New Amex statement credits

[lovetravellingoz]

I refunded on a totally unrelated Amex

Very surprised that they allowed that as it is one of the oldest techniques used by fraudsters.

In my business I get Nigerians regularly who have stolen cards who purchase online, and who then later want to cancel and have the money refunded to a different credit card or to a bank account. Blanket policy in my business and at previous companies I was at is/was to only refund to the same card.

 

[Kangol]

Is it possible to get a vPay voucher valued at over $300? Is it issued in multiples of $50?

 

[prozac]

Is it possible to get a vPay voucher valued at over $300? Is it issued in multiples of $50?

vPay is $300 max.
Yes, issued in increments of $50.

 

[albyd]

VPay Cardboard "card" I got at HN had up to $500 denomination - although HN wouldn't issue one for >$300.

 

[prozac]

VPay Cardboard "card" I got at HN had up to $500 denomination - although HN wouldn't issue one for >$300.

Interesting. I was told that $300 was the max I could put onto a printed vPay.
Having access to a higher denomination would reduce the number of email addresses needed.

 

[JohnK]

Interesting. I was told that $300 was the max I could put onto a printed vPay.
Having access to a higher denomination would reduce the number of email addresses needed.

The vPay terminal only handles up to $300.

 

[Dr Ralph]

Interesting. I was told that $300 was the max I could put onto a printed vPay.
Having access to a higher denomination would reduce the number of email addresses needed.

Vpay is max of $300.

Set denominations - $50, $75, $100, $150, $200, $250 and $300.

 

[Dr Ralph]

Is it possible to get a vPay voucher valued at over $300? Is it issued in multiples of $50?

Why would you want to do this?

You would only want to spend $300 max to get the best benefit from the current offer.

So something like 1 x $250 + 1 x $50 would be ideal as they can be on the one transaction.

I was with a friend who did exactly this late this afternoon. They did 10 separate transactions like this. The operator had no understanding of why they were wanting to do this and kept suggesting they should just buy 1 x $300 Vpay card.

 

[lovetravellingoz]

Why would you want to do this?

.

Well one scenario would be to have a bill of $500 with an organisation that does not take Amex and only one Amex.

Paying the $500 would allow max Amex point earn compared to paying direct with MC or VISA, and only cost the one $5 fee. (ie $300 at your Amex earn + $200 at your VISA earn is not as high as $500 of amex point earn.

Or you might have a bill of $5000 and only 10 Amexes.

 

[WeeWillyWonka]

Very surprised that they allowed that as it is one of the oldest techniques used by fraudsters.

In my business I get Nigerians regularly who have stolen cards who purchase online, and who then later want to cancel and have the money refunded to a different credit card or to a bank account. Blanket policy in my business and at previous companies I was at is/was to only refund to the same card.

OT, but how do you know it is Nigerians? Can the transactions be traced back there?

 

[Kangol]

Why would you want to do this?

You would only want to spend $300 max to get the best benefit from the current offer.

So something like 1 x $250 + 1 x $50 would be ideal as they can be on the one transaction.

I was with a friend who did exactly this late this afternoon. They did 10 separate transactions like this. The operator had no understanding of why they were wanting to do this and kept suggesting they should just buy 1 x $300 Vpay card.

If vpay was blocking transactions of $300 value only and if you wanted to convert the vpay voucher back into cash, then you would only have to buy one Coles gift MC (and pay one transaction fee).
So net you are up $89.50 - $5 less if you buy a reloadable.

Edit: Whoops, you can only take cash out at an ATM with the Reloadable MC, not the Coles Gift or Online MC.

 

[Kangol]

Well one scenario would be to have a bill of $500 with an organisation that does not take Amex and only one Amex.

Paying the $500 would allow max Amex point earn compared to paying direct with MC or VISA, and only cost the one $5 fee. (ie $300 at your Amex earn + $200 at your VISA earn is not as high as $500 of amex point earn.

Or you might have a bill of $5000 and only 10 Amexes.

Wow, totally didn't think of this! You could in theory buy thousands of dollars of vpay vouchers in the one transaction, pay the $5.50 transaction fee once, then buy a $10 reloadable Coles MC and put those thousands of dollars on it and cash out.

You are up $84.50 plus all the points earned from the thousands of dollars at Amex rates (eg. 1.5 QFF ppd).

