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Credit Card Miles???? Yeah, get this!

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posted on Nov, 3 2019 @ 12:27 AM
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So I work in a pretty crazy world, very fast, very complicated, and it takes some very 'complicated' people to survive in said world. In other words, it takes a bunch of nut cases.

For many years the company used to give us no-limit AMEX cards (I mean like seriously...NO limit). The reason was, we could have to spend $20-30k on the spur of the moment and the corporate wheels of bureaucracy moved too slow for this. We could get a phone call and have to run to the airport and buy $20,000 worth of plane tickets/hotels and be on the next flight to Asia, or...Mars (or where ever). Of course, these cards were in our names, so we were actually the cardholder, and the company just underwrote the credit limit (which was unlimited). I'm sure there was some limit, but it was more than I ever knew.

Anyway, as most ginormous companies do, they got greedy after a while. They found out that some people were using their own personal credit cards for company expenses, and then expensing them off. This way THEY (and not the company) could get the perks / miles / cash-back for the money passing through their cards. So the company, greedy bastages, made a rule that you couldn't use anything other than your company card for business expenses (because they were getting huge kick-backs for the same thing from AMEX). So, they made this rule, and it was to go into effect at the end of the year (it was about August when it was published).

Now one funny part about all this was, the company actually encouraged us to use the company card for personal expenses. Sure, you had to pay the bill for the personal stuff, but they didn't care. Well, this pissed a whole lot of people off (me included) because some people were pulling down some pretty hefty cash-back checks every year from our business expenses. I was just a small fish, and I was getting $9-10k back a year on my Citi card, so you can imagine what some of the real heavy-hitters were getting (probably $40-50k annually).

So, there was about 4 months left to go before all personal credit cards were banned for business expenses. You could use your personal card, but the company wouldn't reimburse it. You had to use your company AMEX. Lots of folks were grumbling, and it really was pretty S#tty for a variety of reasons which go beyond this post.

I wish I could say I didn't know this guy, but comically he was actually in our division and group. He was royally pissed, and generally just a crazy dude anyway. He was also a superstar at what he did, and had head-hunters burning his phone down, so he didn't give a crap.

One day this guy goes down to the car dealership and buys a $142,000 Porsche and puts it on his company AMEX (no kidding either!).!!!

Well....lemme tell ya...the S# hit the fan BIG TIME! Bells and whistles went off from hell to breakfast in the company. I think the CEO even got involved! The guy who bought the car didn't care...hell, they TOLD us to use their damn card for personal purchases! And, so he did!

It actually wasn't a joke, the guy had the money and planned on paying the car off the following month from the proceeds he had from selling a small plane when his bill showed up. But, there was a problem. LOL! You see, the company never thought about someone buying some huge dollar asset. So now the company had this asset on their books and it created all sorts of problems. It was actually pretty hilarious because they got stung by their own stupid greedy policy.

So what did they do???? LOLOL! This is the best part! They came around and made us all surrender our company AMEX cards! LOLOL!! DOH!! Well, this backfired on them twice as hard because the next time they needed someone to go do something in an emergency all the person had was their own personal credit card (which they would get the cash-back on), but most personal cards don't have unlimited credit like a multi-billion dollar company card does...and this created a fiasco! DOH!! DAMMIT, just...DAMMIT!!! LOL! (just brings an ear to ear grin to my face every time I tell this story). It gets better too! So then they issued our group these Citi black cards, but they were Mastercard. (this is too funny). Well, if you've ever had a mastercard, you know that not every place takes MC, they'll all take VISA, but not MC...especially internationally (where we travel a lot).

So, at the end of the day, we still have to use our personal cards, and get the miles...and they're still pissed about that!

True story.




posted on Nov, 3 2019 @ 12:33 AM
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Yah...I'm not reading all that(two paragraphs and I'm out).

Never got the miles reward thing though. I don't fly.

I take the points and the cash back. I take the money on my business cards. Because money buys anything, even flights....or booze(or guns).

Either way, with cash rewards you always have the option, airline miles are only good for flying.......oddly enough.



posted on Nov, 3 2019 @ 12:37 AM
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a reply to: MisterSpock

Well, it was about WHO got the cash-back and the miles (or whatever other perks).

Oh, and it didn't matter because (not so ironically) AMEX was also the corporate travel agent, so either way it was BIG money!


edit on 11/3/2019 by Flyingclaydisk because: (no reason given)



posted on Nov, 3 2019 @ 12:39 AM
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originally posted by: Flyingclaydisk
a reply to: MisterSpock

Well, it was about WHO got the cash-back and the miles (or whatever other perks).



I'm sure.

I was more than happy to use my personal credit card for business. Because they paid the bills and I banked the thousands in rewards(once again, to buy fine drinkables and nice firearms).



posted on Nov, 3 2019 @ 12:53 AM
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a reply to: MisterSpock

So was I, but the company had other ideas.

And someone took it to the extremes.



posted on Nov, 3 2019 @ 01:24 AM
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Ummm...

Did AMEX ever send you a 1099INT or 1099MISC on the cash back you received?

I am wondering since, under certain circumstances, that cash you received for personal purchases could be taxable income, per the IRS.

Assuming, of course that you are in the US.

The issue is complicated, and should have been discussed with a professional tax preparer.

