Sunday, February 10, 2013

Amazon Payments

UPDATE: This is now DEAD. RIP AP

So there are many different cards that offer $100, $200, or more as sign-on-bonuses when you get their credit card AND spend X amount of dollars in 3 months. The amount you have to spend might be only $500, but it can be upwards of $5000+. If you don't usually charge your card that much how can you spend, say $1000 every month on your credit card? Well, if you have a spouse, family member, or good friend, Amazon Payments is an easy way to do this.

Amazon Payments lets you send money to others via an email address. You can send money via a bank account OR a credit card. So, you can charge your card to send money to someone and easily reach the spending requirement to get those big bonuses. Some key points:

  • Make sure you select "goods/services" and not "cash advance" because your credit card might have a fee associated with cash advances. 
  • Don't send it to yourself. Send it to a spouse, family member, or trusted friend. 
  • Both the person sending and receiving the money will need to have a separate amazon account. 
  • There is $1000 limit every month that you can send via a credit card
  • There are NO fees. How long this will last? I don't know, but hopefully it'll be around for a while without any fees. 
  • Not only can you reach your spending requirements, but you get also get your rewards points associated with your card. 
  • This has been used by hundreds of people the last 3 years, but if you are worried your credit card company might charge a fee, start with a small amount to see how it works. You can always disput one time charges without any problem. 

One reason I really like credit card bonuses as opposed to banking (checkings or savings accounts) bonuses is that credit card bonuses are not considered taxable by the IRS while banking bonuses ARE considered taxable.

Ready to give it a try? Here is my most recent credit card. 

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1 comment:

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