Amex Threatened Me!!!!!!!!!!!!!!!!!

Re: Amex Threatened Me!!!!!!!!!!!!!

I remember reading an article several years ago about someone who was using big credit balances on her cc to basically launder money. I can't remember all of the particulars but I remember being amazed at the idea of having six-figure credit balances on the cards and no one picking up on it as being strange.

It was a way to get around cash of over $10K having to be reported to the IRS by banks. It was also a way of hiding assets from the IRS.

Maybe AMEX and others have seen more of that in recent years and large credit balances are a red flag for possible illegal activity.

Lest my comments be misunderstood, there is no implication in this post that George is doing anything but using the system to his best advantage. I'm merely speculating about the reason for the AMEX reaction.

DemPooches

 

AMEX Travelers Checks

if bought on the AMEX site (Checks on line) - are treated as a regular charge to my Green Card.

When you are actually placing the order for checks ($1000 max), you CAN pay with AMEX, V, MC!

I do not know how a Visa or MC payment would be recorded....

Check on line itself charges about a $15 fee for $1000.

aarrf - dogman

 

Re: AMEX Travelers Checks

Most cc companies are getting rather jumpy as of late.

 

Re: Amex Threatened Me!!!!!!!!!!!!!

Um, I understand that's true, George. But then you would be borrowing the money for the prime rate or less. Assuming that banks are supposed to be profitable (rather than lose money and go out of business), why should they be in the business of lending you money at a rate that is less than what they have to pay? Not that I love banks, but their concerns make sense to me in this situation. Call a spade a spade, George, lol. Still, more power to you.

Doc

 

Re: Amex Threatened Me!!!!!!!!!!!!!

Doc,

Too funny! George: Go Get 'Em!

But, facts are facts, we would ALL love prime lending for all of our balances. No bank would stay in business that makes deals like that just to keep the consumers happy.

Joe

 

Re: Amex Threatened Me!!!!!!!!!!!!!

I agree GEORGE, the same people that try to make us believe 3% is a great return on a 5yr CD, also charge the average american consumer around 18% for credit cards. I have nothing against a business making a fair profit, but that's just silly. I'm not going to be shedding any tears for them.