AmEx Small Business Saturday

[AsherO]

Last year the owner of the kosher grocery store in CLE just let me use one of the cc terminals to swipe and charge all my cards

Did he notice the $2500 credit you ran (by mistake of course) on one card?

[Dan]

Did he notice the $2500 credit you ran (by mistake of course) on one card?

'Twas a she.

[APoshiterYid]

I noticed in the ToS it says: “Additionally, if you received a $25 statement credit in connection with Small Business Saturday through American Express’ offer on Facebook or Foursquare, you will not be eligible to receive the statement credit through this offer.”
So does anyone know what promotion this is referring to?

Also, just funny how they picked Saturday of all days, kinda makes you wonder...

[bubbles]

I noticed in the ToS it says: “Additionally, if you received a $25 statement credit in connection with Small Business Saturday through American Express’ offer on Facebook or Foursquare, you will not be eligible to receive the statement credit through this offer.”
So does anyone know what promotion this is referring to?

Also, just funny how they picked Saturday of all days, kinda makes you wonder...

the LL&L promotion

[AsherO]

I noticed in the ToS it says: ?Additionally, if you received a $25 statement credit in connection with Small Business Saturday through American Express? offer on Facebook or Foursquare, you will not be eligible to receive the statement credit through this offer.?
So does anyone know what promotion this is referring to?

I'm guessing 'facebook' isn't referring to the recent Fedex promo...

[APoshiterYid]

the LL&L promotion

Since when was LL&L called Small Business Saturday?...

[myb821]

he was referring to link like love

[APoshiterYid]

he was referring to link like love

Yes, hence the question: Since when was LLL called SBS?

(As per my original post quoting the ToS it says: “Additionally, if you received a $25 statement credit in connection with Small Business Saturday through American Express’ offer on Facebook or Foursquare, you will not be eligible to receive the statement credit through this offer.”)

---

Sorry if this post has become totally convoluted, lets start fresh

Amex ToS refers to a SBS through FB/FS. People have said that this is referring to the FB/FS LL&L Promo. My question is, that the ToS specifically calls it SBS, not LL&L, so what are these people basing their statements on?

Shkoyach!

[bubbles]

Yes, hence the question: Since when was LLL called SBS?

(As per my original post quoting the ToS it says: “Additionally, if you received a $25 statement credit in connection with Small Business Saturday through American Express’ offer on Facebook or Foursquare, you will not be eligible to receive the statement credit through this offer.”)

---

Sorry if this post has become totally convoluted, lets start fresh

Amex ToS refers to a SBS through FB/FS. People have said that this is referring to the FB/FS LL&L Promo. My question is, that the ToS specifically calls it SBS, not LL&L, so what are these people basing their statements on?

Shkoyach!

Since AMEX has the small business promotion to sign up for under LL&L. Did you even try going to FB to check?

[APoshiterYid]

A

Since AMEX has the small business promotion to sign up for under LL&L. Did you even try going to FB to check?

At most that would show that this current promotion is under LLL, not that the previous LLL has been referred to anywhere as SBS...

[MarkS]

ill gladly charge you $25

and then refund lets say 20?

I can't see why not... any downside on my end?

JW would it be an issue for taxes, would you need to report it as income?

I don't see any problem with this. You can open a store selling $20 Bills and charge $25 for them. Totally legit, just you would have no customers (aside from on Nov. 26th

You probably would have to report income of $5 on each transaction ($25 Sales with a $20 deduction). Additionally you could deduct the 75 cent fee that Amex charges you. Basically you would have taxable gain of $4.25 on each transaction. Which means you still make money on each transaction. Assuming you're in the 28% bracket, you pay $1.19 tax and keep $3.06.

Do 100 such transactions make $306. Do 1000 transactions make $3,060!!!!

[myb821]

I don't see any problem with this. You can open a store selling $20 Bills and charge $25 for them. Totally legit, just you would have no customers (aside from on Nov. 26th

You probably would have to report income of $5 on each transaction ($25 Sales with a $20 deduction). Additionally you could deduct the 75 cent fee that Amex charges you. Basically you would have taxable gain of $4.25 on each transaction. Which means you still make money on each transaction. Assuming you're in the 28% bracket, you pay $1.19 tax and keep $3.06.

