Revolving credit card scheme...

[OneSickPsycho]

I was thinking today... Can you use credit cards to pay off other credit cards and manipulate the balance transfer, cash back bonuses, and other various rewards to end up even at the end... if not come out ahead?

My debit card gives me cash back of $0.03 per transaction with a limit of $250 for the year. That's 8,334 transactions per year. I have a credit card that gives me $25 gift cards for every $2,500 I spend with it...

I pay all my bills with the credit card, then immediately pay it off with my debit card in small enough increments to ensure I hit $8,334 transactions for the year... In theory I should save about $450 per year this way...

So what's the deal? If I got enough credit cards do you think it's possible to actually MAKE money through the manipulation of the system?

[Cutty72]

maybe... but that's a lot of fucking work.
and if you miss one payment or something, it's all for naught

[OneSickPsycho]

maybe... but that's a lot of fucking work.
and if you miss one payment or something, it's all for naught

I was thinking that, but you could treat it like another job... I'd create intricate spreadsheets and shit to track it... ensuring I didn't fuck up... And if I did, what's one finance charge gonna hurt if I'm not really spending any money anyway?

[Phenix_Rider]

It's incredibly impractical and probably very illegal. You should know the house always wins for a reason...

[Cutty72]

It's incredibly impractical and probably very illegal. You should know the house always wins for a reason...

Impractical, yes...
Illegal? I can't see how??

[OneSickPsycho]

It's incredibly impractical and probably very illegal. You should know the house always wins for a reason...

I dunno about illegal... If there was a law against using credit cards to pay off other credit cards the country wouldn't be half as fucked in debt as it is!

Impractical, yes...
Illegal? I can't see how??

And the question of practicality is all relative... How much work... how many hours of your day, week, year would it be worth to you to live your current or even an improved lifestyle, but pocket all of the money you take home from work...

[azoomm]

That's a lot of work for $450 a year. :skep:

If you have that much time, why not invest it in something that would return more than that?

[OneSickPsycho]

That's a lot of work for $450 a year. :skep:

If you have that much time, why not invest it in something that would return more than that?

Takes me less than a half hour a week... In other words, I pay myself nearly $17.30/hr to dick off on the computer for 1/2 hour a week.

[pickle.of.doom]

Like collecting bottles and returning them :lol:

Don't most of them have something in the fine print that balance transfers don't count towards rewards and what not?

[Phenix_Rider]

That's a lot of work for $450 a year. :skep:

If you have that much time, why not invest it in something that would return more than that?

I just put two grand in a CD. Only 2.52% interest for six months, but it's guaranteed. It's also five times what a savings account makes. So in six months, my $2,000 becomes a little over $2,300. Zero work. More money longer gets better interest.:dthumb:

[OneSickPsycho]

I just wonder if I could get to a break even point or even come out ahead if I dedicated 15 or so hours per week to it over the course of a ton of credit cards... It'd be like a part-time job...

I just put two grand in a CD. Only 2.52% interest for six months, but it's guaranteed. It's also five times what a savings account makes. So in six months, my $2,000 becomes a little over $2,300. Zero work. More money longer gets better interest.:dthumb:

My bank is offering 4% interest on savings accounts for the first 6 months...

[Phenix_Rider]

I just wonder if I could get to a break even point or even come out ahead if I dedicated 15 or so hours per week to it over the course of a ton of credit cards... It'd be like a part-time job...



My bank is offering 4% interest on savings accounts for the first 6 months...

So just put your money in one of those instead. 4% on a couple thousand beats $400 a year fooling with credit cards.

[vabarber2]

Dam right! OSP you realy have to much time on your hands!! And we know your not paying bilkls your calling the girls on the 1800 #s!!

[OneSickPsycho]

So just put your money in one of those instead. 4% on a couple thousand beats $400 a year fooling with credit cards.

You guys are missing the point...

The point is, I could possibly save my entire income and spend NO MONEY.

So in other words, I could put all of my income into investments and make some serious cash... not that I would need it cause I'd be living for free!

Dam right! OSP you realy have to much time on your hands!! And we know your not paying bilkls your calling the girls on the 1800 #s!!

That would be free as well. :D

[Phenix_Rider]

You guys are missing the point...

The point is, I could possibly save my entire income and spend NO MONEY.

So in other words, I could put all of my income into investments and make some serious cash... not that I would need it cause I'd be living for free!


...Or just end up really, really deep in debt.

[OneSickPsycho]

...Or just end up really, really deep in debt.

If I was a retard maybe...