I’d hate to hear that my favorite “chef extraordinaire du ATS” had run afoul of the tax men!



posted on Nov, 3 2019 @ 01:32 AM
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a reply to: Bhadhidar

I never received any cash-back from AMEX. The company did, but I didn't.

Yes, taxes are very complicated. Ours are about 2" thick when complete, and we have a CPA prepare them. Everything is on the level. Don't want to ever get sideways with the G-men. Know too many people who have suffered down that path for years and will regret it for life. Not worth it.



posted on Nov, 3 2019 @ 01:54 AM
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a reply to: Flyingclaydisk

Heh. Sometimes the penny pinchers are too clever for their own good. Bought the Porsche on company plastic.


Cheers



posted on Nov, 3 2019 @ 02:15 AM
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If its truely unlimited then buyout the company and become the CEO and authorize the payment



posted on Nov, 3 2019 @ 06:24 AM
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My daughter usually flies around for work related training, she subcontracts with a company so she gets reimbursed for the tickets but collects the airline miles. Now, she is busy and has all these miles, if she uses them to go somewhere, it costs lots of money to take the trip. Her money flies out the door instead of saving it for her future when she retires from working.

Things like perks actually stimulates the economy and keeps people spending things on stuff they want but do not need. Credit card companies make megabucks, they get between three and five percent of money that the store collects from credit card purchases, the little they give back is from discounts that motels and airlines give them on top of that to boost business. It is all a sales technique to get people to spend more money on things they do not need.

If companies pay for the tickets, they should get the points, if they go on their employees expense, they get the benefit, but do they really benefit from flying to France and blow money there instead of adding it to their savings or pension?



posted on Nov, 3 2019 @ 07:54 AM
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a reply to: Flyingclaydisk

I read it. Very entertaining story.



posted on Nov, 3 2019 @ 08:00 AM
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originally posted by: rickymouse
Now, she is busy and has all these miles, if she uses them to go somewhere, it costs lots of money to take the trip. Her money flies out the door instead of saving it for her future when she retires from working.


When I use my award miles for a vacation the entire vacation costs me practically nothing since I'm also using my Hilton points and not paying for lodging and breakfasts. The only thing I pay for out of pocket is some meals, transportation and shopping.



posted on Nov, 3 2019 @ 09:17 AM
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a reply to: Flyingclaydisk

Great story. I love stuff like this where one person body slams dumb corp execs. I had a similar situation at my old company but they were not greedy and encouraged me to use my own CC for speed of co purchases. Fine with me.

I no longer work there but it was an awesome perk. Made out big time on cashback. Pretty much paid all my living expenses and I live debt free so my income was all going straight to savings and investments. I was not spending my income lol. Crazy because none of the other employees wanted to use their own CC. If they needed something quick for the company they would come to me and I was all to happy to purchase it.



posted on Nov, 3 2019 @ 09:45 AM
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a reply to: Flyingclaydisk

To be honest it sounds like the employees were abusing the system.
The company pays the bills and should recieve the return perks for the money they spend.

Employees have salary and benefit packages that the employer is required to meet.
Anything above that is gravy.



posted on Nov, 3 2019 @ 01:23 PM
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originally posted by: AugustusMasonicus

originally posted by: rickymouse
Now, she is busy and has all these miles, if she uses them to go somewhere, it costs lots of money to take the trip. Her money flies out the door instead of saving it for her future when she retires from working.


When I use my award miles for a vacation the entire vacation costs me practically nothing since I'm also using my Hilton points and not paying for lodging and breakfasts. The only thing I pay for out of pocket is some meals, transportation and shopping.


So, what do the meals, transportation, and shopping add up to? How about entertainment, does it cost more than you would pay at home working on the garden and mowing the lawn? I won't even think about comparing it to the cost of deer hunting, if you are unlucky enough to shoot a deer, the price of the meat hits a hundred bucks a pound once you consider all the money spent at deer camp and the taverns.



posted on Nov, 3 2019 @ 02:38 PM
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a reply to: rickymouse

I was in Italy last month so I can tell you that transport was cheap, high speed rail tickets were around $20 which we use twice, we took a few taxis which was around $100 and I decided to splurge on food since that's the place to do it. I think I was out of pocket around $1,500 for 10 days but I could easily have done it for a third of that. Everything else was free including bringing two friends along with us.



posted on Nov, 3 2019 @ 02:51 PM
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originally posted by: AugustusMasonicus
a reply to: rickymouse

I was in Italy last month so I can tell you that transport was cheap, high speed rail tickets were around $20 which we use twice, we took a few taxis which was around $100 and I decided to splurge on food since that's the place to do it. I think I was out of pocket around $1,500 for 10 days but I could easily have done it for a third of that. Everything else was free including bringing two friends along with us.


My daughter was in South America with her Husband to see the solar eclipse for about ten days, then he flew home and she went to India and stayed there in a hotel for a month while she took an advanced Yoga Course on nutrition and bone health or something like that. They both flew for free, but in south America where they were, they could not use the motel credits. But all the time in India the hotel was paid with her points from something.

They still managed to go through five grand overall for the month and a half total.

Through work she accumulated a lot of flying miles and also she had a real lot of hotel room stays while she was working. The company paid for the motel, but she had to pay it and bill it to them. Same with the flights. Every two weeks she could fly home or whereever and the company paid for the flights, so she gained many miles and spent many three to five day weekends visiting friends across the country, sometimes with delays, she got no time at where she was going..




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