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simplemark1 said:   Got several quotes on Amex MR points that I wanted to sell.  Thought I'd share them and match up the sites with the buyers names for those who follow this thread.

Speeroo.com (Jack): offers 1.5 cpm (cents per mile) but I can't find out much about them...kind of sketchy website.  When I tried to follow-up, I didn't hear back from him.
Rewards2cash.com (Vince):  offers 1.22 cpm on their website, but offered 1.35 cpm when I asked for a quote.
Flyer-miles.com (Doug): offered 1.1 cpm (too low for me).
Mabrokerage.com (Ethan): offered 1.35 cpm and was very responsive and has good references.
ShlomoSmiles.com also goes by miles4cash (Alex or Anela): offered 1.4 cpm but there are 3 bad reports for them on ripoff reports.
getpeyd.com (Moshe): offered 1.3 cpm.
flipmymiles.com (Seth): offered 1.2 cpm.
themileshub.com (sruly): offered 1.28 cpm.
sellmileage.com (Ash): offered 1.2 cpm.
milesbuyer.com (Eli):  didn't respond to 2 requests for quotes.
mileageforcash.com (Ray):  offered 1.45 cpm, but made me nervous with no physical address and the phone goes to a cell number in CA.
bestmilesbrokers.com (Bruce, aka Flighthunter):  offered 1.4 cpm with paypal or chase quickpay. 

Trust is everything in these transactions.  Do your own due diligence on the company you select.  Hope this helps someone.

  About that time I also did my quote-O-rama: but important thing is also to ask "do they need your account login/password?"
This is  V E R Y   Important -- some of the above want all your account info and others let you do on your own.
Please ask every one of the above which way they operate.

In my case ultimately, deciding between 2 offers of 1.5c/mile and 2 of 1.4 c/mile with differences in the way they operate etc,
Another thing I heard during validation at Amex they ask questions that these 3rd party could screw up and invite their fraud dept then you are screwed
So while mulling on that I found a flight I liked on Delta across the whole country that got me 4 round trip tickets for 100K (plus transfer fees) so dropped the idea of selling miles.

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Deleted

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I just completed a transfer with Bruce. The process couldnt have been any easier. Wow

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Just sold to Bruce from bestmilesbrokers - 1.45 cpm and took about 10 minutes.

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Just finished the transaction with milesbuyer.com (Eli), very efficient

That was my second, and they paid with Chase QuickPay, zero cost

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got a quote from cashformymiles.com 1.35 cpm, they don't require my acct information so that's cool is there any risk?

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For everyone selling chase UR points, some questions:

1) who did you sell to?
2) what rate did you get for how many points?
3) did you have to give out login information?
4) was the transfer from your chase UR account directly to an airline (vs to another chase UR account)?

With all the talk about chase shutdowns I feel like this would be good info to start collecting.

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k3naa said:   For everyone selling chase UR points, some questions:
  Wrong thread, dude.

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this is my first time doing this. i have 50k membership reward points from amex. Not flyer miles. and it seems that alot of you guys vouch for bruce?

so do i have to give him my login information and everything? Whats the exact process step by step?

does anyone know how does this business model work? what do they do with these Member points that they pay a premium for? its got to be worth a decent amount for them to flip them for a profit.

thanks.

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What is the secret way to cash these points, please?

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wiqar said:   What is the secret way to cash these points, please?
  Wouldn't really be a secret anymore if I just came out and told you, would it?

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kwest said:   
wiqar said:   What is the secret way to cash these points, please?
  Wouldn't really be a secret anymore if I just came out and told you, would it?

  
Dude, just tell him. It's not like he's going to read the thread to see your answer anyway.

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LordKronos said:   
kwest said:   
wiqar said:   What is the secret way to cash these points, please?
  Wouldn't really be a secret anymore if I just came out and told you, would it?

  
Dude, just tell him. It's not like he's going to read the thread to see your answer anyway.

  Fine. Wiqar, I suggest reading this thread: http://www.fatwallet.com/forums/finance/1219801/?start=0   It has all the information you need.

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thanks. i found everything i need in that thread. i suggest everyone else who wants to know the best way to cash out these points go to that thread and read it.

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Here's a odd question (been Asked Before)
They buy points at for example 1.25

How are they making any profits? I looked on Amex just now and for Travel the points are worth 0.50
Gift Cards are about .75
How are they able to utilize these points better than anyone else and earn I am assuming 2.50 (Double what they pay)

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forbin4040 said:   Here's a odd question (been Asked Before)
They buy points at for example 1.25

How are they making any profits? I looked on Amex just now and for Travel the points are worth 0.50
Gift Cards are about .75
How are they able to utilize these points better than anyone else and earn I am assuming 2.50 (Double what they pay)


Transfer to other partners, best deals seem to be long haul international in business or first class.  
 

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forbin4040 said:   Here's a odd question (been Asked Before)
They buy points at for example 1.25

How are they making any profits? I looked on Amex just now and for Travel the points are worth 0.50
Gift Cards are about .75
How are they able to utilize these points better than anyone else and earn I am assuming 2.50 (Double what they pay)

Oh, that's easy.  They buy from you for 1.25.  They act as a travel agent for people who want to fly premium class internationally.  For example- point buyer's customer wants to fly business class LAX-LHR round trip.  Cash price (I just searched some random dates in September) is $5400 (skipping over horrible 2+ stop itineraries with long layovers).  Points buyer says "I can get you on that flight in business for $3500 per person."  Then points buyer goes to points seller and offers 1.25cpp for 90K Amex points transferred to Aeroplan.  Total cost: $1125.  Then the traveler pays points buyer $3500 for the flight to be booked in their name.  Points seller got 1.25cpp.  Points buyer makes $2275 profit.  Traveler saves $1900.  Everyone (except Air Canada) wins.

