Banks are evolving more and more every day to provide users with the best possible benefits. Financial institutions often decide to partner with other banking entities; these partnerships help collect customers from both companies, a win-win for both parties.
AmEx is proof of these partnerships’ positive results, but what exactly do they strive for? A partnership has a dual function; the first is to provide all its customers with improvements and easy solutions for their well-being.
However, there is another business purpose; more customer satisfaction with American Express services will generate user loyalty that helps to position the company in the national and international markets.
What are Amex sends and Split?
American Express has partnered with Venmo and PayPal, both of which are mobile payment service platforms. Combining these three services has helped American Express customers send money from their AmEx card just like a debit account or separate accounts when buying something as a group.
With a credit card, it is impossible to make transfers to individuals as with a savings or checking account. However, this partnership makes it possible.
How does AmEx Send and Split Work?
This American Express feature is linked to the AmEx App; you must activate the service to use this option. The activation process is to enter the American Express app and look for the “account” option; there, you will find the “Send & Split” option.
It will explain how this option works and ask you to link a Venmo or PayPal account with your credit card. If you do not have a Venmo or PayPal account, you must open one to continue the service.
How AmEx Send works
With the AmEx Send option, it is possible to transfer money to natural persons (friends and family) by taking funds from an AmEx credit card as the debit account payment method without charging an extra fee to the credit card, PayPal or Venmo.
The way to use it is to load funds that generate a specific balance to make transfers. Open the AmEx app, and you will see “Send & Split” in the account option. When you click on it, you will see the two possibilities separately; click on “Send,” and you will see “manage balance,” this is where to load the funds from the card.
When you select the amount, the money will be subtracted from the credit card like any other purchase. However, you will not earn points like a traditional purchase.
If you have the balance already loaded in “Send,” you can transfer it to a third party with an active Venmo or PayPal account. To make the transfer, you select the amount and the recipient. To send the money, you can add a concept or note.
How AmEx Splitworks
The AmEx Split option is used when you make a group purchase and want to split the costs.
It also works through the AmEx App and works as follows: You pay with a single card but do not withdraw the total bill, the credit card funds will be divided by the number of people, and the credit accounts will automatically subtract their portion to direct them to the card that is paying the bill.
With this option, Split participants do not have to worry about paying the person who paid, and the card payer does not have to worry about being left with fewer funds than they were supposed to. It is important to know that a Venmo or PayPal account is required to use the Split option.
A simple example is a dinner among friends; instead of swiping several cards to pay the final bill, one person can put in their AmEx card for the purchase and then go to the AmEx app, look in the “account” option the “Send & Split” option and select the Split option and upload the amount paid and the number of people to receive the money within 24 to 36 hours.
Each participant must be linked to the Send & Split option and have them added to the App’s directory.
Does AmEx Send & Split have any limited transactions?
The simple answer is yes. Like every American Express credit card, these two services also have limits on funds.
In the case of the Send option, AmEx explains that it will vary from the contract between the user and American Express at the time of obtaining the credit card, so the maximum balance to be sent is subject to the limit that American Express has approved.
If you have a Centurion credit card, the sending limit is $5,000, $4,000 if your card is Platinum, and $2000 for any other card.
In the case of the Split service, a similar situation happens; it will depend on the limit and the card funds of the person who will pay. It is impossible to pay with a card if there are insufficient funds.
But if the final purchase invoice is higher than the card’s limit to be swiped, it will simply not go through, even if the funds are recharged later.
References
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“How Do I Enroll in Amex Send & Split?” American Express Credit Cards, Rewards & Banking, https://www.americanexpress.com/us/customer-service/faq.how-do-i-enroll-in-amex-send-split.html.
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“Send & Split with Venmo & PayPal: Send Money & Split Purchases | Amex US.” American Express Credit Cards, Rewards & Banking, https://www.americanexpress.com/us/services/amex-peer-to-peer/send-and-split/.
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“What Is Amex Send & Split?” American Express Credit Cards, Rewards & Banking, https://www.americanexpress.com/us/customer-service/faq.amex-send-split.html.