How To Make Up To Extra $240 Per Year

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Chances are if you have a rewards credit card you have a hidden way of making up to an extra $240 per year. The exact amount you’ll make will depend on the type of rewards earning credit card you have. We recommend the American Express Fidelity card which earns a flat 2% cash back on all purchases, we will be using this card to illustrate this money making method but use whatever you feel most comfortable with.

As always, we suggest setting your cash advance limit to $0 to avoid any possible cash advance fees. We haven’t heard of anybody being charged cash advance fees as long as you select “Goods/Services” and not “Cash Advance” in the Amazon Payments option screen.

You’ll need the following two things to be able to earn this extra money:

  • A rewards earning credit card
  • Somebody you trust with large sums of money (up to $1,000 at a time). We suggest using family member

Brief Overview Of The Method

Amazon payments is Amazon’s competitor to Paypal, it allows consumers to send money to each other. You can also fund your Amazon Payment account with a rewards earning credit card and it’s treated as a purchase by all major credit card issuers (meaning you don’t have to pay any cash advance fees). As long as you have a personal account and send less than $1,000 per calendar month you will not be charged any fees.

This means you can easily rack up rewards points or cash back with your credit card. Here’s how:

  • Create an Amazon Payments account
  • Verify your identity and bank account (this will raise the monthly limit from $500 to $1,000)
  • Send money to somebody you trust using a rewards earning credit card as your funding method
  • Have that trusted person withdraw money from their Amazon Payments account to their bank account
  • Have that trusted person transfer the money back to you
  • Pay off your credit card

1. Create An Amazon Payments Account

Simply go to: and then click “create account”. You’ll be prompted to sign in with your existing amazon account.

amazon payments create account

Then fill out the information as requested, they’ll ask you for the same basic information as always. Information such as your social security number is needed for fraud prevention and money laundering laws. They’ll ask for the following information:

  • Name
  • Address
  • Phone number
  • Social security number

when signing up make sure you’re signing up as an individual and not a business. Business accounts are charged a 2.9% fee and $0.3 per transaction.

2. Verify Your Identity/Bank Account

You’ll need to verify your e-mail address before you can do anything, then you’ll need to verify your bank account information. If you don’t add a bank account to your Amazon Payments account you will be limited to sending only $500 per calendar month. When you log in simply click “Add Bank Account” which will be in the right sidebar (pictured below).

amazon payments add bank account

You’ll need to provide the following information to verify your bank account:

  • Routing number
  • Account number
  • Drivers License (number and state it was issued in)

Amazon will then send you two small test deposits to that account, they’ll then ask you to enter how much those small test deposits were to verify your the account owner.

3. Fund Your Account

Once you’ve verified your bank account, click “Add Funds” to fund your account.

amazon payments add funds

You’ll then need to enter your credit card information and the amount you want to fund.

4. Send Money To Somebody You Trust

send money

You can then send money to somebody you trust, to do so click “send money” and then enter the e-mail address associated with their Amazon Payments account. Ensure they have an account before sending any money. You’ll need to select the rewards earning credit card you want to use in the funding source section. Under the amount field you’ll see two check boxes, one will state “Goods/Services” the other will state “Cash Advance”. Make sure you click Goods/Services to avoid cash advance fees (you should’ve already set your cash advance limits to $0).

You can send/receive anything under $1,000 per month fee free, anything over that will incur the same fees businesses pay (2.9% and $0.3). It’s not a good idea to send money between accounts (e.g have a friend send you $500 and then you send him $500 right back, both using credit cards as the funding source)

5. Get Them To Withdraw & Give The Money Back To You

Once you’ve sent them the money, get them to withdraw it to their linked bank account and give it back to you. They could give it back to you in cash, or they could write you a check. It’s extremely important to only do this with somebody you trust completely otherwise you could be out $1,000!

6. Pay Off Your Credit Card

Once you’ve received the money from your trusted friend or family member make sure you remember to pay off your credit card bill. If you forget then the high APRs will not only eat up any profits you make but you’ll also end up loosing money on the whole affair.

If you follow the above steps you’ll be able to fund your Amazon Payments account with $12,000 per year, if you have a cash back earning credit card at 2% then this will earn you an additional $240 per year. We suggest trying to use it for it’s intended purpose and not just racking up credit card spend. For example, I use it to send small amounts to my girlfriend when she pays for joint activities. I also use it to pay for my gardener and cleaner and send my Mom a bit of extra money each month. If you have any questions about Amazon Payments or using this method, feel free to ask in the comments section below. There is also a massive 271 page thread on FlyerTalk where your question might’ve already been answered.

This guest post was submitted by William who is the main contributor at where he regularly blogs about consumer credit topics. He’s most in depth posts are on credit scoring models such as the most widely used credit score; FICO score.

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