Right now we can get double miles via a Chase promo. We are on the verge of a home improvement project. The contractor is trusted and referred but does not take credit cards -- he's basically one guy.
My thought to get double miles for this expenditure (which will be roughly 3K-4K) is to send the payment between us (husband and I) thru our Paypal accounts.
Whereas I think the general commission to accept credit card payments is 2.9%, if you are collecting double miles in the end, that reduces your commission to theoretically 1.45%. Sounds like a decent idea -- yes?
Any feedback or alternate suggestions?
Thanks :)
Yeah I know...
concentrate on the last few pages and note that today, the US Bank VBx card can work but there are limitations on how to get the money off the thing. Basically, with gift cards, you load them with a CC and then take off the funds later to get cash out. the load is a purchase. the problem is that there are few of these left that work and are worth it, and sometimes the process is rather cumbersome. It used to be grande but times have changed. Still, some things can be doable.
good luck!
I have limited experience having done the AMEX Travelers Cheque Card. I called them to reload that this week....funny....they wouldn't load it with my Chase VISA :p The card in the link might be worthwhile if I can find ATMs near me that it will work with. Thanks :)
you are welcome.
why not get a gift card for yourself and then load it and unload it and give him the cash you get out. the load is a mile earning purchase!
IMHO, no. Miles are not worth (at least to me) even 1.45 cents. Plus the hassle, plus the chance the scheme might have unknown problems in it.
I have found it a good rule to never pay extra for miles--a rule I have broken in the past to my regret.
I tend to go this way with it, too. Only exception is if it's for UA miles for an envision-able *A redemption purpose, since UA is no longer the carrier I do most flying on but the miles still have some value, largely through other *A partners.
PayPal IMO is especially undeserving of that kind of money if something else can be figured out. Lately eBay has been doing a lot of self-serving scaremongering on its site about discouraging paying using money orders or checks, and has 'bots to flag listings for any mention of accepting cash (listing will be removed). Oh, and they just happen to own PayPal. (They've also suddenly decided to encourage telephone calling about auctions since they own Skype, even though they're one of the most hostile companies on the planet toward doing business over the phone themselves!)
oh yes, the AMEX TC card. wasnt going to highlight that one, but it works nicely. You just have to used the AMEX card it was originally set up with only. That's how you get spg points now and then too. like ya know? :D
i don't think paypal is risky. in fact, with the fraud protection guarantee (limited as it is) it may even be safer than paying by check.
however, i don' t know if 1.45 cents per mile is a great deal. it really depends on how you plan to use the miles and how many more you need. for example, if you are going to cash in for a business class ticket overseas then you might get 9 cents per mile or more in value. so if the ticket costs 110k miles and you are only short a few thousand, it might be quite a good deal for you to top off your account.
otoh, if you only have 10k miles then maybe it isn't worth buying miles at this price since many things may change before you can cash in. and many people only value miles @ 1cent.
[COLOR="Navy"Sounds like a decent idea -- yes?
Any feedback or alternate suggestions?[/COLOR]
IMHO, no. Miles are not worth (at least to me) even 1.45 cents. Plus the hassle, plus the chance the scheme might have unknown problems in it.
I have found it a good rule to never pay extra for miles--a rule I have broken in the past to my regret.
Have your contractor setup a google checkout account. For the entire 2007 year, google checkout is free of any commissions.
This way the contractor could take the credit card payment, he won't be charged any fees and money will be deposited into his checking/savings within 4 business days of the payment.
If you decide to set up an account between you and your husband and then just pay from you to your husband - it might work for one single large transaction - but google is known for cracking down on such things and will suspend both accounts for future transactions - though they will probably let that first transaction still go through.
There's a thread somewhere here about the google checkout...
http://www.flyertalk.com/forum/showthread.php?t=622507
United charges $123.69 + $35 for 3k miles on their website, you're barely paying a third of that cost (other airlines are similar pricing).
Not very up to date math if I might venture an opinion. :)
Snafu - MP offers to sell miles to members at .25¢ - not 2.5¢
http://www.flyertalk.com/forum/showthread.php?t=674411
Yeah I know...
concentrate on the last few pages and note that today, the US Bank VBx card can work but there are limitations on how to get the money off the thing. Basically, with gift cards, you load them with a CC and then take off the funds later to get cash out. the load is a purchase. the problem is that there are few of these left that work and are worth it, and sometimes the process is rather cumbersome. It used to be grande but times have changed. Still, some things can be doable.
PayPal hit by class-action suit - CNET News::
Nov 4, 2008 I wish there was a class action suit against pay pal. Paypal could care less about you because the transaction was not thru ebay - but
http://news.cnet.com/2100-1017-842240.htmlHOME |
Chronology of World History (1981)::
US Federal Communications Commission frees stations to air as many .. You can pay now directly via PayPal. When I receive notification from PayPal,
http://www.islandnet.com/~kpolsson/worldhis/wor1981.htmHOME |
good luck!
Is it worth any risk when you can still get many miles just buying the goods with your card and paying for the labor fees with regular dollars?UM....I can't do that. There is no way to use a credit card for this project. That is why I initially considered Paypal so that I didn't miss out on all the miles.Have your contractor setup a google checkout account. I do not know the contractor well enough (ie. on a personal basis) to suggest online options to him. He doesn't even have a website.See if he would accept your giving him a loaded gift card.Thank you for the suggestion. As far as I know, he's just into getting personal checks and doin' his job;)
If the consensus is that a Paypal transaction is risky, then I'll skip it. It was a nice idea while it lasted! Thanks for the feedback.
