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Clever payback?

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HG199

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Hello,

I'm new to American Express and want to maximise my points (who doesn't!).

I owe a friend around about $2500.00

Yes, I could transfer this to them from my savings accounts, but hey, I wouldn't get any points for it.

Is there a smart way to go about this?

I notice on my rewards maximiser internet banking site there are no options to bpay.

Is it possible to pay off their credit card from my Rewards Maximiser, or bpay their rent etc...? (and earn points?)

Thank you!
 

Mal

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Buy them $2500 worth of Myer/Coles/DJ's/Woolies/ etc gift vouchers?

You may be able to purchase Amex travel cheques using the card, then convert to cash and give to the friend.

Find an item they want that's worth $2500 and buy it for them?

Agree to pay their phone/electricity/other recurring bill for the next X months?

Plenty of ways, but not easy to get a pure payment done.
 

HG199

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Thanks for the reply.

Is there anyway to pay bpay from internet banking?

Or will I have to do it by phone. eg: ringing Telstra to pay the phone bill etc..
 

Evan

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ANZ and Westpac do, i would assume all others as well.
E
 

straitman

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HG199 said:
Thanks for the reply.

Is there anyway to pay bpay from internet banking?

Or will I have to do it by phone. eg: ringing Telstra to pay the phone bill etc..

CBA does also. :cool:
 

Mal

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Amex doesn't offer Bpay facilities. Any bill paying etc will have to be done through Phone methods, in person, Internet website methods or similar ways.
 
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lovetravellingoz

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Did your friend get points when they lent you the cash???

Are points more valuable to you than a friendship?

I recommend that you put friendship before points and just transfer them the cash.

Personally I would be very peeved if a "friend" paid me back in restrictive ways just so that they could earn some FF points....with "my" money.
 

HG199

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lovetravellingoz said:
Did your friend get points when they lent you the cash???

Are points more valuable to you than a friendship?

I recommend that you put friendship before points and just transfer them the cash.

Personally I would be very peeved if a "friend" paid me back in restrictive ways just so that they could earn some FF points....with "my" money.

I see your point, but I still had a laugh at this.

My friend was the one who actually, a) suggested I got an amex to get points for a trip to england next year (the only way I could fly there) and b) suggested that I do some research on how it's best to pay him back to maximising my points.

Thanks
 

SeaWolf

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It's a shame that Paypal AU doesn't accept AMEX, maybe you could do some research and see if there's a smiliar service that does accept AMEX.
 

pksw

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The value of points for most programs is estimated at about 1% - so you may be able to get around $25 of value from a $2500 transaction.

As Mal has pointed out - Amex can't be used for BPay. The best way to give your friend $2500 worth of value is to do as Mal suggested in the first reply - If they are going to buy something big, then you could offer to pay for it. It could take a while if you are paying things like the phone bill etc.

Be aware that Amex charge a higher commision to the retailers than other credit cards, so they often will have a surcharge for using Amex. Companies like Qantas and Optus already charge a fee for using a credit card - so it's pointless using the Amex, as you'd be better off just using EFTPOS/cash for those transactions.

I'm finding more of my bills have an extra charge for Amex (eg my internet service provider) or simply don't accept Amex anymore.

If you are converting the points to airline points, then 2500 really is bugger all and will get you no-where, and I personally couldn't be bothered going to the trouble of paying a friend back that way. It would be much easier to transfer the cash into their bank account.
 

straitman

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pksw said:
The value of points for most programs is estimated at about 1% - so you may be able to get around $25 of value from a $2500 transaction.
With upgrades and/or RTW Business & First this increases to around 3-3.5% or $75-$80+

pksw said:
Be aware that Amex charge a higher commision to the retailers than other credit cards, so they often will have a surcharge for using Amex. Companies like Qantas and Optus already charge a fee for using a credit card - so it's pointless using the Amex, as you'd be better off just using EFTPOS/cash for those transactions.
Telstra charge the same for Amex as for M/C & Visa

pksw said:
I'm finding more of my bills have an extra charge for Amex (eg my internet service provider) or simply don't accept Amex anymore.
Still handy to have when it is usable.

pksw said:
If you are converting the points to airline points, then 2500 really is bugger all and will get you no-where, and I personally couldn't be bothered going to the trouble of paying a friend back that way. It would be much easier to transfer the cash into their bank account.
At 3-3.5% return it is still worthy of consideration in my opinion.
 
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oz_mark

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pksw said:
Be aware that Amex charge a higher commision to the retailers than other credit cards, so they often will have a surcharge for using Amex. Companies like Qantas and Optus already charge a fee for using a credit card - so it's pointless using the Amex, as you'd be better off just using EFTPOS/cash for those transactions.

Qantas surcharge whatever credit card you use. Not just Amex.

pksw said:
I'm finding more of my bills have an extra charge for Amex (eg my internet service provider) or simply don't accept Amex anymore.

While I have a similar experience with surcharging Amex, I actually find that more places seem to be taking Amex than less.
 

pksw

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oz_mark said:
Qantas surcharge whatever credit card you use. Not just Amex.



While I have a similar experience with surcharging Amex, I actually find that more places seem to be taking Amex than less.
Sorry if it sounded like I was comparing Amex v's other cards - I was just trying to point out to the OP that using any credit card to payback a friend that you owe $2500 may have these hidden extra charges, and that it's probably easier just to give him the money. Trying to pay his bills for a few months to get to the $2500 means that he spends more than $2500 when the extra fees are added. Whether it's worth the awards points is up to him to decide.

I use my Amex to pay everything where they accept it as I get 1.5 points per dollar. A few places charge an additonal surcharge for it, but as pointed out most charge the same regardless of the card being used.
 
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