 

[lovetravellingoz]

Wow, totally didn't think of this! You could in theory buy thousands of dollars of vpay vouchers in the one transaction, pay the $5.50 transaction fee once, then buy a $10 reloadable Coles MC and put those thousands of dollars on it and cash out.

You are up $84.50 plus all the points earned from the thousands of dollars at Amex rates (eg. 1.5 QFF ppd).

Exactly. Sometimes it pays to think beyond the promo. how can you further exploit it. Can you stack etc etc..

 

[lovetravellingoz]

OT, but how do you know it is Nigerians? Can the transactions be traced back there?

With over a decade of such purchases, the details they enter, the feedback from the bank etc Nigeria was by far and away the main source of such fraud with the companies I have been involved with.

Fortunately now with my own business the various security checks for online payments have improved (ie for example my Gateway matches the Card to the registered Card Payment address which most people that steal or scan cards would not have. CCV etc) and so the level of such attempts has dramatically dropped off.

 

[Lawrage]

Went to my local HN yesterday and bought 3 of these. Well had to buy 6 as the $300 was according to the machine (out of stock) so bought 6 X 150 vouchers. How does online cards sell out I have no idea.

They said someone was in their yesterday buying 6 of them and the guy behind me in the line was buying 2.

Dumb question but how does one load these onto the prepaid visa/mastercard. Am only seeing bank transfer / bpay in the online portal.

 

[imipenam]

Went to my local HN yesterday and bought 3 of these. Well had to buy 6 as the $300 was according to the machine (out of stock) so bought 6 X 150 vouchers. How does online cards sell out I have no idea.

They said someone was in their yesterday buying 6 of them and the guy behind me in the line was buying 2.

Dumb question but how does one load these onto the prepaid visa/mastercard. Am only seeing bank transfer / bpay in the online portal.

hi Lawrage ... Please see below cut and paste from ozbargain .. https://www.ozbargain.com.au/node/273327?page=3#comment

+6 votes
yht on 03/11/2016 - 15:43
Ok, I will update my comments to help you guys:
1. Buy Vpay GC voucher for $300 + $5.50 at selected HN stores (usually they are located behind the cashier counter - hang with other gc types)
2. Activate the voucher online
3. Add credit to your Coles Reloadable Prepaid MasterCard for up to $1000 (if you don't have one, buy one, small investment of $10) with Vpay GC by going to www.colesprepaidcards.com.au. You can add the credit of up to $1000 using either direct deposit or Debit Card. I have tried using the Vpay card number and successful adding the credit.
4. Withdraw the amount from either Coles Express or Westpac ATM to avoid ATM fees. I have tried to withdraw $600 today but it is said that I am exceeding daily limit. Withdraw $200 instead and success. I am not sure how much is the daily limit. Could be $400 ?
5. Full money $300 + $100 (minus $5.50) back into your pocket.

​

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[imipenam]

Also you will need a seperate email address to activate every single vpay voucher :evil:

 

[unfunkable]

So if you buy 3 X $100 vpay vouchers in one go, is it only one $5.50 fee?

 

[Lawrage]

So if you buy 3 X $100 vpay vouchers in one go, is it only one $5.50 fee?

They only charged me $5.50 for the $300 total even though I had to buy 2 X $150 vouchers. Good on HN for doing that. Most likely cause the $300 one wasnt working.

 

[Lawrage]

hi Lawrage ... Please see below cut and paste from ozbargain .. https://www.ozbargain.com.au/node/273327?page=3#comment

+6 votes
yht on 03/11/2016 - 15:43
Ok, I will update my comments to help you guys:
1. Buy Vpay GC voucher for $300 + $5.50 at selected HN stores (usually they are located behind the cashier counter - hang with other gc types)
2. Activate the voucher online
3. Add credit to your Coles Reloadable Prepaid MasterCard for up to $1000 (if you don't have one, buy one, small investment of $10) with Vpay GC by going to www.colesprepaidcards.com.au. You can add the credit of up to $1000 using either direct deposit or Debit Card. I have tried using the Vpay card number and successful adding the credit.
4. Withdraw the amount from either Coles Express or Westpac ATM to avoid ATM fees. I have tried to withdraw $600 today but it is said that I am exceeding daily limit. Withdraw $200 instead and success. I am not sure how much is the daily limit. Could be $400 ?
5. Full money $300 + $100 (minus $5.50) back into your pocket.

​

Thanks for that, will give it a try