A few days ago, AMEX mass banned a whole lot of folks and we all believe it was due to floose abuse. I was kinda surprised myself that I didn’t get the axe since I occassionally use floose. The key word here is occassionally. From the people I know who got the axe, it seems they ran mid 6 figures through floose. Of course time matters too – if you had done the majority of that in early 2024 and tapered off, then you might have survived. I’m sure AMEX just looked back 3-6 months of floose activity (not just floose apparently – it seems to have been bonused spend abuse although I hear Pepper people got a stay of execution.)
How much did I do? I only ran like $10K of dining in December and $10K back in September, so this was nothing compared to others. I also didn’t do any in store MS because I don’t even have a personal Gold. My wife did a bit more; she did $25K of dining in the last 3 months and $15K on an ABG back in September. I don’t think I heard of anyone doing <$100K getting the axe. I guess chalk it up to the pigs this round vs the hogs.
The only bright side is that AMEX will sometimes let you back in unlike other banks like BoA.
I’m surprised at your numbers, Vinh. I assumed you were doing $1m p/day on the personal golds bf the caps (and the Schwab cap) set in. Could you just not stomach the fees? Or were you concerned about SD risk? Or do you just really love going to FedEx carrying boxes worth $25k?
1. I’m not as HH as I used to be.
2. The reward (what 1% ish after fees) wasn’t worth the risk for me.
3. I never figured out how to move say $1M/day of GC balance to my checking account to pay off the cc. If I knew that, then maybe I would have done it. I’m sure some HHs figured out that loop, but I didn’t.
Where can I check “floose” out? Google and reddit not helping.
Same, so I figured it out, it’s Fluz so search “fluz rebate program.” I have not read any further myself.