The Biggest SECRET American Express is Hiding From You
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- เผยแพร่เมื่อ 27 เม.ย. 2024
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Tags: #amexplatinum #americanexpress #creditcards - บันเทิง
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If you want to see why the Schwab Platinum is my favorite version, watch this! 👉 th-cam.com/video/AwXoO0faug4/w-d-xo.htmlsi=OtK5WfMd10z9Ayr6
Let’s keep the conversation going! Join the Venture Capital Discord🤖: discord.gg/R8kMzqneVk
I’m pretty skeptical of this method being legal. It sounds too good to be true. I know the IRS doesn’t like when people over-contribute to retirement accounts
Yes absolutely, so much back and forth between the folks who do it vs don’t. I wouldn’t do it, too risk to think about.
I’m with you on this Jacob, thanks for being here!
I work with classified information and seeing a red TOP SECRET on my phone almost gave me a heart attack.
Just made me laugh out loud 😂😂😂😂🤐🤐🤐🤐
That’s funny Baxter, thanks for being here either way ha! I hope nothing got leaked on your side haha.
Waiting for a brave soldier to find out the hard way, for the benefit of the rest of us, if this is actually legal.
Godspeed, and may the IRS have mercy on your soul 🫡
Hahaha there’s a lot of folks doing it, and if it is an issue, then that’s when we’ll have our definite answer hahaha.
But agreed Michael, pour one out for the folks that give their life to the IRS via this. 🫡🍺
"...hopefully it's legal..." is like 95% of Reddit.
Yeahhh exactly hahaha, thanks for being here RJ sir!
Thanks for the info + video!
Thank you Jimmy James!!
What a cool concept of a video/loophole potential! Very interesting mann, keep up the great work Anthonyy :)
Thank you Lalit man for saying that and being here man!!
I had no idea that this was possible! Thank you for sharing this with all of us!
It’s technically possibly, legal not sure haha. Just figure it’d be cool to bring up.
Thanks Joe for being here man!
Next video: "How to redeem Amex points for Ramen noodles at the prison canteen!"
Paul you're just no fun😢
Hahaha, I’ll trade some Amex points for some use of the basketball court and call it travel 😂
Thanks Paul and Jazzy!
Interesting video Anthony. Seems like experts are kind of all over the place with this topic. FYI....I cant bail you out of jail 😁 Great topic.
But Jon all I need is some financial support of $50k for bail. Plz ur mah only hope 😂
Thanks for being here man! Yep for sure contentious!
Very intriguing but yeah skeptical of its legality. Keep it up with these unique videos!
Agreed Monty honestly hahaha, thank you sir for being here!
Put it in a taxable account and call it quits lol
I don’t blame you hahaha, too risky Keith!
FBI, IRS, and SEC agents have entered the chat
Every single organization is here 👀😬🚪✊ , thanks for being here Ninja 😂
I got the Schwab Platinum and the Schwab free $101 intro thanks to your video I ran across a couple of months ago. So even though you're hating on the rose gold I'll let you slide because you come through with some good info
Hell yeah Jazzy I’ll always remember that! I may die on my hill for the Rose Gold hate, but I’ll make up for it somehow 😂
Thanks Jazzy for sticking around the last few months as well!!
Shouldn't you be using your AMEX points to join Sebby in the Maldives??
And pay 1500 dollars for a sea plane just to eat 100 dollar bread ?
@@benchoflemons398 i dont know why on earth americans are obssesed with Maldives when you got Hawaii which is miles better 😂😂😂😂😂
Hahaah right Frugal Dad 😂😂😂
Maybe one day I guess, but Bench of Lemons is right, that Seaplane is 😬
And precocious, it’s just a joke on that place kind of becoming a meme haha. But still an awesome place from what I’ve seen experiences from friends!
Thanks Frugal Dad, Lemons and precocious!
I always cash out my MR points thru Schwab directly to my sock. The IRS has not suspected a thing.
The sock is used for many things at the Phil Mo household I see 🧦!! But what’s under your bed??
This is really interesting and would be fantastic if you could go significantly over the ROTH IRA limits with this method. Obviously, I wouldn't want to look over my shoulder all the time so hopefully it would be a completely fine way to approach it. Regardless though, love the creativity & uniqueness of this strategy, great video Anthony!
Yes I’m with you absolutely Matt haha, not looking over your shoulder is huge, I wouldn’t want to always worry, good point.
Thanks Matt for being here man!!
