The Internet is abuzz about the debut of the newest feature of Google Wallet, Google’s online payment processing system. Using Google Wallet’s latest enhancement, you can now send money to anyone similar to Paypal, Amazon Payments, etc.
You can either fund the payments with your checking/savings account or a credit/debit card. Obviously, the value proposition here is sending money with a points-earning credit card.
Also, this is a limited time value proposition because, normally, Google would levy a 2.9% fee with each payment. However, they are currently waiving that fee! I have no idea when they will stop waiving the fee, but I’m not going to wait around to find out. I’m going to get my points while the getting’s good!
Timeline of a Google Wallet Hustle
- May 20: Sent $4K+ to Joann.
- May 20: Joann received email to claim money. She clicked the link in the email to claim money.
- May 23: Payment cleared/released to Joann. Google emailed me to notify me as well.
- May 23: “You’ve claimed money and it’s now waiting for you in your Google Wallet.” It was not actually available in Joann’s Wallet balance; it was still pending.
- May 26: Money posts in Wallet balance and withdrawal to bank account initiated.
- May 28: Money posts to bank account (one day after national holiday)
That’s it! We will now pay the credit card bill that we used to send the money and voila… over 4,000 airline miles (or hotel points… or whatever you want!)
Large payments like the one I detailed above will probably take longer than usual to clear. My bank’s fraud department actually called me; I told them that this was a legitimate purchase to push it through. I’m not sure if that held up the process at all.
I’ve also sent smaller amounts like $100 and that went through instantly, similar to Amazon Payments. We were able to receive the money and immediately initiate a withdrawal to our bank account.
If you have an American Express Business Gold card, you may be in luck. People are reporting 2x points on the “Business Services” category that Google Wallet is posting in.
Frequently Asked Questions
I won’t reinvent the wheel here. Head on over to Frequent Miler’s wonderful post where he answers just about every question imaginable about this new (albeit temporary) point machine.
Pay close attention to the section where he discusses limits and how NOT to get banned from this program.
Invitations to Google Wallet
In order to be a part of this hustle, you need to have someone send you any amount of money. People are sending other people 1 cent and that will get them into this program.