Posted by Chuck on May 13, 2019
Credit Cards

Published on May 13th, 2019 | by Chuck

11

[Expired] American Express $50 Bonus for Referring a Friend for a Loan

Deal has expired, view more American Express deals by clicking here.

The Offer

American Express is sending out a new kind of referral offer:

  • Refer a friend for a personal loan from American Express and get a $50 statement credit.

The Fine Print

  • Valid through 7/14/19
  • This offer is not transferrable
  • You can only refer to an existing Amex cardholder who is preapproved for a loan
  • Please allow 10-12 weeks for credit to post
  • Value of statement credit may be taxable for you

Our Verdict

Seems like you’ll need to have received the email in order to refer. We don’t recommend people typically taking out loans and the same goes obviously for encouraging friends to take out loans. I’ve heard some people use Amex for business loans to help cash flow issues, but this offer appears to be specific for personal loans.

Anyway, it’s just interesting to see a credit card issuer push their loan business even more with a referral bonus. And who knows, maybe self-referral works on this too. 🙂

Hat tip to reader Rich



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akjohnny
akjohnny

I got this offer… pass.

Spencer

Does anyone have a direct link? Do you need to already have a personal loan from AMEX to be eligible?

Hari
Hari

Self Referral might be interesting 🙂 Thats $50 extra on something you’d be already wanting.
Though, DO NOT TAKE LOANS! PERIOD!

Thomas
Thomas

Have you ever heard of a mortgage?

Calvin

Got it too. Big pass.

=== Full terms below ===
Personal Loans Referral Offer Terms

You can receive a $50 statement credit for each American Express® Personal Loan application you refer resulting in an approved and accepted Personal Loan. For you to receive the statement credit, the referred individual(s) must apply online through the personalized referral link provided by American Express. The referred individual(s) will be unable to apply through your referral link after 7/14/‌2019. This offer is not transferable.

You can only refer a Personal Loan to existing American Express Card Members, who must be pre-approved for a Personal Loan to apply. Please allow 10-12 weeks after a referred individual accepts a Personal Loan for the statement credit to post to your Card account as mentioned at the top of this offer email. Due to the confidential nature of the loan approval process, you will not be notified of whether we approve or decline any application(s) from individual(s) you refer and whether they accept a Personal Loan. To receive the statement credit, your Card account must not be canceled or past due at the time of fulfillment. NOTE: The value of the statement credit may be taxable income to you; you are responsible for any federal or state taxes resulting from the referral bonus. Please consult your tax advisor if you have questions about the tax treatment of the referral bonus.

You may only refer a Personal Loan to your interested personal friends, family and known acquaintances utilizing the sharing tools we provide. Any statements you make about a Personal Loan must be truthful, accurate, factually supported, not misleading, and reflect your honest beliefs, opinions or experiences. You must make sure each referred individual knows you could receive a reward from American Express if they accept a Personal Loan. Sending referrals by email or outside of the provided sharing tools is prohibited. American Express reserves the right to withhold or revoke the statement credit if you have violate these terms.

rura
rura

Nope not gonna introduce anyone into applying for a loan..

Pointz
Pointz

Get your friend in debt and make money. Yeay, great idea!

Leo
Leo

For those with too many friends and needing to lose a few… Great way to lose a friend…

wwllmm
wwllmm

What’s the APR and how quickly can you pay back?

Vinay
Vinay

In the website it shows: Fixed interest rates with APRs as low as 6.98%*

Vinay
Vinay

You must be pre-approved for a loan offer in order to apply. Your pre-approved APR and loan amount are based on your creditworthiness and other eligibility factors at the time you receive the offer. Pre-approved APRs will be between 6.90% and 18.98% until 3/1/2019 (and between 6.90% and 19.98% as of 3/2/2019). Not all customers will be pre-approved for the lowest APR, the highest loan amount, or the same repayment period options. The repayment periods are 12, 24, 36, and 48 months. A representative example of the cost of an American Express Personal Loan is: For a $10,000 loan repaid over 36 months at 7.98% APR, the monthly payment amount would be $313.32, the total interest would be $1,279, and the total cost would be $11,279(original loan amount plus interest). Actual rates, interest and cost may vary. You must submit an application to apply for a loan.

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