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(WSBTV)   Man earns 400 million American Express Reward Points when he purchases a rare Ming Dynasty cup valued at $32 million   (wsbtv.com ) divider line
    More: Interesting  
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8850 clicks; posted to Main » on 24 Jul 2014 at 7:52 PM (1 year ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-07-24 05:19:43 PM  
Cool, so he can get a Seiki 32-inch 720p TV
 
2014-07-24 05:36:29 PM  
That's all the kid had to do ?

i2.wp.com
 
2014-07-24 07:57:52 PM  
Why do I have to watch a 30 second ad?  WTF is this shiat?
 
2014-07-24 07:58:00 PM  
Why can't I find an antique like this to sell and retire early? Yes ,I am jealous.
 
2014-07-24 07:59:03 PM  
Did he double his savings with coupons?
 
2014-07-24 07:59:05 PM  
What's the processing fee on something like that?
 
2014-07-24 07:59:35 PM  
Perfect to hold Ramen.
 
2014-07-24 08:03:58 PM  
*Something something something lame Flash Gordon comment*

/got nuthin
 
2014-07-24 08:11:26 PM  
Don't leave to fight the Mongols without it.
 
2014-07-24 08:15:00 PM  
In related news, Sidney Crosby has been nominated for the Ming Dynasty Cup for the third season in a row.
 
2014-07-24 08:16:47 PM  
The auction house probably charged a fee for using a credit card so he didn't come out ahead with those points.

/haha stoopid rich guy!
 
2014-07-24 08:21:33 PM  
How's that communism thing working out for "economic equality"?
 
2014-07-24 08:30:08 PM  

That Guy Jeff: How's that communism thing working out for "economic equality"?


It worked alright for that, if not much else. That's why they ditched it in the '80s.

a.k.a.

"Ha, ha, you think China is Communist."
 
2014-07-24 08:36:56 PM  
He might be able to afford those Bose speakers.  Might.
 
2014-07-24 08:37:59 PM  
Yellow people problems.
 
2014-07-24 08:42:35 PM  
AmEx probably did their usual "rape" fee of 5% so they made 1.6M$.
 
2014-07-24 08:43:24 PM  
The headline has a question mark, so the answer is no.
 
2014-07-24 08:50:53 PM  
When I had a swimming pool built, I put the charges on my Diner's Club charge card.  I had to have the pool builders structure the charges so they went in over a period of three days because I had a $10K limit on the card.  They'd charge, I'd pay the card off an hour later.

Got a free flight out of it.
 
2014-07-24 08:54:09 PM  

Dinjiin: When I had a swimming pool built, I put the charges on my Diner's Club charge card.  I had to have the pool builders structure the charges so they went in over a period of three days because I had a $10K limit on the card.  They'd charge, I'd pay the card off an hour later.

Got a free flight out of it.


A friend of mine made a major car purchase on her AmEx instead of paying cash. That plus a few big trips got her invited to apply for the black card, which she then did.

/not so cool story at all.
 
2014-07-24 08:54:26 PM  

That Guy Jeff: How's that communism thing working out for "economic equality"?


china's communist now? I thought they've been ruthlessly capitalistic for over a decade and a half at this point
 
2014-07-24 08:59:31 PM  
2.bp.blogspot.com
 
2014-07-24 09:01:32 PM  

HaywoodJablonski: A friend of mine made a major car purchase on her AmEx instead of paying cash. That plus a few big trips got her invited to apply for the black card, which she then did.


The services offered with Amex Black had better be amazing. $7500 sign up fee and then a $2500 annual fee. For those charging millions, the service that comes with it probably makes it worthwhile. Meanwhile I balk each time they try to "upgrade" me to Platinum for $450/year. For those who travel a lot internationally, it might make sense but for those of us who make charges mostly at the grocery store and Amazon, it's a really bad idea.
 
2014-07-24 09:04:07 PM  
Surprised this wasn't posted sooner:

cdn07.dayviews.com
 
2014-07-24 09:11:57 PM  
He could have earned the same number of points buying lottery tickets.
 
2014-07-24 09:13:43 PM  

HaywoodJablonski: A friend of mine made a major car purchase on her AmEx instead of paying cash. That plus a few big trips got her invited to apply for the black card, which she then did.


With the investment fund market giving returns of over 15% right now, it is probably better to just leave your cash there and get a loan for the car instead.  Especially if you can get one of those 0.9% loans for a new car.  Yeah, you have to pony up for full insurance coverage if you have a loan, but that's not nessisarily a bad thing to do anyways.

I paid cash when I did because all of my investments at the time were tanking.  So there was no reason to keep it tied up.

