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I may have some big purchases and expenditure coming up in the next couple of months, around £20k worth. For this a family member will be lending me the cash until I pay them off.
Can I use this to my advantage? I don’t travel much, but would like to use the card to my advantage and get something out of it.
One problem I envisage is that some purchases may have to be via cash, or that some places may not accept AMEX.
Is there a way to go around this and still reap maximum benefits?
You could try using Billhop but there is a fairly hefty commission charge (3% I think?) That allows you to charge your Amex card with the expense even where the retailer or supplier does not accept Amex.
I would work out as far as possible, what you need to buy, from where and what card they accept now. Then think about what sign up
bonus are you eligible for. For example if £10k can be done on Amex and you qualify that could be a BAPP bonus plus the 2 for 1 voucher. Or BAPP bonus plus a plat bonus. If another £3k can be mastercard that’s the Barclays bonus right there.If they take debit cards instead of cash then Chase 1% or the new BA pre paid card might be an option.
I am finalizing a house renovation and hit a lot of SUB this way.
If anything you are buying is going to be from Amazon or retailers that sell gift cards in Morrison or Asda, look into Monese gift cards, 20% off right there, way more than you can make on points.
I would work out as far as possible, what you need to buy, from where and what card they accept now. Then think about what sign up
bonus are you eligible for. For example if £10k can be done on Amex and you qualify that could be a BAPP bonus plus the 2 for 1 voucher. Or BAPP bonus plus a plat bonus. If another £3k can be mastercard that’s the Barclays bonus right there.If they take debit cards instead of cash then Chase 1% or the new BA pre paid card might be an option.
I am finalizing a house renovation and hit a lot of SUB this way.
Thanks.
So I’m thinking the AMEX platinum, as signing on bonus get’s me 60,000 already. I can probably do £10,000 on that. However, I’m wary of the costly monthly/yearly fee. So say I get the bonus, make my purchase(s) and cancel within the month, will I still be eligible?
Sorry for the questions, I find the points system a minefield to understand!
Assuming you don’t currently own an Amex that earns membership points, you could use topcashback to take you to the Amex website (£35 currently for applying to the platinum card) plus hit the trigger and transfer the points to avios or some other loyalty scheme or change to the free rewards card and you will be refunded the annual fee. But wait for the points to hit your account and move them or downgrade to the free card. You could then apply to the BA Plus card or the Barclaycard Avios Plus card.
Amex fees are refundable on a prorata basis so you could cancel after even one month but make sure you have received the MR points and cashed them out before cancelling the card as they won’t post after you cancel. Search this site for the Amex Platinum review that Rob has done.
Have you had any amex in the last 2 years? If you are on a clean slate and can manage 11k on amex then consider spend 2k on nectar card for 20k nectar points (Marriott card is an option too but that has a fee) then amex plat for £6k for 60k MR points then BAPP spend £3k for 30k points (referred by HFP). Depending on timing there might be a BAPP bonus uplift soon (I’m waiting for it).
Like others said amex pro rata fees just make sure the points have a been transferred to your BA account before cancelling.
Then consider Barclays premium avios card, spend £3k for bonus, and the fee is monthly. Once bonus is done, downgrade to the free version and put the rest of the non amex spend here. If you have extra amex spend put it on the nectar card (assuming you have cancelled BAPP already)
Also get the BA new prepaid card spend £500 get 1500 bonus, free for the first 6 months. Good for other purchases that needs debit card only. I have never had this so based on what I have read.
Your credit checks will take a hit thou, so bear that in mind. Read the HFP article on how to achieve the most amex bonus to make sure you apply for cards in the right order.
This assumes you don’t want any upgrade/ 2 for 1 voucher. If your spends are happening quite quickly I would factor in about 2 months of fee per card, that will ensure everything is transferred before you can cancel or downgrades. Only you can decide if it is worth it.
If you are new, read a lot and ask questions. I can’t speak for others but it took me years to work my way up the learning curve, and willing to dip my toe into the higher fee cards. sometimes things can go wrong because I didn’t know. I consider them schooling fees, part of the game. So far I am still way more up!
Reney,
Very good synopsis of “schooling fees” there! Great term to use. We felt the same starting out with BAEC when Rob set up in 2012…. Much easier back then tho! (having moved over from a really really old fashioned Qatar program)
But, as you advise, important to read around it, hfp is brilliant that way. It does take time to understand it all.I may use the BA prepaid card to pay for things that don’t accept AMEX, but I was wondering if i could link it to my Chase account, and maximising the 1% cashback for purchases on that too?
I may use the BA prepaid card to pay for things that don’t accept AMEX, but I was wondering if i could link it to my Chase account, and maximising the 1% cashback for purchases on that too?
It really depends on the retailer, will they accept debit cards (or bank transfer only) and will it qualify for cashback as Chase has a long restricted list. But I think you are right that the maths work better with Chase. Maybe ask them to do a small transaction first?
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