Amex Send & Split is a collaboration with Venmo and PayPal that enables you to do two things. First, you can use your American Express card to send money directly to friends and family members using your American Express card. Second, you can make a single purchase and split the cost of that purchase with multiple people.
How To Use Amex Send & Split
You must first enable the Send & Split feature on your American Express mobile app. After accessing the page for your account, click the "Send & Split" button. You will need to read the fine language, then touch the "Agree and Enroll" button before the app offers you the option to join your PayPal and Venmo accounts. You can utilize the function as soon as either has been connected.
Amex Send
The primary advantage of utilizing Send is that you may avoid paying the credit card fees charged by PayPal and Venmo when sending money to relatives and friends by using your American Express card as the payment method.
To begin, you will have to fund your Send balance by adding money to your account. To add cash, go to the settings section of your app's account, pick "Send and Split," select "Send," and then click "Manage Balance." Your American Express card's billing statement will reflect the amount that you decide to add to your purchase as if it were any other transaction.
There is no charge associated with this activity; nevertheless, you will not get reward points for doing it. When you have enough money in your "Send" account, you may send it to a friend who also has Venmo or PayPal so they can participate in your good fortune.
The amount you can contribute to your "Send" balance is subject to a predetermined limit. Amex brings to your attention that the Send and a Split limit on your card are detailed in your cardmember agreement and that the maximum is subject to approval.
To send money, you must first choose the receiver and the amount. You also have the option to add a note when paying with Amex. If you do not utilize the amount that is available for Send, you have the option to send the remaining balance back to your card.
One scenario in which you could find it useful to take advantage of Amex Send is shown below. Let's say that a friend of yours is trying to raise money for a present for the basketball coach of your children's team and that you don't have any cash in your bank account. If you want to use your credit card as a payment method, Venmo will charge you a cost of 3%, while PayPal will charge you 2.9% + 30 cents. You will be required to pay this price.
However, if you donate to the charitable organization via Amex Send, you won't be responsible for paying any of those costs. Because you have some wiggle space, you can send what you owe without drawing down the funds in your checking account, and you may pay your American Express payment later.
Amex Split
The idea is straightforward: make a major purchase and then "split" the expenses for that transaction among several others. You can send a request for a split payment to as many as 20 persons using the Amex mobile app. When their payments start coming in, you have the option of putting those monies into your Amex account as a statement credit. This will allow you to pay off your balance sooner. Within the next 24 to 36 hours, the credits will be applied.
The situation would be ideal if you were to use this function at a restaurant with several buddies. You may place the whole purchase on your American Express card and have each person pay their proportionate amount to you rather than bothering the wait staff to get individual checks or count out cash and make a change.
To do this, open the Amex mobile app, locate the charge in question, and then choose the "Split It" button. After you decide to conduct a split, add your Venmo or PayPal contacts and give them the amount they are responsible for paying. You may opt to split it equally, or you can pick unique amounts and give a tip.
Next, you will be given the option to have their payments credited to your Venmo or PayPal balance, or you may select to have them applied as a statement credit to your Amex account. Taking the Amex credit would be the wisest course of action since it would prevent you from being tempted to spend the money on other items.