Genius 👍🏼 the “man” can’t win every time 😂 gotta love loop holes
They are for sure interesting! Until they crack down on everyone like Calby’s God Trifecta 😂
Thanks Xavier for being here as always man!!!
Going to jail, isn’t that bad! You can meet new friends, they have fun activities, etc.! 🎉
Hahahaha, Dugroz we can be in jail together!! “On the run, from the man!”
Yes, you can meet ur soul mate
@@AnthonyVenture that’s right! Random funny story: on Sunday evening, I was at Hy-Vee, a grocery store. As I was checking out, a manager came over to the cashier, apparently because the cashier was brand new. And the manager wanted to use it as a teaching opportunity since I was buying a gift card. He started telling a story to the cashier he said “did you hear what happened at the Hy-Vee on the other side of town?” …. 😜 he proceeded to tell some sort of story about a suspicious transaction… I thought maybe he had heard my story from April 1! 😅
@@DugrozReports Ohhh my godddd that’s so funny hahahaha, I can imagine you’re face saying “oh my god, I might have been setup and my joking is landing me in jail for real” 😂😂😂
That’s wild and such a coincidence wow.
The worst that can happen is... You are forced to withdraw the funds 😂
One would hope so hahaha, good point Bob!
I use cc points to take money tax free out of my business for travel which is definitely legal, I am not messing with the CS loophole for Roths
Hell yeah Keith, this is the best way for sure!!
Thanks for being here man!
Just for the record, as someone that uses Robinhood gold for the 3% contribution bonus on the Roth IRA. The 3% match does not count towards your contribution limit as it’s counted as a sort of investment return, so yes you can exceed your contribution limit in a sense
Yes this is my knowledge of this as well, so essentially doing the same thing which is very cool, and a little more definite/streamlined.
Thanks Miguel! Good point!
Finally got my level 5 Amex clearance access 😊 now i can watch this video
Who did you have to sleep with to get that level
@@JazzyMarineVet C F Frost
Hahahahahahahhaha CF Frost I can’t 😂😂😂😂😂😂
Thanks Mintico and Jazzy hahaha!
I actually AM a CPA and I don’t believe this would work. The issue is once your points hit your account, they become cash in your regular brokerage account.
Then, when you transfer money from your taxable account to a Roth, that would be considered a contribution. Because you are moving cash to an IRA. Regardless of where your cash came from.
I certainly wouldn’t advise a client to do this.
Very very interesting, so wild I hear it from both sides from CPAs as well like yourself, there’s just so much back and forth for this “gray area” that no one seems to have a conclusion definite.
But I for sure see yo it point and I can see that being a real thing too. It makes sense.
Thanks Barfield for being here and sharing the experience!
Ludicrously powerful if true. That said, you could still go the safe route and use it to get to the contribution limit at the end of the year, then put the rest to supercharge a brokerage. If you're under 40, maybe even under 50, an extra $11,000 from 100,000 points every year would be pretty huge. If your brokerage is focused on dividends, that's some sweet extra passive income very quickly.
That’s a good point Brian, I think that’s a lot easier to think about too as to not worry about legalities too haha.
Good point for sure, but also just 1 million points would be $11k but the point still stands nonetheless!
Thanks Brian!
Yeah, I realized I did that later that day. I'll blame it on early in the morning. ;)
The roller coaster ride of the Credit Reddit videos will never not be entertaining!
Always something interesting and underground in the credit game it seems!! Haha, thanks Spaeth for being here man!!
Makes me wonder what else AmEx is hiding from me🙈
I won’t divulge their deepest darkest secret, which is…. 🤐🚪✊
Haha thanks Bob, I couldn’t think of anything ridiculous 😂
I believe even if this is true, it'll be fixed in no time. IRS might have people watching TH-cam as well.
Ditto. All it takes is one court case, one legislative change, and all of a sudden you owe all that back tax. I Don’t trust the government that much.
I’m with you Dugroz and Emilio, too risky to even try it out for me personally. I’m surprised at how many threads there are on it as well too.
Thanks Emilio and Dugroz!!
Anthony- but isn’t this the same practice/process that the robinhood gold card is using? Or not the same because they report it all to the irs
Technically I believe so, so the 3% match from what I read is uncapped for Robinhood, so theoretically can go over.
But then again the same issue, what are they classifying it as, and if a contribution, you’ll pay a penalty for going over. But some said it won’t so not sure honestly.