[JoJoYZF]

Do it, write a book about it being a get rich quick/live for free scheme and get rich from selling the book

[DLIT]

I get points toward balance transfers.

Give me a for example here. I don't see how you think you're gonna come out even, even if you do get rewards on balance transfers. All you're doing is moving your credit debt from one account to another. You won't get nearly enough rewards to pay off the balance you just transfered. Maybe I'm not seeing the whole picture. :idk:

[m0n1]

you may get 0% int for the balance transfer, but still have a balance transfer fee of usually 3% of the transfer amount...plus you would have to tranfers to cards that are not owned by the same lender.

[OneSickPsycho]

I get points toward balance transfers.

Give me a for example here. I don't see how you think you're gonna come out even, even if you do get rewards on balance transfers. All you're doing is moving your credit debt from one account to another. You won't get nearly enough rewards to pay off the balance you just transfered. Maybe I'm not seeing the whole picture. :idk:

you may get 0% int for the balance transfer, but still have a balance transfer fee of usually 3% of the transfer amount...plus you would have to tranfers to cards that are not owned by the same lender.

Balance transfers are a problem... The plan requires being able to use a credit card to pay the balance of another credit card, so on and so forth. In other words, if I want to pay my credit card payment, I have to go online and select the option to make a payment using my debit/credit card rather than doing balance transfers. Balance transfers and their associated fees would defeat the purpose...

[GearGrabinGuy]

Iv pondered the same thing as well... and ya know as long as you were dilligent about it you could definatly pull it off. Give it a shot and tell us how it works out for ya.

[pickle.of.doom]

I think you will end up with none to very little in gains and trashed credit in losses...

[OneSickPsycho]

Iv pondered the same thing as well... and ya know as long as you were dilligent about it you could definatly pull it off. Give it a shot and tell us how it works out for ya.

I was running some numbers today and I think I figured out the easiest/safest way to do it...

I need 100 online bank accounts... I set up each one with automatic bill pay... 23 payments of $0.03 per day on the same credit card. That'd be $483/wk... for 52 weeks totalling out at $25,116 for the year. In return, when my rewards were cashed in, I would get back $25k of the $25,116. So at the end of the year, I will only be out $116 of the $25,116 I've spent.

Two questions need to be answered before I can test this...

1) Can I set up my credit card to automatically accept 2,300 payments of $0.03 per day?
2) If I can satisfy #1, how long would it take before my bank got wise to it and got pissed?

I think I'll test it out with 10 accounts first. That makes it much easier to do and probably less likely to get caught...

I think you will end up with none to very little in gains and trashed credit in losses...

I'm much to clever for that my friend.

[DLIT]

I was running some numbers today and I think I figured out the easiest/safest way to do it...

I need 100 online bank accounts... I set up each one with automatic bill pay... 23 payments of $0.03 per day on the same credit card. That'd be $483/wk... for 52 weeks totalling out at $25,116 for the year. In return, when my rewards were cashed in, I would get back $25k of the $25,116. So at the end of the year, I will only be out $116 of the $25,116 I've spent.

Two questions need to be answered before I can test this...

1) Can I set up my credit card to automatically accept 2,300 payments of $0.03 per day?
2) If I can satisfy #1, how long would it take before my bank got wise to it and got pissed?

I think I'll test it out with 10 accounts first. That makes it much easier to do and probably less likely to get caught...



I'm much to clever for that my friend.


Bro, your bank(s) are gonna think something's up. 2,300 transactions/day? That's a fucking shitload. Suspect.

[OneSickPsycho]

Bro, your bank(s) are gonna think something's up. 2,300 transactions/day? That's a fucking shitload. Suspect.

I'm going to go in tomorrow and ask a bunch of really strange questions and get as much information as I can...

Bro, your bank(s) are gonna think something's up. 2,300 transactions/day? That's a fucking shitload. Suspect.

It's only 23 transactions per day PER ACCOUNT. The issue would be, do they look at my accounts as a whole on a regular basis or when they look at them, do they just look at individual accounts.

[DLIT]

I'm going to go in tomorrow and ask a bunch of really strange questions and get as much information as I can...



It's only 23 transactions per day PER ACCOUNT. The issue would be, do they look at my accounts as a whole on a regular basis or when they look at them, do they just look at individual accounts.

I see, my bad. I got one question.

Is the risk worth the reward? You get caught or something else, there's no erasing balances.

[OneSickPsycho]

I see, my bad. I got one question.

Is the risk worth the reward? You get caught or something else, there's no erasing balances.