Sounds like AmEx did your friend well.  I kicked DC to the curb a year later when they gave me grief over a fraud chargeback they refused to execute.  I even faxed them the booking photo of the person who defrauded me when she was arrested for doing the same thing to someone else.  DC never got back to me.
 
2014-07-24 09:15:06 PM  

EngineerAU: HaywoodJablonski: A friend of mine made a major car purchase on her AmEx instead of paying cash. That plus a few big trips got her invited to apply for the black card, which she then did.

The services offered with Amex Black had better be amazing. $7500 sign up fee and then a $2500 annual fee. For those charging millions, the service that comes with it probably makes it worthwhile. Meanwhile I balk each time they try to "upgrade" me to Platinum for $450/year. For those who travel a lot internationally, it might make sense but for those of us who make charges mostly at the grocery store and Amazon, it's a really bad idea.


It's about being able to show off that you have an AmEx Black card. Service is slightly better (I'm told) but not $2500/ year good.
 
2014-07-24 09:18:52 PM  

xiola: He might be able to afford those Bose speakers.  Might.


Maybe. But he can forget the Monster cables.
 
2014-07-24 09:29:50 PM  

Dinjiin: HaywoodJablonski: A friend of mine made a major car purchase on her AmEx instead of paying cash. That plus a few big trips got her invited to apply for the black card, which she then did.

With the investment fund market giving returns of over 15% right now, it is probably better to just leave your cash there and get a loan for the car instead.  Especially if you can get one of those 0.9% loans for a new car.  Yeah, you have to pony up for full insurance coverage if you have a loan, but that's not nessisarily a bad thing to do anyways.

I paid cash when I did because all of my investments at the time were tanking.  So there was no reason to keep it tied up.

Sounds like AmEx did your friend well.  I kicked DC to the curb a year later when they gave me grief over a fraud chargeback they refused to execute.  I even faxed them the booking photo of the person who defrauded me when she was arrested for doing the same thing to someone else.  DC never got back to me.


You can do both, pay for the car on your card and pay your card off via loan. It's possible, though takes some trickeration.

/my miles will pay for all travel and lodging during my sabbatical next year
 
2014-07-24 09:31:23 PM  

jat26006: Why do I have to watch a 30 second ad?  WTF is this shiat?


So you can earn Fark points and finally get that beer you've been saving up for.
 
2014-07-24 11:29:45 PM  
 In April, Liu Yiqian, one of China's richest men and most important art collectors, bought a rare Ming dynasty porcelain cup at auction from Sotheby's in Hong Kong. The 500-year-old "Chicken cup" is o


Good article.

DanZero: That's all the kid had to do ?

[i2.wp.com image 620x455]


Ha, I had never heard about it until we read about it in Contracts, but somebody actually got that many points and then sued when Pepsi didn't give him the Fighter jet. I still laugh thinking about what the guy could have done with the points after he lost. Redeemed for 70 million pepsis?
 
2014-07-25 12:11:20 AM  

HaywoodJablonski: A friend of mine made a major car purchase on her AmEx instead of paying cash. [...]

/not so cool story at all.


American Express wants people to actually do this.
 
2014-07-25 01:45:23 AM  
Leo Eee-kee-ahn?   Really?

Try Lee-oo Yee-Chee-ahn.

Ahh, fuggetaboutit
 
2014-07-25 02:05:37 AM  

SansNeural: Leo Eee-kee-ahn?   Really?

Try Lee-oo Yee-Chee-ahn.

Ahh, fuggetaboutit



It's more of a l'yoh ee-chee-ehn.
 
2014-07-25 02:16:35 AM  

EngineerAU: HaywoodJablonski: A friend of mine made a major car purchase on her AmEx instead of paying cash. That plus a few big trips got her invited to apply for the black card, which she then did.

The services offered with Amex Black had better be amazing. $7500 sign up fee and then a $2500 annual fee. For those charging millions, the service that comes with it probably makes it worthwhile. Meanwhile I balk each time they try to "upgrade" me to Platinum for $450/year. For those who travel a lot internationally, it might make sense but for those of us who make charges mostly at the grocery store and Amazon, it's a really bad idea.


The Amex platinum services are awesome. Of course it's free for me because they waive the annual fee for military so it's totally worth it.

/no point
//faux rich
 
2014-07-25 02:24:01 AM  

EngineerAU: HaywoodJablonski: A friend of mine made a major car purchase on her AmEx instead of paying cash. That plus a few big trips got her invited to apply for the black card, which she then did.

