American Express Gold card with 2% cash back

[Super_Geo]

I just signed up.

RedFlagDeals link (http://www.redflagdeals.com/deals/main.php/alldeals/comments/american_express_gold_w_2_cash_rebate_reward_program)


If you have a minimum annual income of $30,000, you qualify for an American Express Gold card with a 2% cash rebate reward program. This means that once a year, your American Express spendings are tallied and you are paid a cash rebate. You will only receive 2% if you have spent more than $5000. Spending $0 - $2,500 will result in a 0.5% rebate, and $2,500 - $5,000 in a rebate of 1%. There is no annual fee for this program, but this offer is not available online. You will need to call American Express directly at 1-800-268-2639 and ask for this program.

[GQBalla]

how many people actually accept american express though?

[liquid1010]

CIBC has a VISA (Dividend VISA) that provides 1% back with zero fees, and 2% back if you pay the yearly fee.

[98type_r]

Originally posted by GQBalla
how many people actually accept american express though?

:werd:
Amex merchant fees are much higher than those of Visa or MC. It's less appealing for a smaller business and even some retailers to accept it as a form of payment for that reason.

[Super_Geo]

Hey I was wondering... what would stop me from:

1) Depositing $10,000 from this 2% cashback AmEx to an online poker website and collecting $200.
2) Then paying the $10 fee to transfer the money from the poker site to a bank account and then paying off the credit card.

Any reason why this wouldn't work? Haha cause if you did this once a week...... ;)

[SunniSunShine]

2% of $5000 is only $100.. yippeeeeeeeeeeeee... unless you spent hundreds of thousands on your amex who gives a fuck.. ide rather get rewards with my rbc gold visa creditcard and then cash in on some giftcards around christmas time

[QuasarCav]

Originally posted by Super_Geo
Hey I was wondering... what would stop me from:

1) Depositing $10,000 from this 2% cashback AmEx to an online poker website and collecting $200.
2) Then paying the $10 fee to transfer the money from the poker site to a bank account and then paying off the credit card.

Any reason why this wouldn't work? Haha cause if you did this once a week...... ;)


If you have though of it than so have they. Not going to work.

[Isaiah]

It's a decent reward if you're paying off the balance every month. Personally I use a Diners (which has M/C acceptance) and a Mosaic Gold. The benefits of those cards far outweigh 2% cash back.

[lint]

Originally posted by SunniSunShine
2% of $5000 is only $100.. yippeeeeeeeeeeeee... unless you spent hundreds of thousands on your amex who gives a fuck.. ide rather get rewards with my rbc gold visa creditcard and then cash in on some giftcards around christmas time

You may want to do some math. The gift cards that you buy with your RBC rewards are going to be a much lower rate of return than 2%.

[SunniSunShine]

Originally posted by lint


You may want to do some math. The gift cards that you buy with your RBC rewards are going to be a much lower rate of return than 2%.

I dont think so Tim

i got $100 giftcard to futureshop this year and i dont think ive spent $5000 on my cc this year..

[06civic]

Originally posted by Super_Geo
Hey I was wondering... what would stop me from:

1) Depositing $10,000 from this 2% cashback AmEx to an online poker website and collecting $200.
2) Then paying the $10 fee to transfer the money from the poker site to a bank account and then paying off the credit card.

Any reason why this wouldn't work? Haha cause if you did this once a week...... ;)

Then they flag your acct and possibly freeze it cuz they will see it as money laundering

[lint]

Originally posted by SunniSunShine


I dont think so Tim

i got $100 giftcard to futureshop this year and i dont think ive spent $5000 on my cc this year..

At best, you get 1 RBC Reward point for $1 spent, with a min monthly fee of $35. Otherwise, you get 1 RBC Reward point for every $2 you spend on your card.