That's the beauty of my latest version... It's my money... All I am doing is revolving my money onto a credit card that's mine... I won't be out anything except what I am charging to the credit card and that will remain paid off via many many increments of $0.03 per day.

This is the idiot proof version, but is also the most likely to get me busted... having so many accounts with such high volumes of low monetary activity might send up red flags... However, it would be hard to fuck up...

The other versions I had thought about involved many accounts over many banks... This would be much harder to manage, but given the diversity it would be much less likely to get me nailed.

[pickle.of.doom]

The more open accounts you have with credit card companies the more it fucks up your credit. Also, there are what, 5 major credit cards? Visa, MC, AmEx, Discover... what else...? You aren't going to be able to open a million accounts with each company.

[OneSickPsycho]

The more open accounts you have with credit card companies the more it fucks up your credit. Also, there are what, 5 major credit cards? Visa, MC, AmEx, Discover... what else...? You aren't going to be able to open a million accounts with each company.

Pickle... read my posts... One credit card... 100 bank accounts.

Further, having lots of credit cards DOES NOT fuck up your credit...

And for the record... VISA, MasterCard, etc are 'types' of credit cards... Brands of credit cards are provided by every major bank in this country... Citibank, Washington Mutual, Bank of America, MBNA, etc, etc all have VISA, MC, etc...

There is really no limit to the number of credit cards you can have anyway...
http://abcnews.go.com/GMA/WaterCooler/story?id=411883

[DLIT]

So now you're only talking about using one credit card? How high do you think your limit will be?

[OneSickPsycho]

So now you're only talking about using one credit card? How high do you think your limit will be?

Doesn't matter... I'm not using the rewards on the credit card... I'm exploiting the rewards my bank offers with it's debit cards... 100 debit cards (checking accounts) and one credit card...

Come to think of it, if I would spend $25k/yr on the credit card, I'd earn $250 in gift cards on that credit card... That would officially satisfy my goal of making money once it's all said and done...

[DLIT]

And what kind of rewards do you get from using your debit card so much?

[OneSickPsycho]

And what kind of rewards do you get from using your debit card so much?

$0.03 per transaction... hence me using increments of $0.03 to pay onto the CC...

[DLIT]

$0.03 per transaction... hence me using increments of $0.03 to pay onto the CC...

Hmmmm. I don't think web bill pay syncs up with your debit card though, you know what I'm saying? It comes directly from your checking.

[OneSickPsycho]

Hmmmm. I don't think web bill pay syncs up with your debit card though, you know what I'm saying? It comes directly from your checking.

It would be set up on my CC side... I have an option to automatically bill another credit card or cards... Not sure what the limitations are though...

[DLIT]

It would be set up on my CC side... I have an option to automatically bill another credit card or cards... Not sure what the limitations are though...

I think you're definately onto something, but I bet there's something in place to shoot it down. Proly already been thought of and blocked.

[Mudpuppy]

While I applaud your determination to beat the system and your dedication I am skeptical you will gain any benefit out of it. Most credit cards don't gain rewards through balance transfers. Most have a limit of how long a special interest rate applies. Most charge you a finance charge for the transfer. They are just set up to make money off you. There was a finite period of time that ranged from like 1990-2004 time frame where you could get some decent rewards. My father-in-law charges like $50,000 a year on his card and is the master of the reward system. But he is now bitching they have cut that way back. I think the best way to use them is to use them like cash from your checking account but you basically use the credit card company's money for 30 days and then pay it off. Its tricky though. I find that when I use plastic I am more likely to spend more. Shit I got $20,000 on this card so what if I spend an extra $100 on groceries - fuck it. Fuck it let's go to that 5 star restaurant for a nice meal. Its like monopoly money. Basically now I just use the one card for gas and groceries and pay it off every month - just have to be disciplined and treat it like cash because really it is. I get cash back that I use when I lease a new car - usually amounts to like $500-$600. Then I have another card that has special cash backs for different times of year - summer is like theme parks, gas, hotels, then fall is like home improvement, etc. etc. they give 5% back on any of those purchases but only up to like $400-$500. So I use that card for that type of shit that I would have paid cash for otherwise. Its extremely hard to beat the system. Hell if you can do it more power to you just share your secret when you crack the case.

