New Amex statement credits

[d00dz]

Does anyone know what the payment reference number is for when you pay your red energy bill? Is it your customer number?

 

[Jacques Vert]

Does anyone know what the payment reference number is for when you pay your red energy bill? Is it your customer number?

Look at the "How to Pay" section at the bottom of the second page.

 

[Gold Member]

Overpaid my Red Energy account $10K with one of my Amex Explorers. After the transaction transitioned from pending to posted and my RE account reflected the updated value, I requested a credit refund of the overpaid amount to my bank account. They wanted some evidence of transaction at Amex’s end but all good. Was quoted 7-10 days.

If all goes well will put through a few more with higher values. That’s an easy way to essily manufacture Amex points at $0 cost. But at some point their Accounts/Finance Team will catch up wih me at which time I’ll churn to another provider.

 

[Happy Dude]

Overpaid my Red Energy account $10K with one of my Amex Explorers. After the transaction transitioned from pending to posted and my RE account reflected the updated value, I requested a credit refund of the overpaid amount to my bank account. They wanted some evidence of transaction at Amex’s end but all good. Was quoted 7-10 days.

If all goes well will put through a few more with higher values. That’s an easy way to essily manufacture Amex points at $0 cost. But at some point their Accounts/Finance Team will catch up wih me at which time I’ll churn to another provider.

This topic gets worked over at OZB quite a lot - usually with statement credits. Most report trouble getting refunds to a card/account different to the one that was used to pay. Would this be possible with say, telcos or rates bills via paypal too?

I'd be worried they don't refund in time and getting whacked with interest from AmEx.

 

[SydneySwan]

Some new offers today;

Freedom Furniture - 300 / 100
Winedirect - 100 / 30

 

[burmans]

Some new offers today;

Winedirect - 100 / 30

For those who have never shopped at Winedirect before I highly recommend their mixed cases , and you'll find a referral link to get an extra $25 off in the referral forum.

This offer seems like a good one to leverage this Shiraz If!

 

[Gold Member]

This topic gets worked over at OZB quite a lot - usually with statement credits. Most report trouble getting refunds to a card/account different to the one that was used to pay. Would this be possible with say, telcos or rates bills via paypal too?

I'd be worried they don't refund in time and getting whacked with interest from AmEx.

You need to check that each merchant will credit your funds back to a bank account after using a credit card. Alternatively, check that they will credit your funds to a different credit card than the original used (ideally a non-points earning card like 28 Deg etc). I dare say many merchants wouldn't do so and for good reason when Amex charges a 1.5 - 3% merchant fee. But I'd like to think the AFF community is a fair bit wiser than the OzB community though so this shouldn't be a problem.

If you use your CC at the start of your monthly cycle you have the full month of ~30 days plus ~25 days using an Amex before final payment is due. Assuming they pay you back within 7-10 days (IMEs most refund sooner than that), you're making money since you've effectively been given a free loan for 45 days which you can then put back into your high interest online saver at 3%.

If you are worried about them not refunding in time then clearly your cash flows are an issue and you should reconsider playing this sort of game.

 

[SOPOOR]

You need to check that each merchant will credit your funds back to a bank account after using a credit card. Alternatively, check that they will credit your funds to a different credit card than the original used (ideally a non-points earning card like 28 Deg etc). I dare say many merchants wouldn't do so and for good reason when Amex charges a 1.5 - 3% merchant fee. But I'd like to think the AFF community is a fair bit wiser than the OzB community though so this shouldn't be a problem.

If you use your CC at the start of your monthly cycle you have the full month of ~30 days plus ~25 days using an Amex before final payment is due. Assuming they pay you back within 7-10 days (IMEs most refund sooner than that), you're making money since you've effectively been given a free loan for 45 days which you can then put back into your high interest online saver at 3%.

If you are worried about them not refunding in time then clearly your cash flows are an issue and you should reconsider playing this sort of game.

Out of curiosity. What reason do you give for overpaying so much and how often

 

[jetcam]

Out of curiosity. What reason do you give for overpaying so much and how often

Maybe do it once. I can only see this ending badly. Especially as manual intervention is required and it's not like it is telstra, Red energy isnt that big.

 

[SOPOOR]

Maybe do it once. I can only see this ending badly. Especially as manual intervention is required and it's not like it is telstra, Red energy isnt that big.

About a yeat ago i accidentally paid a council Bill 5k instead of 500,
I asked for it to be put back on my card but they offered bank transfer so i took it but its not something id do often. Can imagine getting messy

 

[burmans]

About a yeat ago i accidentally paid a council Bill 5k instead of 500,
I asked for it to be put back on my card but they offered bank transfer so i took it but its not something id do often. Can imagine getting messy

Would be interested to understand what exactly you think companies will do about this. People do overpay or double pay bills all the time so this is not new to them. And sure they probably dont like it much but not to the extent they get nasty. And then there is a limit to how nasty they can get, they can a) refuse to refund and keep it as a prepayment or b) determine they dont want you as a customer.

 

[SOPOOR]

Would be interested to understand what exactly you think companies will do about this. People do overpay or double pay bills all the time so this is not new to them. And sure they probably dont like it much but not to the extent they get nasty. And then there is a limit to how nasty they can get, they can a) refuse to refund and keep it as a prepayment or b) determine they dont want you as a customer.

Im sure money laundering laws etc and the fact it looks dodgy. They may eventually say only returning back to the same source. With a flag on your account

As a guess

 

[burmans]

Im sure money laundering laws etc and the fact it looks dodgy. They may eventually say only returning back to the same source. With a flag on your account

As a guess

I think you'll find most of the companies are not covered by AML, from AUSTRAC site

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) covers the financial sector, gambling sector, bullion dealers and other professionals or businesses that provide services covered by the Act.​

The "other professionals and businesses" largely refers to money remitters. I think more likely they will do as you say in terms of flagging your account. In my view this is not really a big deal.

 

[Gold Member]

Out of curiosity. What reason do you give for overpaying so much and how often

Accidental, deliberate, whatever. Doesn’t matter. The reason given is merely a reporting function for their Finance/Accounts Team. I told them because the sky is blue and I need to get a haircut soon.

 

[serfty]

[MODERATOR HAT]

Please keep this thread on topic. ​

[/MODERATOR HAT]

 

[SydneySwan]

Some more offers;

Tigerair - 100 / 25
Luxury Escapes - 300 / 60
InStitchu - 600 / 100

 

[benjy]

Hi folks,
Newbie question 101 here.
I have a spend 600 on amex travel to receive 200 credit.
Terms state spend 600 or more in one or more transaction to receive credit.
So just checking, that I can spend 300 in one transaction and 300 in another, as long as total spend on card via amex travel is over 600, I will receive the statement credit?

Usually I do spend in one transaction, so don't want to plan on splitting up transactions and not receive credit.

 

[JohnK]

Hi folks,
Newbie question 101 here.
I have a spend 600 on amex travel to receive 200 credit.
Terms state spend 600 or more in one or more transaction to receive credit.
So just checking, that I can spend 300 in one transaction and 300 in another, as long as total spend on card via amex travel is over 600, I will receive the statement credit?

That is correct.

 

[SydneySwan]

New offer - Amazon prime - Get 50% credit up to $30 back. Offer only on some of my cards.

 

[Strategic Aviation]

AmEx: David Jones Spend $200 Get $30 | Avis Australia and New Zealand Spend $200 Get $50 | Kitchen Warehouse Spend $90 Get $25 - OzBargain