Thanks LEIT, and honestly good question, interesting for sure. I think the answer yes, it works the same way and is fine with Robinhood.
nice perk if its legal
For sure Andrea, agreed!
Heard about it before but not a lawyer or CPA. Not worth the small gain. Rather just use my points for travel.
Yeahhh that’s how I feel as well Kris, I’m with you on that. Thanks for being here!
There’s other ways to avoid taxes without retirement accounts. Real estate and inventory for a business coming to mind.
Another option for cash back is to buy gift cards at grocery stores or gas stations with a chase sapphire reserve and use the pay yourself back feature to get 25% more value.
So you’ll get 1 point per dollar from the original purchase. Then you can get let’s say 1.25x on the points you earn. So let’s say you normally earn at a rate of 5x (doable with certain cards). That’s 6.25% cash back in gift cards + 1.25% from the points you earn from the purchase.
Essentially 7.5% cash back on all purchases. Whereas maybe you get 10% in value for travel.
Very good points Andrew haha! But wait I don’t fully understand, if you’re buying the gift cards and getting 1.25 value, you’d be using those same gift cards for the grocery purchases etc, so you wouldn’t use a credit card for that purchase to be able to get the 5x/% on other cards etc.
Am I missing something?
Thanks Andrew for being here!
@@AnthonyVenture That’s true yeah so I guess if you bought $100 worth of groceries on a 5x card, there’s 5 points you’d get from that.
+500 points total
With the CSR PYB if you bought $100 in grocery gift cards (not sure that’s a thing, but store gift cards work as well, visa/mc has activation fees) you’d only get the 1 point from the base rate. However let’s say it would normally take 10k points to redeem for $100 with the PYB, it would take 8k. So you get about 2k extra points you wouldn’t normally.
+ 100 pt from base rate
+ 2000 pts from redemption value.
So, if you’re talking about whether you get more if you pay with a 5x card vs redeeming for a gift card to use to pay you do technically get more value from paying with a gift card. It seems to be about a 4.2x increase when using the gift card method vs just using a normal 5x card.
But this would only apply to the redemption of the points. In most cases you’ll want to pay with a 5x card to generate points.
Yes absolutely, and that’s true for sure on the redemption side. Plus not even factoring in transferring those points instead of cashing out etc, we all know Hyatt would be the option for most folks haha.
Yep, however surprising how often a 5x can beat a lot of other cards, but it’s just all in the redemption I suppose.
Good points Andrew!
@@AnthonyVenture I guess if we’re comparing Hyatt redemptions to this strat, I still think the math of 6.25% + 1.25% (assuming 5x per dollar) works. So 7.5%.
5x being the base earn rate from other cards then multiplied by 1.25%.
1x extra from redeeming it through buying the gift cards and then multiplied by 1.25%
Hyatt is pretty standard at 2x, so a 10% return is expected. But that 2x is sort of subjective.
For me, I’d much rather have 7.5% return on spend in cash or usable funds than use it for travel at 10%. Of course this isn’t quite factoring in the annual fee and the break even threshold is like 100k points redeemed (25% = 25k points = $250) give or take.
Since the annual fee is $550 - $300 travel credit.
It’s just too bad there aren’t any Chase cards that earn 5x that could be coded as such for gift cards I don’t believe, otherwise that’s just insane.
But you’re right for sure, and it depends like you said if the travel value is worth it or not, vs just the cash option.
True as well on the breakeven on the annual fee.
I mean you could just open a non Roth post tax 401k and fund it with 60k then move it to a Roth IRA.
Then you would pay taxes on it and that is what this "loophole" is trying to avoid.
@@travishuber8103 no, this loophole is trying to get around the contribution limit.
You don’t pay taxes on points regardless.
Oh really, see I’ve never been in a job that had a 401k technically so I’m unfamiliar, so the $60k in that way allows you to go over the Roth contribution limits??
Thanks Bench Of Lemons and Travis!
Knock knock, it’s the IRS, jk jk 😂
Manny you’re almost connected to them now, don’t tell them anything 😂😂😂
@@AnthonyVenture 😂😂
For a moment I thought you were going to reveal your secret to your subscribers. I was surprised. But honestly, I don’t blame you for not. It is kind of a doozy.
😬😬😬🚪✊
Ritchie please, once again, I never hurt Pauly.
Be carefully Amex secret service might come knocking at your door
Roy don’t tell me that… shhh, wait I think I hear them.. 👀🤐🚪✊
Has to be deposited directly to Roth IRA
For sure David for it to be seamless! Thanks for being here!