RBC Gold Visa card - $2 spent, 1 RBC Rewards point (http://www.rbcroyalbank.com/RBC:Rvlx3471A8YAHaB8uKE/cards/rbcrewards/basics_eligible_cards.html)

$100 FS gift card =
12000 RBC Rewards points (http://rbcrewards.ernexinsight.com/browse_item.asp?ticket=3h7yhZWELigfKoX2kovxHvxWc&lng=0&cid=0&cn=&mid=13087&keyword=futureshop)

So $2 spent/point x 12000 points/$100 FS gc = $24000/$100 FS gc

Wanna check that math again?

[SunniSunShine]

yeah im not sure what program you are on but i just got 2 $100 futureshop gift cards and there is no way i have spent $48000 in the 2 years i have had this card

[Redlyne_mr2]

Im at $900 in dividends so far this year.. not going to complain about free money.

[lint]

Originally posted by SunniSunShine
yeah im not sure what program you are on but i just got 2 $100 futureshop gift cards and there is no way i have spent $48000 in the 2 years i have had this card

You may have received bonus points for signing up. But that doesn't happen every year. Otherwise, please enlighten us about what card you have since I wasn't able to find it on the site.

[Recca168]

Originally posted by SunniSunShine
yeah im not sure what program you are on but i just got 2 $100 futureshop gift cards and there is no way i have spent $48000 in the 2 years i have had this card

right.... the program is call basic math maybe you should look into it. The only way it could be different based on your post is if you have the Gold prefered card which gives you twice as many points but that would still mean you must have spent $12000 for the 100 dollar gift card... which still is a shitty deal since the yearly fee on that card is $110 anually.

[leec001]

Applied.......................Great Deal.

Paid all your bills through the card.........will help you making more money..................Yahoo.

[Ferio_vti]

Originally posted by SunniSunShine
2% of $5000 is only $100.. yippeeeeeeeeeeeee... unless you spent hundreds of thousands on your amex who gives a fuck.. ide rather get rewards with my rbc gold visa creditcard and then cash in on some giftcards around christmas time

Um no. It's tiered


You will only receive 2% if you have spent more than $5000. Spending $0 - $2,500 will result in a 0.5% rebate, and $2,500 - $5,000 in a rebate of 1%.

So if you spend $5001, only the $1 after $5000 is gonna give you 2% back. Spending $5000 in a month gives you $37.50 cash back. $12.50 for the first $2500, then $25 for the second $2500.

[SunniSunShine]

Originally posted by Ferio_vti


Um no.



So if you spend $5001, only the $1 after $5000 is gonna give you 2% back. Spending $5000 in a month gives you $37.50 cash back. $12.50 for the first $2500, then $25 for the second $2500.

ouch reading > me

that sucks

[whodiman]

Originally posted by Super_Geo
Hey I was wondering... what would stop me from:

1) Depositing $10,000 from this 2% cashback AmEx to an online poker website and collecting $200.
2) Then paying the $10 fee to transfer the money from the poker site to a bank account and then paying off the credit card.

Any reason why this wouldn't work? Haha cause if you did this once a week...... ;)
This one is easy. If you do this Credit card companies treat these as a cash advance. You do not receive a dividend refund on cash advances but only on purchaes. Not sure if you've deposited money through online poker before but if you look at your statement you will see you paid a cash advance fee and are paying interest from day 1.

The reason they can give you a 2% refund is they usually charge well over 2% from the vendor for accepting your purchase.

[Ferio_vti]

You'd better off getting the Citi Enrich Mastercard (http://www.citibank.com/canada/cards/english/overview_enr.jsp) This card isn't tiered, you get 1% for everything.

[Super_Geo]

^ I've deposited about $1000 into PartyPoker with my TD Visa and have not been charged 1c in interest or any cash advance fee. As far as I can tell, they treat it as a purchase.

Sunni, I don't know why you're hating on this card so much... 2% cash back is almost double what most benefit credit cards will give you. Some flight/travel cards might hit 3% if you use the airlines/hotels they are affiliated with.

I think it's great... $30,000 spent in one year = $537.50 returned. I'll be sure to use it for work expesnse (which are reimbursed anyway), parent's TV purchases, etc.

