Author Topic: Made $2,000 Profit From My AMEX Platinum Credit Card  (Read 3530 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!!!

hiker_girl

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #5 on: March 01, 2019, 02:17:18 PM »
How do you decide whether it is worth selling Amex MR points vs. hoarding them? I have a ton of points with Delta and United and 80K with Amex. I looked up ways to redeem points for a flight from Colorado to Southeast Asia but the Delta and United always came out ahead. Here is an example from a search I did in September.

For two people in economy:
United 160,000 miles and $104.
Delta 166,000 miles and $369.
American Express Travel Portal 167,702 points. OR use 75,278 Amex points and pay $924.
(In this case, I figured it was better to use the United or Delta points)

Also, transferring Amex MR points to another airline partner (because United and Delta are not Amex partners), signing up for their membership program, and figuring out those partners' point costs and waiting for the transfers to come through seemed like a big hassle. 

CheezM

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #6 on: March 03, 2019, 06:25:07 AM »
You can sell your points for more than redeeming them?  How can the broker make money on that?  Aren't AMEX points only worth 1 cent/point?  This sounds interesting.  I usually buy gift cards at 1 cent but a broker would pay 1.3!?  Even the single airline/first class redemption value is 1.35.  How is the broker doing this?
« Last Edit: March 03, 2019, 06:27:27 AM by CheezM »

secondcor521

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #7 on: March 04, 2019, 01:39:08 PM »
You can sell your points for more than redeeming them?  How can the broker make money on that?  Aren't AMEX points only worth 1 cent/point?  This sounds interesting.  I usually buy gift cards at 1 cent but a broker would pay 1.3!?  Even the single airline/first class redemption value is 1.35.  How is the broker doing this?

The broker is using your points in ways that are valued at 2 cpp or more to his customers.  He pockets the difference for his work in matching up the demand and supply parties.

teltic

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #8 on: March 04, 2019, 04:32:56 PM »
How do you decide whether it is worth selling Amex MR points vs. hoarding them? I have a ton of points with Delta and United and 80K with Amex. I looked up ways to redeem points for a flight from Colorado to Southeast Asia but the Delta and United always came out ahead. Here is an example from a search I did in September.

For two people in economy:
United 160,000 miles and $104.
Delta 166,000 miles and $369.
American Express Travel Portal 167,702 points. OR use 75,278 Amex points and pay $924.
(In this case, I figured it was better to use the United or Delta points)

Also, transferring Amex MR points to another airline partner (because United and Delta are not Amex partners), signing up for their membership program, and figuring out those partners' point costs and waiting for the transfers to come through seemed like a big hassle.

I've booked a couple flights with points... SLC to HOU for example.. I ended up getting 1.5 cents per point...  It was okay.  Lots of hassle.

I believe signing up for ScottsCheapflights (or similar service) will get you better deals than using points.  I love the simplicity of selling points, then buying that ticket on sale for $500 to europe (I've seen Thailand for $450 out of SLC.  Next time I see that deal, I'm buying).


Another example is Australia.  I paid $660 to get to melbourne.  I know I could use 92,000 delta points plus $141.33.

$660 x 5 AMEX points per dollar = 3,300, sold at 1.3 (milesp2p.com offers today) cents per point = $42.90; so Net I just paid $617.10.

Delta points value = ($617.10 - $141.33)/92000 = $0.00517 per point.  Ouchy!

I do see an "the points guy" article on how to get to australia for 44,000 delta points... But even then, .0108 per cent!

It still makes sense to sell points and just pay cash (I guess pick your posion, you do have to make the effort of selling points... to me it's easy).





EngagedToFIRE

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #9 on: March 05, 2019, 06:03:57 AM »
$660 x 5 AMEX points per dollar = 3,300, sold at 1.3 (milesp2p.com offers today) cents per point = $42.90; so Net I just paid $617.10.

This begs for an answer.  If the milesp2p people buy at 1.3, what are they buying using the points for more and why can't we do the same?

secondcor521

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #10 on: March 05, 2019, 06:35:12 AM »
$660 x 5 AMEX points per dollar = 3,300, sold at 1.3 (milesp2p.com offers today) cents per point = $42.90; so Net I just paid $617.10.

