![]() ![]() Every time an American Express card holder uses the card, AmEx charges the merchant a fee. One potential loser here could be Christie’s. “And some people have unlimited amounts based on their wealth and ability to pay.” “One simple little black AmEx card or one credit card, you never know what somebody’s limits are,” he said. It’s a common tactic, says Bill Majcher, a former financial crimes investigator for the Royal Canadian Mounted Police who is now based in Hong Kong working as an investment banker. China allows its citizens to transfer no more than $50,000 out of the country in any year, and using his card could help him get around this limit because he’s just paying back American Express or the bank in China who issues his card. Lui, who is worth $1.4 billion according to Forbes, probably didn’t use his Amex for the points. How about a 29-light crystal chandelier for 10 million points? And for that special someone, Liu could get a full-length sable fur coat for 8.5 million points. There’s a 26-carat platinum diamond tennis bracelet he could buy for 33 million points. If he tires of travel in luxury, Liu could also go on a shopping spree on American Express’ online mall. Reading this on your iPhone or iPad? Check out our new Apple News app channel here and click the + at the top of the page to save to your Apple News favorites. Even if Liu wanted to use his AmEx points to pay for flights, a less efficient use of them, he could still redeem those points for hundreds of first class flights anywhere in the world. and Europe in the ultra-deluxe first class suites offered by Singapore Airlines (estimated cost: $17,800 round trip), if he converted points to Singapore’s program. He could fly 3,000 times between the U.S. Honig estimates that if Liu converted his Membership Rewards points into one of a number of airline frequent flier programs, he and his and his family could travel anywhere, in style. “He’s probably reached that goal with that single painting,” Honig says. That shouldn’t be a problem, according to Zach Honig, editor-in-chief of the travel rewards site. Liu and his wife, in an interview with The New York Times, said they plan to use the points to allow their family to travel for the rest of their lives. He could potentially be a billionaire in both in cash and American Express points. Chinese billionaires presumably go to Starbucks too. “It is based on our relationship with that individual card member and these decisions are made on a case-by-case basis, based on our knowledge of their spending patterns.”ĭon’t forget the points Liu has earned through everyday purchases. “In theory, it’s possible to put a ($170 million purchase) on an American Express card,” said American Express spokeswoman Elizabeth Crosta. He and his wife said they plan on using their American Express card to pay for the Modigliani, according to news reports after the sale.Īmerican Express will not confirm Liu Yiqian’s Modigliani purchase, or say if it would be the biggest ever on their cards, citing privacy reasons. He put a $36 million tea cup from the Ming Dynasty on his AmEx last year, according to reports, and put other artifacts on his card earlier this year. Liu, a high-profile collector of Chinese antiquities and art, has used his AmEx in the past when he’s won art auctions. Liu was the winning bidder for Amedeo Modigliani’s “Reclining Nude” at a Christie’s auction earlier this month– offering $170.4 million– and when the sale closes he’ll be putting it on his American Express card. NEW YORK (AP) - Chinese billionaire Liu Yiqian, who doesn’t exactly struggle to afford a plane ticket, can now likely fly free, in first class, with his whole family, anywhere in the world, for the rest of his life. ![]()
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