[Super_Geo]

Originally posted by Ferio_vti
You'd better off getting the Citi Enrich Mastercard (http://www.citibank.com/canada/cards/english/overview_enr.jsp) This card isn't tiered, you get 1% for everything.

If you spend more than $6250 a year, then you'll get more with a tiered 2% card than you would a non-tiered 1%.

[leec001]

Originally posted by Super_Geo


If you spend more than $6250 a year, then you'll get more with a tiered 2% card than you would a non-tiered 1%.

Spending $20000 a year, you will get $200 in Citi Bank MC.
Spending $20000 a year, you will get $337 in AE Gold 2% reward.:love: :thumbsup::clap:

[SunniSunShine]

i wasnt hatin on it, i just didnt think it was that big of a deal and then the lint out of my belly button wouldnt stop drilling me in the ass

[Weapon_R]

What is the interest rate on this card?

[Super_Geo]

I don't remember... something in the 20's? It's ridiculously high, but I never plan to pay interest on it so I don't really care...

[HondaRice]

american express is good

But they have thousands of horror stories

Recently someone stole my wallet from my vehicle in BRIDGELAND

they used my business amex card to buy 800 dollars worth of liqor at co-op liqour

Damn i dont drink will ever touch such degrading bs

i report it lost , BEFORE the charges, they said no problem.

3 months later i get a "fraud investigator" calling from india , being really rude about everything. wouldnt reverse the charges, i have a lawyer involved now, first time i had to ever deal with a lawyer in my life. he was already working on amex cases, so it goes to show how common amex service is awful.

basically theres more to the story, but don't expect fraud coverage to be easy.

the only good thign about them they offered fair exchange rates.

[Weapon_R]

Yikes. Anyone who carries a balance would be far better off getting a low interest credit card like BMO mosaic (10.5%).

[Ferio_vti]

Originally posted by Super_Geo


If you spend more than $6250 a year, then you'll get more with a tiered 2% card than you would a non-tiered 1%.

If you spend exactly $6250 in a month you get the same thing :rofl:

[Super_Geo]

Originally posted by Ferio_vti


If you spend exactly $6250 in a month you get the same thing :rofl:

Ooook.... wtf are you talking about? :dunno:

You have a year to spend it, not a month. But yeah, $6250/year is where the two cards would be equal. If you plan on spending less then go with the Citi, but I'm pretty sure most people spend more than $6250 a year so the AmEx would be a better deal.

[Xtrema]

Originally posted by Weapon_R
Yikes. Anyone who carries a balance would be far better off getting a low interest credit card like BMO mosaic (10.5%).

Don't ever carry a balance on AE. Not even $0.01. They WILL RAPE you.

Unless I can pay taxes and utilities with this card, I'm perfectly happen with my PC Mastercard.

[Super_Geo]

Originally posted by Weapon_R
Yikes. Anyone who carries a balance would be far better off getting a low interest credit card like BMO mosaic (10.5%).

Who carries interest on credit cards these days? Regardless of interest, it's better to go with a LOC.

I'd rather have an unsecured LOC at 12% than a credit card at 10.5%. You pay interest on your entire bill for credit cards, regardless of how much you pay down.

So if you owe them $1000 and pay $999 by the time the statement is due (in effect owing them $1), you will get charged for interested based on $1000, not $1.

[Strider]

Originally posted by Super_Geo


Ooook.... wtf are you talking about? :dunno:

You have a year to spend it, not a month. But yeah, $6250/year is where the two cards would be equal. If you plan on spending less then go with the Citi, but I'm pretty sure most people spend more than $6250 a year so the AmEx would be a better deal.

I considered getting this AMEX after seeing the thread on rfd too. Like you, I arrived at the $6250/year dollar figure where it would break even with a 1% un-tiered reward card (like my PC Mastercard).

Fatal flaw was that you have to spend that $6250/year at places that actually accept AMEX... I guarantee that for half of your purchases, you'll still be whipping out that Visa.