This begs for an answer.  If the milesp2p people buy at 1.3, what are they buying using the points for more and why can't we do the same?

They are buying them and using them for higher value redemption options (2+ cpp).

You can do the same if you happen to have the points or miles and would like to use them for a trip which happens to be a high value redemption.

EngagedToFIRE

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #11 on: March 05, 2019, 07:11:52 AM »
$660 x 5 AMEX points per dollar = 3,300, sold at 1.3 (milesp2p.com offers today) cents per point = $42.90; so Net I just paid $617.10.

This begs for an answer.  If the milesp2p people buy at 1.3, what are they buying using the points for more and why can't we do the same?

They are buying them and using them for higher value redemption options (2+ cpp).

You can do the same if you happen to have the points or miles and would like to use them for a trip which happens to be a high value redemption.

What sort of AMEX options have 2+ cpp?

secondcor521

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #12 on: March 05, 2019, 09:34:54 AM »
$660 x 5 AMEX points per dollar = 3,300, sold at 1.3 (milesp2p.com offers today) cents per point = $42.90; so Net I just paid $617.10.

This begs for an answer.  If the milesp2p people buy at 1.3, what are they buying using the points for more and why can't we do the same?

They are buying them and using them for higher value redemption options (2+ cpp).

You can do the same if you happen to have the points or miles and would like to use them for a trip which happens to be a high value redemption.

What sort of AMEX options have 2+ cpp?

I've no idea offhand, but on general principles I would expect it to either be (1) transfer to partner airlines at a 1:1 rate and use for high value redemptions on those airlines.  HVRs vary based on the airline.  (2) high value properties, such as Hiltons in Hawaii.

This morning I was in the process of watching this video which talks about the varying value of points:

https://www.youtube.com/watch?v=jTr-OJDsKLk

teltic

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #13 on: March 05, 2019, 10:23:54 AM »
In general, points provide flexibility.  I bought Australia on a screaming deal that was online for 24 hours.

With points, if you wanted to go next week, it cost $1200. So all of a sudden your delta points are worth double.

I've heard people use points for emergency flights (flying within 7 days).   So my broker is probably buying my points a 1.3 cents per point, and selling to someone else for 2 cents per point who needs to go to NY for surgery tomorrow. ( I've done little research on this. I could be incorrect).

Radagast

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #14 on: March 06, 2019, 09:53:47 PM »
$660 x 5 AMEX points per dollar = 3,300, sold at 1.3 (milesp2p.com offers today) cents per point = $42.90; so Net I just paid $617.10.

This begs for an answer.  If the milesp2p people buy at 1.3, what are they buying using the points for more and why can't we do the same?

They are buying them and using them for higher value redemption options (2+ cpp).

You can do the same if you happen to have the points or miles and would like to use them for a trip which happens to be a high value redemption.

What sort of AMEX options have 2+ cpp?
There are occasional sales of points-based Delta flights which could get you to that point on certain routes. Otherwise they are dumb like "business class on Turkish Airlines for select dates." You can get near to 2cpp on many ordinary flights though. We nearly booked 1.8cpp economy to Japan, and I was valuing based on the cheapest of any flight on any airline in the general period. It may have actually been 2cpp based on the cost of the Delta flight.

flower

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #15 on: March 09, 2019, 06:53:03 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.

Just wondering how long it took for bestmilesbrokers.com to repond. I submitted a request a couple of days ago and have heard nothing from them. Would it usually take that long do you think?

teltic

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #16 on: March 09, 2019, 08:09:02 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.

Just wondering how long it took for bestmilesbrokers.com to repond. I submitted a request a couple of days ago and have heard nothing from them. Would it usually take that long do you think?

It took me a matter of a couple hours... You can email Bruce's email at brucergoldberg2@gmail.com.

secondcor521

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Re: Made $2,000 Profit From My AMEX Platinum Credit Card
« Reply #17 on: March 09, 2019, 08:19:01 AM »
Usually Bruce's responses are nearly instantaneous.  I do happen to know that he is out of town on vacation at the moment, so that may affect things.