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Posted on 5/1/24 at 7:21 am to Fat Bastard
quote:
The stuff goes on. FACT! all the time. you do not KNOW shite. The fact you are mad over this is
Who said it didn't go on?
All I said was it sounded like a good way to get your card canceled. Which it is if you get caught. I guarantee it's against your credit company's terms of service. Send them an email and ask them and show us what you hear back.
Personally, I don't want to risk losing my good credit cards over a couple hundred bucks a year. I earn way more off them from the rewards.
But you do you.
Posted on 5/1/24 at 1:28 pm to NATidefan
quote:
NATidefan
Posted on 5/1/24 at 2:11 pm to Fat Bastard
Posted on 5/1/24 at 2:18 pm to Lsut81
quote:
but what was the Vanilla card scheme that was on this board about 5yrs back?
I dont know if it was on here but its def a thing.
You go to a store and steal them, get the numbers from them, then go put them back in the store.
You then check the accounts regularly and if they get loaded, spend the money and the person who bought the gift card and loaded is shite out of luck.
you just need the number off the card to access the cards balance on the vanilla site.
I honestly would never buy these because of that.
Posted on 5/1/24 at 2:28 pm to dgnx6
quote:
I dont know if it was on here but its def a thing. You go to a store and steal them, get the numbers from them, then go put them back in the store. You then check the accounts regularly and if they get loaded, spend the money and the person who bought the gift card and loaded is shite out of luck. you just need the number off the card to access the cards balance on the vanilla site. I honestly would never buy these because of that.
lol, no not the same…it was not stealing. It was buying the vanilla cards with credit card and using them as a circle to pay your credit bill just to get the points.
This post was edited on 5/1/24 at 2:54 pm
Posted on 5/1/24 at 3:33 pm to Fat Bastard
quote:
selling their credit
how you claim that on taxes?
Posted on 5/1/24 at 11:49 pm to Pezzo
Some interesting takes in this thread...As someone who has been known to dabble in manufactured spending, I would be willing to bet there are people out there who are making $300k profit in a year. That said, the story in the OP is suspect (at least in how it was told). Doing that kind of volume in just happenstance supermarket gift card purchases while buying groceries would be near impossible.
These days, it's all about "couch" manufactured spending. A decent bit of in person spend still takes place, but it is time consuming and difficult to pull off in high volume. Plus, as noted, the chance of issues increases with stolen cards, employees thinking you're stealing/doing something illegal/etc. Not worth it to me.
On how profitable it can be, there are three key factors - volume, spread, and time required. Volume is pretty self explanatory, and a husband/wife team with good credit and income can generate a whole lot of spend. The manufactured spending whales out there scale up and manage accounts for parents, siblings, etc.
Spread is the rewards/cash back vs cost. Spending with category bonuses, authorized user bonuses, sign up bonuses, referral bonuses (anyone looking to sign up for an Amex card?) increase your earn. There are various ways to minimize costs...and people keep the best options very quiet.
Time is pretty manageable with a lot of the virtual MS options. I spend more time planning and tracking than the actual act of spending.
And in general, you'd be surprised of the things banks let you get away with pretty much indefinitely if you don't make the mistakes that will get you on their radar. Citi for example does not want you cycling your credit, other banks don't care at all or don't care as long as you don't go crazy with it.
These days, it's all about "couch" manufactured spending. A decent bit of in person spend still takes place, but it is time consuming and difficult to pull off in high volume. Plus, as noted, the chance of issues increases with stolen cards, employees thinking you're stealing/doing something illegal/etc. Not worth it to me.
On how profitable it can be, there are three key factors - volume, spread, and time required. Volume is pretty self explanatory, and a husband/wife team with good credit and income can generate a whole lot of spend. The manufactured spending whales out there scale up and manage accounts for parents, siblings, etc.
Spread is the rewards/cash back vs cost. Spending with category bonuses, authorized user bonuses, sign up bonuses, referral bonuses (anyone looking to sign up for an Amex card?) increase your earn. There are various ways to minimize costs...and people keep the best options very quiet.
Time is pretty manageable with a lot of the virtual MS options. I spend more time planning and tracking than the actual act of spending.
And in general, you'd be surprised of the things banks let you get away with pretty much indefinitely if you don't make the mistakes that will get you on their radar. Citi for example does not want you cycling your credit, other banks don't care at all or don't care as long as you don't go crazy with it.
This post was edited on 5/1/24 at 11:51 pm
Posted on 5/2/24 at 10:43 pm to Street Hawk
Reminds me of one of my buddy’s wife. The summer after her 10th grade year, her dad told her they were going to make her college money. If you will recall, Trilene fishing line has a contest that they would pay $1,000 for ANY world record catch. Well, they spent all summer catching things like the 2 lb, 4 lb and 6 lb line class world record for buffalo carp, and many other obscure records. If I remember correctly, they caught about 20-25 world record fish that summer. Trilene paid them, and then cancelled the program.
Posted on 5/2/24 at 11:27 pm to Street Hawk
do you know what happens when you make that many deposits in your account?
Posted on 5/3/24 at 4:21 pm to Fat Bastard
quote:
some people are making money also selling their credit.
I looked into doing that a couple years ago, and there really isnt much risk of anything going awry or affecting you financially except *possibly* having your card canceled by the issuing company .. most people who make money this way use credit cards where they dont care so much if it eventually gets cancelled… the problem is, the cards i have that are older (thereby generating more profit) are the ones i would not want to have cancelled.. and the ones that i have that i could care less if they get cancelled, are generally not as “old” so not as highly prized or sellable .
Posted on 5/3/24 at 4:34 pm to slackster
quote:
You don’t pay sales tax on gift cards or money orders.
I don't buy gift cards often so I need to look into this. But I'm fairly certain the last time I bought one there was a fee. Or is there something else I'm forgetting?
You can't buy a $100 gift card for $100 can you? Isn't there a mark up of some sort?
Posted on 5/3/24 at 5:35 pm to baldona
quote:
You can't buy a $100 gift card for $100 can you? Isn't there a mark up of some sort?
You may be thinking of the reloadable Visa, etc. cards. Those do have a markup. But for actual gift cards, I’ve not noticed any with fees or markups.
Posted on 5/8/24 at 11:54 am to Jag_Warrior
quote:
You may be thinking of the reloadable Visa, etc. cards. Those do have a markup. But for actual gift cards, I’ve not noticed any with fees or markups.
You are probably right.
Then where can you buy a money order that you can also buy a gift card without a fee? Does somewhere like a grocery store chain or Walmart do gift cards themselves?
I'm not looking into this as a hustle I'm just trying to figure out how it works?
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