Biggest purchase on an Amex?

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jlam572
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Postby jlam572 » Mon Jun 23, 2014 11:53 am

dat Gallardo tho OMG
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luvbullmarkets
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Postby luvbullmarkets » Wed Jun 25, 2014 2:02 pm

woogs wrote:$72k charge to Covert Tuning - buddy added a twin turbo to his Lamborghini and let me put it on my Platinum card. I would have much rather had Chase UR or Starwood points vs Membership Rewards but my credit lines are not high enough on those cards.


Why pay $72K for a car that is owned by someone else? You should have "loan sharked" him into reimbursing you at 40-50% interest.
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HotrodBill
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Postby HotrodBill » Wed Jun 25, 2014 2:19 pm

40 or 50 % interest would be considered usury, and why wouldn't you help a friend out so he can get the car finished. I'm sure the owner of the car wrote him a check and settled the bill. Who carries that much cash anyway? they probably didn't accept personal checks and he cashed in a whole bunch of Member Rewards points
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woogs
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Postby woogs » Wed Jun 25, 2014 6:48 pm

HotrodBill wrote:40 or 50 % interest would be considered usury, and why wouldn't you help a friend out so he can get the car finished. I'm sure the owner of the car wrote him a check and settled the bill. Who carries that much cash anyway? they probably didn't accept personal checks and he cashed in a whole bunch of Member Rewards points


They would have accepted a check and my buddy was going to pay them by check. Keep in mind they had his car for 18 months to work on it. If the check bounced, they had plenty of collateral.

They get hit up with the 2.5 % Amex merchant fee so they could have avoided that with a check.

I had him write me the check instead and I put it on my card for the points.
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luvbullmarkets
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Postby luvbullmarkets » Wed Jun 25, 2014 8:18 pm

woogs wrote:They would have accepted a check and my buddy was going to pay them by check. Keep in mind they had his car for 18 months to work on it. If the check bounced, they had plenty of collateral.

They get hit up with the 2.5 % Amex merchant fee so they could have avoided that with a check.

I had him write me the check instead and I put it on my card for the points.


Yes, but you could have made a handsome profit on top of your 72K points gain. ;)
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Vandalized2
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Postby Vandalized2 » Thu Jun 26, 2014 4:42 pm

The biggest purchase I have ever made on my AMEX was my TV i bought from Vizio , $600.

MikeD
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Postby MikeD » Thu Jun 26, 2014 10:17 pm

$9,487.50 for my 2013 Federal Taxes.
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Darrvao777
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Postby Darrvao777 » Wed Jul 23, 2014 2:51 pm

woogs wrote:$72k charge to Covert Tuning - buddy added a twin turbo to his Lamborghini and let me put it on my Platinum card. I would have much rather had Chase UR or Starwood points vs Membership Rewards but my credit lines are not high enough on those cards.


Wow that's awesome

IS amex generally considered the best company to go with for a large purchase? I'm planning to purchase an engagement ring in the area of 20k to 50k soon

I have 2 credit cards with roughly a 15k credit line each (30k total) that I could divvy the cost up

I could also pay by check I guess

Just ended up picking up an amex platinum and was wondering if that's the best way to make a large purchase in that range (hoping to stay closer to 20k which I'm fairly sure will pass. I think even on the amex it will get rejected if I try to charge 50k)

Thanks!
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jlam572
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Postby jlam572 » Thu Jul 24, 2014 12:19 pm

Update to my biggest purchase on my amex. Purchased a Patek Phillipe watch from ben bridge on Tuesday for $24,500. Loved how everyone in the store hunkered around the register to see if itd be approved without a phone call. lol
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woogs
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Postby woogs » Thu Jul 24, 2014 3:02 pm

Darrvao777 wrote:Wow that's awesome

IS amex generally considered the best company to go with for a large purchase? I'm planning to purchase an engagement ring in the area of 20k to 50k soon

I have 2 credit cards with roughly a 15k credit line each (30k total) that I could divvy the cost up

I could also pay by check I guess

Just ended up picking up an amex platinum and was wondering if that's the best way to make a large purchase in that range (hoping to stay closer to 20k which I'm fairly sure will pass. I think even on the amex it will get rejected if I try to charge 50k)

Thanks!


Not sure if it is the "best". I personally would have much rather put it on Chase for UR points but my Amex was the only card with a large enough spending ability without needing to break it up into multiple transactions.

Use the online "Check Spending Ability" tool when you login to see if a $20k purchase would be approved for you.
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