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Posted on 8/29/15 at 9:58 pm to RummelTiger
quote:
I remember a "scam" a few years ago that involved people buying like $25,000 worth of stuff from the Franklin Mint, I think, and then they would return it. But, for some reason, I think the purchase remained on the card (not sure how the return was given out), and people were racking-up crazy amounts of points.
At some point, AMEX found out and put a stop to it, but I think a few people got a shite-ton of points out of it.
People were using AMEX to buy the coins (which were free delivery to your house, per a government program), then they would bring them straight to the bank where they would exchange for cash and then use the cash to pay off the CC
I think they said one guy racked up enough points to earn free 1st class flights for life. IIRC, they had that in a cracked article
Posted on 8/29/15 at 9:59 pm to LSULyle00690
You can't exchange secured debt for unsecured debt
That's how I always understood it
Though I guess student loans aren't secured debt really
That's how I always understood it
Though I guess student loans aren't secured debt really
Posted on 8/29/15 at 10:00 pm to ZekeTheTeke
quote:
ZekeTheTeke
Posted on 8/29/15 at 10:24 pm to LSULyle00690
quote:
Also, why can't I use credit to pay for my truck and student loan payments?
You can!
Posted on 8/29/15 at 10:34 pm to bigpetedatiga
How?
I talked to a representative at Navient, formerly Sallie Mae, she said HELL NO!
I talked to a representative at Navient, formerly Sallie Mae, she said HELL NO!
Posted on 8/29/15 at 10:36 pm to TheCaterpillar
quote:
because most people are fricking stupid
Truer words have never been spoken
Posted on 8/29/15 at 10:46 pm to LSULyle00690
Well I had to pay over the phone one time and they gave paying by credit card as an option.
Posted on 8/29/15 at 11:07 pm to LSULyle00690
Cash advance. Pay bill. Pay Cash Advance?
Posted on 8/29/15 at 11:10 pm to Tortious
quote:Cash Advances typically have extra fees and no grace period for interest.
Cash advance. Pay bill. Pay Cash Advance?
So this only makes sense if the rewards are valued more than the CA fees.
Posted on 8/29/15 at 11:36 pm to Bullfrog
Very interesting thread.
Posted on 8/30/15 at 1:10 am to LSULyle00690
Why can't you pay for your mortgage with a card? Pretty simple.
VISA, Mastercard, etc. charge vendors a fee for every transaction. The exact amount varies but let's say it is around 2% or so.
Retail vendors are happy to pay this because it often drives additional "convenience" sales volume. If you knew you had to have cash on hand to pay for impulse purchases then you probably wouldn't buy as much. Retailers know this, want to make it very easy for you to spend money and are willing to pay Amex, VISA, Discover etc. a little bit to make it happen.
With a mortgage though, the lender already has your business. You are *required* to pay every month, that's in the agreement. So no mortgage lender is willing to pay extra, they already have your business.
Same thing for paying government taxes - you can pay by credit card but you'll be charged a "convenience fee" to recoup what the card issuer charges the government to process the payment.
VISA, Mastercard, etc. charge vendors a fee for every transaction. The exact amount varies but let's say it is around 2% or so.
Retail vendors are happy to pay this because it often drives additional "convenience" sales volume. If you knew you had to have cash on hand to pay for impulse purchases then you probably wouldn't buy as much. Retailers know this, want to make it very easy for you to spend money and are willing to pay Amex, VISA, Discover etc. a little bit to make it happen.
With a mortgage though, the lender already has your business. You are *required* to pay every month, that's in the agreement. So no mortgage lender is willing to pay extra, they already have your business.
Same thing for paying government taxes - you can pay by credit card but you'll be charged a "convenience fee" to recoup what the card issuer charges the government to process the payment.
Posted on 8/30/15 at 1:15 am to poochie
The banks don't want to pay the credit card transaction fee. Banks know that most people are morons, irregardless of good credit standing. Too much risk involved. They want to maximize the who allocated amount of interest in their behalf.
Posted on 8/30/15 at 1:17 am to ZekeTheTeke
Yall need to get the stories straight.
The US Mint scheme was a zero fee purchase of $1 coins because the government was trying to get them in circulation. Purchase and deposit was a perpetual point machine. I'm sure someone did get lifetime status from it but....
The lifetime status story was the guy who figured out that the promotion giving American miles if you bought certain food products could be leveraged. He eventually figured out that chocolate pudding packs were the best value per point. So he just bought a shite load of them to hit million miler status. Etc etc
The US Mint scheme was a zero fee purchase of $1 coins because the government was trying to get them in circulation. Purchase and deposit was a perpetual point machine. I'm sure someone did get lifetime status from it but....
The lifetime status story was the guy who figured out that the promotion giving American miles if you bought certain food products could be leveraged. He eventually figured out that chocolate pudding packs were the best value per point. So he just bought a shite load of them to hit million miler status. Etc etc
This post was edited on 8/30/15 at 1:19 am
Posted on 8/30/15 at 2:00 am to LSULyle00690
You can... Open up Amex bluebird or target prepaid redcard. Buy visa gift cards in 500$ increments, load them at the store... Transfer back to your checking or use billpay/paper checks from bluebird. Small fee for the gift cards but your CC rewards would outweigh the fees.
Check out manufactured spending on flyertalk message board
Check out manufactured spending on flyertalk message board
This post was edited on 8/30/15 at 2:02 am
Posted on 8/30/15 at 2:26 am to poochie
quote:
What if you paid with those checks the credit card companies give you?
You don't get rewards for cash advances. You also have to pay fees on cash advances.
This post was edited on 8/30/15 at 2:27 am
Posted on 8/30/15 at 6:32 am to LSULyle00690
quote:
I always pay my entire credit card balance.
With what, a check?
Posted on 8/30/15 at 6:35 am to LSULyle00690
Thank you for reminding me to pay rent.
Posted on 8/30/15 at 6:44 am to poochie
quote:
by poochie
What if you paid with those checks the credit card companies give you?
You don't earn points on those
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