rd hole. :shock:
 

Deeruck

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JohnK said:
I finished 18 holes of golf playing with a fractured ankle after fracturing it on the 3rd hole. :shock:

A more frequent injury that I would have initially guessed. What are you guys doing out there? I thought golf was non-contact! :shock:
 

straitman

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NM said:
Deeruck said:
I thought golf was non-contact! :shock:
Not from the golf ball's perspective :roll: .

How would you like to go through life continually being hit with a club :?: ... or should I say hit at with a club :?:
 
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