See if he would accept your giving him a loaded gift card. Example: You set up a US Bank VisaBuxx card (visabuxx.com) and you load it with the money you owe him using your CC that earns miles and then let him use it as he pleases because you can easily use their site to set it up in his name. Now, to take cash out, there are fees and restrtictions, but offer to pay those as well and explain to him that this is how you will be able to pay him off so quickly. Some contractors--even friends--want their money net 30. This way he can have it today but he's gotta do it your way. A visa buxx card can be used for anything so if he has to say, buy beer or get his wife a gift or fix his car, he can use it like a visa because you set it up in his name! Try to explain it all to him and you may be surprised. Maybe he is a basic type of guy who never even thinks of this stuff so he will think you are nuts, but on the other hand, one never knows til one asks, eh?
OR, see where he buys supplies or whether he has to shop at certain stores for a lot things for other jobs, etc. Offer to get him gift cards at say, Home Depot thru the NWA mall using your CC. Did you know that currently, the NWA mall STILL gives you miles for the purchase of HD GCs? I know this because I just did it and I see my miles posted in March./ Maybe the contractor has to spend like $2,000 there and now you can order him a couple of free shipping GCs that total to that amount and he's all set!
i dunno, just thoughts that would work.
:)MM
Since I always use miles for high value rewards, my rule is always buy if .02
or less...redeem @.03 or better
this old and ongoing thread may help. The US Bank Visa Buxx card still works for some people:
http://www.flyertalk.com/forum/showthread.php?t=267256
Um....OLD would be the key word....dating back to 2003 ;) Will try to peruse the 48 pages and see if it'll work for me. Thanks for the link tho ^
Wonder if the contractor would take all or part of the payment in the form of a home depot or lowes gift card? If so, one could purchase the gift card using CC and get miles that way.
Where I live, I would buy the gift card at a certain grocery store and also get green points for the transaction. Not sure if there is such an opportunity on the left coast.
However, if you're going to have to spend a few hours with your contractor getting this setup or if they only take cash because it's one of "those" businesses it probably won't be worth the trouble. To add to this, you should check the paypal rules to see if you can legitimately fund a spouse's account through your own -- my hunch says there's some sort of household restriction. if the contractor won't act at the end recipient, that's a bad sign all around and just begs for some sort of flag from paypal, or the IRS.
I don't understand why you think she would have to spend ANY time with the contractor. She is going to pay HER OWN HUSBAND through PayPal, and then he will simply withdraw the funds from his bank account and pay the contractor in cash or by check. However, it appears that is indeed against the PayPal rules. The User Agreement states:
9.1 Restricted Activities. In connection with your use of our website, your Account, or the Services, or in the course of your interactions with PayPal, a User or a third party, you will not:
o. Provide yourself a cash advance from your credit card (or help others to do so).
Charging on your card to give cash to someone who is going to turn it over to someone else for your benefit sure looks like a cash advance. Although I would not recommend it, I am sure it would almost certainly go through.
Miles are generally regarded as worth 1 cent per mile. If she plans to save up for a business or first-class ticket overseas, them paying 1.45 cents via a Chase card makes sense; otherwise it does not.
I suggest she buy all the major construction materials using her Chase card instead of having the contractor pay for them (such as wood flooring, marble countertops, etc.). She can accompany him to Home Depot or Lowes or wherever he buys the stuff. That's what I did a few years back when I hired a small contractor who only took cash.
I won't be involving the Contractor in different payment types or purchasing any of the materials (cement blocks & rebar).
Thanks for the above comments. I'm still considering it.
The estimated cost of the project is about $4000 (maybe a little less). So it would be passing on 8K miles. I guess the roughly $116 in fees is on the border line of an OK deal.
These miles would help bump up the UA account towards reward tix to Europe in the coming year.
Will review the fine print at Paypal also. Hey -- should ask the contractor if HE has a Paypal account ;)
It's easier to see the value (or lack there of) using an example, so here goes.
Let's assume your project costs $1,500 (given your comment about 3-4k miles using double miles this seems about right). From this paypal will charge you 2.9% + $0.30 which equates to $43.80 for 3k miles or $0.0145 per mile.
If you ended up spending more, the discount rate (percentage paypal charges) would drop further netting you more miles per dollar spent, although it would take a much bigger project to equal out.
If the hassle isn't something you consider a big obstacle than sure, it's worth it. United charges $123.69 + $35 for 3k miles on their website, you're barely paying a third of that cost (other airlines are similar pricing). Having your charge on your credit card may also give you certain benefits when it comes to insurance or protection depending on what your card offers, and it keeps everything on paper so no IRS worries come tax time.
However, if you're going to have to spend a few hours with your contractor getting this setup or if they only take cash because it's one of "those" businesses it probably won't be worth the trouble. To add to this, you should check the paypal rules to see if you can legitimately fund a spouse's account through your own -- my hunch says there's some sort of household restriction. if the contractor won't act at the end recipient, that's a bad sign all around and just begs for some sort of flag from paypal, or the IRS.
you are welcome.
why not get a gift card for yourself and then load it and unload it and give him the cash you get out. the load is a mile earning purchase!
A gift card from where? Thanks.
A gift card from where? Thanks.
this old and ongoing thread may help. The US Bank Visa Buxx card still works for some people:
http://www.flyertalk.com/forum/showthread.php?t=267256
My mistake DCBob -- I thought the OP was planning to pay the contractor via paypal, just misread the thread. That said, I think your suggestion is right on -- PayPal is known for freezing accounts and funds if "fraud" is even remotely suspected (fraud being defined as anything that goes against the PayPal terms of service), so while you may not get caught, is it worth any risk when you can still get many miles just buying the goods with your card and paying for the labor fees with regular dollars?
 Nobody understands...any help please?
 50 points for someone willing to do this!!!!!!!!!!?
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Would you pay the PAYPAL commission to net double miles?