Author Topic: Made $2,000 Profit From My AMEX Platinum Credit Card  (Read 775 times)

teltic

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Made $2,000 Profit From My AMEX Platinum Credit Card
« on: February 05, 2019, 09:58:55 AM »
I just closed my account, and would like to humbly brag, and teach you guys how to make some serious money on this card!

Readers digest of benefits:
1 point per dollar spent
5 points per dollar spent on airfare/hotels
$200 airline incidental credit per calendar year.
$200 Uber credit ($15 per month, and an additional $20 in December)
$85 fee waiver for TSA
$50 Saks Fifth Avenue credit for Jan - June, and July - Dec.
$550 annual fee


Step 1: Open account in December (I scored a 100k points after $5k spend) https://www.doctorofcredit.com/ymmv-american-express-personal-platinum-100000-points-5000-spend/
Step 2: Buy a $200 gift card from an airline before Jan 1 (you have to set up your card for that specific airline to get the credit)
Step 3: Buy $50 worth of overpriced shit on saksfifthavenue.com before Jan 1
Step 4: Repeat step 2 & 3 for Jan 1
Step 5: Spent $5k within the 3 months.  You will receive 105,000 points (assuming you don't buy airline tickets... If do you, you'll get more points)
Step 6: Use or Sell your points. I sold mine at 1.3 cents per point, making $1365!
Here is a source to help you sell points: https://slickdeals.net/f/4629010-official-where-to-sell-airline-miles-credit-card-points-or-rewards-thread-no-buying-selling
Step 7: In July, buy $50 more of overpriced shit on saksfifthavenue.com
Step 8: In Jan of the next year, repeat steps 2 & 3
Step 9: Close account within 30 days of getting that second annual fee, and they will reimburse you.

 
The Maths:
$200 + $50 + $200 + $50 + $50 + $200 + 50 = $600 in airline giftcards & $200 in saksfifth avenue credits
$1365 in selling points
I technically received $250 in credits for Uber (Dec 17 through Feb 19).  I used most of them for work (company reimbursed me for uber rides for business, AMEX reimbursed me on the back end)
$85 TSA credit

Total: $2500.  Subtracting the $550 fee, I made $1950 on this.


I made a bit more, as I purchased a lot of airline tickets, but as  you can see, this was a great card for me! :)

Shoutout to @lexde!  I didn't realize you could triple dip the airline credits if you opened your card in December.

Padonak

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #1 on: February 05, 2019, 10:05:51 AM »
Awesome.
Who did you sell the points to? Which broker?

lexde

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #2 on: February 05, 2019, 10:28:13 AM »
This is remarkably similar to my thread last year, here. Glad to see others are profiting, as well. Triple dip is definitely the way to go, but is no longer viable as AMEX changed its policy in 2018 to move cards to per-calendar-year rather than going by opening date, which is a bummer.

teltic

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #3 on: February 05, 2019, 10:31:47 AM »
@lexde  Oh sad to hear AMEX changed their policy!  At least I got in on the action before they made the change... This card is still profitable, but more like $1500ish.

@Padonak  I emailed 10 or so brokers, and ended up using Bruce Goldberg at bestmilesbrokers.com.  Great guy to work with.  Milesp2p.com was very tempting, but required a lot more leg work on my end.

Mazzinator

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #4 on: February 18, 2019, 03:46:48 PM »
if you are active duty military, they will waive the annual fee. Bonus!!!