I don't know actual prices points buyers charge travelers, but there's obviously lots of room to make some profit.

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I just sold 115k MR points to Bruce - first time trying this, it feels a little sketchy but I had no problems and it took about 20 minutes including Q&A before I had PayPal in hand. I'd do it again. Beats Home Depot gift cards.

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dukerau said:   
forbin4040 said:   Here's a odd question (been Asked Before)
They buy points at for example 1.25

How are they making any profits? I looked on Amex just now and for Travel the points are worth 0.50
Gift Cards are about .75
How are they able to utilize these points better than anyone else and earn I am assuming 2.50 (Double what they pay)

Oh, that's easy.  They buy from you for 1.25.  They act as a travel agent for people who want to fly premium class internationally.  For example- point buyer's customer wants to fly business class LAX-LHR round trip.  Cash price (I just searched some random dates in September) is $5400 (skipping over horrible 2+ stop itineraries with long layovers).  Points buyer says "I can get you on that flight in business for $3500 per person."  Then points buyer goes to points seller and offers 1.25cpp for 90K Amex points transferred to Aeroplan.  Total cost: $1125.  Then the traveler pays points buyer $3500 for the flight to be booked in their name.  Points seller got 1.25cpp.  Points buyer makes $2275 profit.  Traveler saves $1900.  Everyone (except Air Canada) wins.

I don't know actual prices points buyers charge travelers, but there's obviously lots of room to make some profit.

  Oh I see, it's not transferring to buy a ticket, but transferring to their 'Loyalty Program' which is worth a LOT more.
 

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Good experience with Ray from mileagrforcash.com, would definitely sell Amex points through him again.

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Sold 80k points to Bruce. Took about 10 minutes on my phone at a coffee shop. Paid via paypal.

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deleted due to concerns

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It's my understanding that you can cash out AMEX points at 1 cent per point by using them for account credits on your CC statement. Isn't that correct?

If so, why go through risk and hassle to get 1.25 cents per point? There has to be at least a 20% chance you'll get $0 if something bad happens like AMEX gets mad and freezes your account.

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robronson said:   It's my understanding that you can cash out AMEX points at 1 cent per point by using them for account credits on your CC statement. Isn't that correct?

If so, why go through risk and hassle to get 1.25 cents per point? There has to be at least a 20% chance you'll get $0 if something bad happens like AMEX gets mad and freezes your account.

  Amex MR points are like $0.005 each for statement credits.

Meanwhile I could sell them for $0.014 each. That's 2.8 times more value.

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Seriously? I thought they were 1 cent per. Like Chase UR points are. Is this confirmed?

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Wow. I just got the 50k bonus on AMEX Gold and was under the impression before I apped that they were worth 1 cent each when going for statement credit. Their website doesn't explain it in advance. And the few blogs I read were cryptic. I misunderstood "pay with points" to mean statement credit.

I was kind of excited because at 3% rewards for airline (which I spend $800 on per week for work), the card would pay for itself compared to my 2% Fidelity AMEX card from the 1% marginal rewards, especially considering the annual fee is tax deductible against my business.

However, at 0.5 cents per point, this program sucks. I didn't want to risk losing a guaranteed 1 cent per point by selling my rewards. However at 1/2 cent per point, it's stupid for me not to take the risk. If AMEX shuts down my account, who cares, the points were a terrible deal at 1/2 cent anyway.

I guess I'm spoiled by Chase UR, Fidelity AMEX and Capital One Venture 1.5% where 2% or 1.5% actually literally means 1.5% or 2%. It doesn't mean we'll give you points worth 1/2 cent per point.

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I am not sure about the Gold, but with Platinum you can pay with Points and get a 20% rebate on Travel and get 1 cent per point rate to use them.

For a $580 ticket, I can pay 58,000 points, then get 20% of the points back.  This is great since my employer will give me the $580 for my ticket.

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Hmm then you must've been on a good bonus day, when I tried last week it was 1 - 1/2 ratio.

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I have the Platinum Business card so that may be the reason if you have a different one.

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VerbalK said:   UHOH

http://www.dansdeals.com/archives/46389#comments

  
Just did a transfer for rewards2cash last night, no problems. 

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VerbalK said:   UHOH

http://www.dansdeals.com/archives/46389#comments

  
Just did a transfer for r2c last night, no problems. 

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"last night"

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So I guess rewards4cash is going to be out of business soon.

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Strange thing is, my AMEX login still shows the capability to transfer miles. Got to the confirmation page too. Maybe it rejects it after that??

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You can still transfer, but it has to go to your miles account, or that of an AU.  You might trust Bruce, but probably not enough to make him an AU.   Chase has the same policy, but doesn't seem to be enforced... yet.  With the burgeoning resale market, I expect everyone else will be tightening up... so if you are going to sell, now is probably the time.  I was saving my avios in case I could find some good deals jumping around Europe, but I think I'll sell them now.

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rewards2cash has stopped buying AMEX as of today.

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stanolshefski said:     Amex MR points are like $0.005 each for statement credits.

Meanwhile I could sell them for $0.014 each. That's 2.8 times more value.

  
The AMEX MR points are indeed worth $.005 if you redeem them for AMEX gift cards. 

If you use them as statement credits, they're worth $.006. Either way, it doesn't come close to  $0.014. 

It would appear that they're worth $.01 if they're redeemed for airfare booked with AMEX. 

Transferring them for Freq. Flyer miles probably is the most promising route. 

Good Luck, 

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They are woth .005 for airfare..tranfering them to an airline reward program is worth about .015 depending on promos

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forbin4040 said:   They are woth .005 for airfare..tranfering them to an airline reward program is worth about .015 depending on promos
  Again, this depends on the type of card you have.

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