The services offered with Amex Black had better be amazing. $7500 sign up fee and then a $2500 annual fee. For those charging millions, the service that comes with it probably makes it worthwhile. Meanwhile I balk each time they try to "upgrade" me to Platinum for $450/year. For those who travel a lot internationally, it might make sense but for those of us who make charges mostly at the grocery store and Amazon, it's a really bad idea.


The Platinum card is a decided "meh", unless you travel in Business or First internationally. They recently removed the American/US Airways lounge access from the card privileges. Now you only have access to Delta, and 5 or 6 lounges that are branded Airspace or Centurion. They still give you $100 or $200 in checked baggage reimbursement, but that's for a single airline you have to designate at the beginning of the year. I think they also started reimbursing if you go through that TSA Pre-check program. All in all, not worth the yearly fee.
 
2014-07-25 07:58:03 AM  
Several years ago when my parents purchased a vacation home, they were poised to purchase the house with cash...jokingly I suggested to them that they throw it on their AMEX and earn some points, and pay it off the next month.

My father called them, told them that a ~$650,000 charge was coming through and they accepted it.  He did the same thing for the pool and all the furniture.

They have been saving their points for like 20+ years and in September they are taking the trip of a lifetime - 3 weeks touring throughout Europe, almost 100% of it covered by AMEX and Marriot/Hilton/various car rental points.  They are basically having to pay for various sightseeing crap, food, and entertainment which will only be a few thousand dollars at most.
 
2014-07-25 10:31:46 AM  

Dinjiin: When I had a swimming pool built, I put the charges on my Diner's Club charge card.  I had to have the pool builders structure the charges so they went in over a period of three days because I had a $10K limit on the card.  They'd charge, I'd pay the card off an hour later.

Got a free flight out of it.


Who still has a "diner's club" card?

Also, I'm pretty sure that this guy has an AMEX Black card. The one that's made out of titanium instead of plastic...
 
2014-07-25 10:35:16 AM  

Endive Wombat: Several years ago when my parents purchased a vacation home, they were poised to purchase the house with cash...jokingly I suggested to them that they throw it on their AMEX and earn some points, and pay it off the next month.

My father called them, told them that a ~$650,000 charge was coming through and they accepted it.  He did the same thing for the pool and all the furniture.

They have been saving their points for like 20+ years and in September they are taking the trip of a lifetime - 3 weeks touring throughout Europe, almost 100% of it covered by AMEX and Marriot/Hilton/various car rental points.  They are basically having to pay for various sightseeing crap, food, and entertainment which will only be a few thousand dollars at most.


Who accepted a house payment on a credit card? I mean, this seems like a great idea if you can actually do it, but I would assume most sellers are not equipped to take credit cards.
 
2014-07-25 12:10:02 PM  
I knew this ming cup sounded familiar... unfortunately I've found the resale value of my old cock cups to be lacking at best.
 
2014-07-25 01:23:06 PM  

Verrai: Endive Wombat: Several years ago when my parents purchased a vacation home, they were poised to purchase the house with cash...jokingly I suggested to them that they throw it on their AMEX and earn some points, and pay it off the next month.

My father called them, told them that a ~$650,000 charge was coming through and they accepted it.  He did the same thing for the pool and all the furniture.

They have been saving their points for like 20+ years and in September they are taking the trip of a lifetime - 3 weeks touring throughout Europe, almost 100% of it covered by AMEX and Marriot/Hilton/various car rental points.  They are basically having to pay for various sightseeing crap, food, and entertainment which will only be a few thousand dollars at most.

Who accepted a house payment on a credit card? I mean, this seems like a great idea if you can actually do it, but I would assume most sellers are not equipped to take credit cards.


This was a brand new development, so for people who wanted to reserve a specific lots or the like could do so by credit card if need be.  Some lots were only a few grand, others more.  So my dad just asked them if he could toss the whole thing on his AMEX and they said "sure!"
 
2014-07-25 03:21:57 PM  
You can buy up to 500,000 American Express points a year for 2.5 cents each.

400,000,000 is only a million dollars worth, but it would take you a long time (2,000 years) to buy that many. Best just to cut to the chase and buy $32,000,000 of something you need any way. Super-rich Chinese people can always use another Ming vase or perhaps a nice tea pot.
 
2014-07-25 08:54:25 PM  

pkrzycki: Who still has a "diner's club" card?


Ecuadorians. Seriously, when I was in Ecuador it was accepted EVERYWHERE. Felt like I was in an alternate universe. It wasn't until I got back to the US that I found out that my Discover Card can be used as a Diners Club which would have been handy.

/Almost never uses Discover anyway
 
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