Do 100 such transactions make $306. Do 1000 transactions make $3,060!!!!

could be seen as money laundering and lead to an investigation even though it isnt

[AsherO]

I don't see any problem with this. You can open a store selling $20 Bills and charge $25 for them. Totally legit, just you would have no customers (aside from on Nov. 26th

You probably would have to report income of $5 on each transaction ($25 Sales with a $20 deduction). Additionally you could deduct the 75 cent fee that Amex charges you. Basically you would have taxable gain of $4.25 on each transaction. Which means you still make money on each transaction. Assuming you're in the 28% bracket, you pay $1.19 tax and keep $3.06.

Do 100 such transactions make $306. Do 1000 transactions make $3,060!!!!

I would consult a lawyer. If you're doing this in high volumes it probably relates to other potentially illegal stuff (e.g. money laundering). Personally, I'd err on the side of caution with something like this.

On top of that, if there are any legal implications to this, it would be hard to come across as honest when you tell them you were trying to exploit an Amex promotion.

/IANAL

could be seen as money laundering and lead to an investigation even though it isnt

Now you're onto me as well ?

[MarkS]

I would consult a lawyer. If you're doing this in high volumes it probably relates to other potentially illegal stuff (e.g. money laundering). Personally, I'd err on the side of caution with something like this.
On top of that, if there are any legal implications to this, it would be hard to come across as honest when you tell them you were trying to exploit an Amex promotion.
as well ?

Wikipedia defines money laundering as:   

Money laundering is the process of disguising illegal sources of money so that it looks like it came from legal sources.

The governmental body dealing with money laundering is the FATF. They define money laundering as:
The goal of a large number of criminal acts is to generate a profit for the individual or group that carries out the act. Money laundering is the processing of these criminal proceeds to disguise their illegal origin. This process is of critical importance, as it enables the criminal to enjoy these profits without jeopardising their source.
Illegal arms sales, smuggling, and the activities of organised crime, including for example drug trafficking and prostitution rings, can generate huge amounts of proceeds. Embezzlement, insider trading, bribery and computer fraud schemes can also produce large profits and create the incentive to “legitimise” the ill-gotten gains through money laundering.
When a criminal activity generates substantial profits, the individual or group involved must find a way to control the funds without attracting attention to the underlying activity or the persons involved. Criminals do this by disguising the sources, changing the form, or moving the funds to a place where they are less likely to attract attention.
In response to mounting concern over money laundering, the Financial Action Task Force on money laundering (FATF) was established by the G-7 Summit in Paris in 1989 to develop a co-ordinated international response. One of the first tasks of the FATF was to develop Recommendations, 40 in all, which set out the measures national governments should take to implement effective anti-money laundering programmes.

Many people have misconceptions about what is and is not money laundering. When I was buying dollar coins from the mint a family member said they thought I was laundering money.

There is absolutely no money laundering involved in selling $20 bills for $25!!!

[AsherO]

Wikipedia defines money laundering as:   

....

Many people have misconceptions about what is and is not money laundering. When I was buying dollar coins from the mint a family member said they thought I was laundering money.

There is absolutely no money laundering involved in selling $20 bills for $25!!!

Are you a lawyer? Wikipedia definitely isn't, and you can't use "But Wikipedia said..." as an excuse in court.

[AJK]

Are you a lawyer? Wikipedia definitely isn't, and you can't use "But Wikipedia said..." as an excuse in court.

Wanna bet?

(OK, technically not as an excuse, but Wiki has been cited as authoritative by at least one Federal Court of Appeals.)

That being said, +1.

[AsherO]

(OK, technically not as an excuse, but Wiki has been cited as authoritative by at least one Federal Court of Appeals.)

Really? Can you please link me to the details? (I'm convinced there's an integral part of the story you're omitting, which would explain the 'precedent')

[MarkS]

Are you a lawyer? Wikipedia definitely isn't, and you can't use "But Wikipedia said..." as an excuse in court.

Can the FATF be  used in court?

I'm not a lawyer either but I know that selling $20 bills won't get me put in jail for murder or grand theft auto either!
My point is that money laundering is a term that gets thrown around very often by laypeople to describe many acts that have nothing to do with money laundering.

[AsherO]

My point is that money laundering is a term that gets thrown around very often by laypeople to describe many acts that have nothing to do with money laundering.

And wire fraud (and other such similar ambiguous infractions) are charges that are stuck to people when they want to convict them but don't have anything legitimate. People go to prison that way all the time.

[aryeh1]

Would Citi American Express Virtual Numbers work ??