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http://www.msn.com/en-ca/money/pers onalfinance/how-to-fly-f

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Thread replies: 38
Thread images: 3

File: amex black card.jpg (192KB, 1204x903px) Image search: [iqdb] [SauceNao] [Google]
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http://www.msn.com/en-ca/money/personalfinance/how-to-fly-free-forever-put-dollar170-million-on-your-amex/ar-BBnlpaF?ocid=spartanntp

>TFW
>You will never be as based as this investor
>You will never know personal finance like this investor
>TFW we can all dream though

Excerpt:

>Chinese billionaire Liu Yiqian, who doesn't exactly struggle to afford a plane ticket, can now likely fly free, in first class, with his whole family, anywhere in the world, for the rest of his life.

>All because he bought a painting.

>Liu was the winning bidder for Amedeo Modigliani's "Reclining Nude" at a Christie's auction earlier this month— offering $170.4 million— and when the sale closes he'll be putting it on his American Express card.

Come on, and you fuckers say Credit Cards are bad, like, HOW ARE THEY BAD?

MY GOAL IN LIFE IS AN AMEX BLACK CARD.
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>>971889

$170m to fly free for the rest of my life?... facepalm
>>
>>971912
He would have spent the $170m regardless. Why not get free stuff from stupid credit card companies in the process?
>>
>>971915
>>971912

How much do you guys think the Amex Black Card has as a real limit? Is it like the market cap of Amex or do they literally have an unlimited limit? :o
>>
>>971915

My point is you're painting this as more impressive than it actually is. The guy is a fucking billionaire - the amount of money it would cost him for flights for rest of his life is a number he wipes his ass with when goes to the toilet.
>>
>>971925

He's only worth 1.4 billion dollars...

So, this 170M deal was like 1/10 of his net worth, and that's a huge amount.

So, this is VERY impressive, because its smart.
>>
Big deal.

When you're a billionaire these pathetic costs don't matter. This guy can afford 100,000 $1000 flights. For just one billion...
>>
wat about dem frequent flyer miles?
>>
>>971922
Unlimited in practicality. But if you're trying to charge anything outside of your normal patterns, you're getting a phone call to authorize it.

This guy likely had to issue a check to Amex beforehand to run it through on the card.
>>
Does anyone really think this is that honorific?
S
A
G
E
D
>>
>>971926
A ton of airline miles don't matter much when you throw 10% of your net worth into something that is as valuable as the amount of money another person is willing to spend on it. It might go up, but it might be a $10 item in a thrift shop.

I will admit using a charge card was a good idea. The several million in transaction fees will cover his flights for life.
>>
dem transaction fees
>>
>>972573
>>972577
>transaction fees

I don't understand this. Do you people have credit cards that charge you to use them?

It's the same with banks, I keep hearing about fees; banks and cards are supposed to pay you, not the other way around. My card has no fees and gives 1.5% cashback, and my bank gives me $250 annually just for doing business with them, plus the interest. Why would you ever sign up for one that charges you?
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>>971922
Unlimited. It has nothing to do with American Express's market cap and everything to do with the client.

>>972461
Doubtful. An established Centurion card customer who has probably made millions of dollars of purchases on the card in the past would likely be trusted implicitly to pay it back. Do you think he would ever put $170M on his AmEx if he got disrespected by them asking for a check up front?
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>>971889
>paying $2500/yr fee for a credit card
>>
>>972589

what promised land are you from?

>tfw bank charges me $15 per month for my "signature" bank account
>>
>>972589
>Do you people have credit cards that charge you to use them?

Some high end cards have annual fee. Most do not and make their money from interest. The big 3 make their money from merchant fees of 1-3%. Most merchants eat the fee because it allows them to do more business, but smaller businesses have credit card minimums. Gas stations tack on 3 cents a gallon for credit card purchases or they offer a cash discount of 3 cents.

>>973761
>not understanding bank fee structures
>getting un-needed features

My PNC account has no frills, but is no fee as long as I keep $500 in it. I could step up to the next level if I kept $2000 in the account or had $2000/month in direct deposits. I don't need the fee reimbursement of non-PNC atms or free wire transfers.
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>>973761

>mfw
>0% APR
>€0 annual fees
>included travel insurance & perks
>reward system

welcome to central europe breh
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>>971912

This.

He could have bought and funded a private jet for that money
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>>971889
D E V I L I S H
E
V
I
L
I
S
H
>>
File: 1428543355059.jpg (2MB, 3112x2338px) Image search: [iqdb] [SauceNao] [Google]
1428543355059.jpg
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>>973761
>what promised land are you from?
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>>973789

Seconded. I have a college checking account that charges nothing and includes a debit mastercard. No minimum limits or anything. Had it 10yrs now.
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>>971889
Charge card are not credit cards
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>>973761
use credit unions i'm baka senpai
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>>973789

Actually Visa has it in their cookie-cutter contract that small businesses cannot have a minimum charge per transaction, and they also cannot have a .50 cent fee (or any amount fee) if you charge below that. Obviously Visa never follows up on offenders but you can say you work for Visa and that thats not allowed, the small business might wave it.
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>>971889
does the auction house not whack on an extra fee for credit cards? I mean if they don't then anyone making a large purchase is stupid to not use one... but if they don't then they're also just giving away a big chunk of their margin - I mean you've won the auction for XXX million - now you've got the option to pay by bank transfer or card... one of which will wipe a few million off the profit the auction house made from the sale if they don't charge extra for using it.
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>>974623
in fact thinking about there is almost no way they're not going to charge an extra fee for him to use his AMEX... sure he'll get his points but he's basically paying an extra few million for them anyway

must be down to China's currency controls - as it is otherwise a retarded thing to do
>>
>implying he won't resell the painting in 5-10 years for 2-3x the price

That's how this shit works in the art world. The guy can't lose.

And if the art market dips, with him being in China, a couple of bribes and oh no, his exprensive painting went up in frames! Nice insurance settlement and everything.
>>
File: adtech.jpg (1MB, 7000x1800px) Image search: [iqdb] [SauceNao] [Google]
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>>971889
>billionaire
>flying commercial
>with his family
>>
>>971889
>i will never know personal finance like blowing 170m on a painting
you got me there
>>
>American Express
>>
>Not using your Capital One SAMUEL L MOTHERFUCKING JACKSON Card and getting 1.5% cash back
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>>973752

> has miles reward card
> no annual fee
> buy shit, sell on ebay
> pay off card with shit sold
> rinse and repeat

Up to 2k miles in just 1 week. 10k miles equals $100.

#mycreditlevel
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>>976818

god damn nigger, i never thought of that, god damn

ur a credit GOD
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>>976818

do you sell the items on eBay for the same price you bought them for? or do you pocket a small profit
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>>976900
US Mint used to let you buy rolled coins from them at cost with free shipping.

Back in the days when I was fresh out of college, I used to open a bunch of cards who had initial bonuses for spending so much and would buy hundreds or thousands of dollars of coins from the mint and bring them directly to the bank, unopened to deposit them.

I spaced them out a couple weeks. Luckily my grandfather used to be the Vice President of the bank so they took them without question.

Friends and family used to tell me I was going to end up getting in trouble or debt because of it.
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>>977087
>>976818
how much do you actually make per hour? how do you sell stuff on ebay without losing money?
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>>977169
>how do you sell stuff on ebay without losing money?
unless the stuff you're selling is either garage sale trash, or literally fell of the back of a truck, you can't
Thread posts: 38
Thread images: 3


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