[OneSickPsycho]

While I applaud your determination to beat the system and your dedication I am skeptical you will gain any benefit out of it. Most credit cards don't gain rewards through balance transfers. Most have a limit of how long a special interest rate applies. Most charge you a finance charge for the transfer. They are just set up to make money off you. There was a finite period of time that ranged from like 1990-2004 time frame where you could get some decent rewards. My father-in-law charges like $50,000 a year on his card and is the master of the reward system. But he is now bitching they have cut that way back. I think the best way to use them is to use them like cash from your checking account but you basically use the credit card company's money for 30 days and then pay it off. Its tricky though. I find that when I use plastic I am more likely to spend more. Shit I got $20,000 on this card so what if I spend an extra $100 on groceries - fuck it. Fuck it let's go to that 5 star restaurant for a nice meal. Its like monopoly money. Basically now I just use the one card for gas and groceries and pay it off every month - just have to be disciplined and treat it like cash because really it is. I get cash back that I use when I lease a new car - usually amounts to like $500-$600. Then I have another card that has special cash backs for different times of year - summer is like theme parks, gas, hotels, then fall is like home improvement, etc. etc. they give 5% back on any of those purchases but only up to like $400-$500. So I use that card for that type of shit that I would have paid cash for otherwise. Its extremely hard to beat the system. Hell if you can do it more power to you just share your secret when you crack the case.

Next time read all of the posts before making me read all the way through that shit just to find that you didn't read the whole thread.

[Mudpuppy]

don't read it then fuckwad.. i read what i feel like and then comment like i feel like.. you don't like it then fucking block me or something.. wouldn't hurt my feelings.. i have yet to see you post something intelligent or worth reading anyways.. and in case you are thirsty here is a cup of shut the fuck up.. i am very convinced that you, being what a penniless not having a pot to piss in motherfucker who on your best year makes probably what $22,000 on the fry machine at mcdonalds, is WAY smarter than those fools at the major credit companies who make BILLIONS every fucking year - NOT!

[OneSickPsycho]

don't read it then fuckwad.. i read what i feel like and then comment like i feel like.. you don't like it then fucking block me or something.. wouldn't hurt my feelings.. i have yet to see you post something intelligent or worth reading anyways.. and in case you are thirsty here is a cup of shut the fuck up.. i am very convinced that you, being what a penniless not having a pot to piss in motherfucker who on your best year makes probably what $22,000 on the fry machine at mcdonalds, is WAY smarter than those fools at the major credit companies who make BILLIONS every fucking year - NOT!

I don't post anything worth reading, yet 75% of your posts quote and or follow directly after mine... Hmmm....

http://i168.photobucket.com/albums/u163/shuby420/retarded.jpg

[ceo012384]

Not only will it be a lot of work for very little reward, but it will fuck up your credit rating and affect your ability to get a car loan, mortgage, etc.



That, and you will probably fuck it up.

[pickle.of.doom]

I don't post anything worth reading, yet 75% of your posts quote and or follow directly after mine... Hmmm....

http://i168.photobucket.com/albums/u163/shuby420/retarded.jpg

Thats cuz your post whoring ass is splattered all up and down these forums like the fling off on the sides of a porta john at chili cookoff. Its impossible to make a post w/o it being somewhere near an OSP or NTS or DLIT or Ebbs post :D

[OneSickPsycho]

Thats cuz your post whoring ass is splattered all up and down these forums like the fling off on the sides of a porta john at chili cookoff. Its impossible to make a post w/o it being somewhere near an OSP or NTS or DLIT or Ebbs post :D

Marko's up there too.

[Mr Lefty]

correct me if i'm wrong but don't banks look into your credit when you open up an account?

I wonder if they'll allow you to open an account when you have 50 others :idk:

and other than the MAJOR banks... most require a min. deposit... and a min ballance

[OneSickPsycho]

correct me if i'm wrong but don't banks look into your credit when you open up an account?

I wonder if they'll allow you to open an account when you have 50 others :idk:

and other than the MAJOR banks... most require a min. deposit... and a min ballance

Not necessarily... If you already have an account with them, opening another is retard easy. The minimum amount of money to open an account at my bank is $20... if you already have an account with them, you can open an account with $0.

[Mr Lefty]

Not necessarily... If you already have an account with them, opening another is retard easy. The minimum amount of money to open an account at my bank is $20... if you already have an account with them, you can open an account with $0.

but I'm sure you'll not be able to open 100 accounts with the same bank... especially with no min. opening deposit

[OneSickPsycho]

but I'm sure you'll not be able to open 100 accounts with the same bank... especially with no min. opening deposit

I asked them and they said there was no limit on the number of accounts you could open.

[Mr Lefty]

I asked them and they said there was no limit on the number of accounts you could open.

damn... that's insane... I'd check to also see if you'd get the "rewards" on all the accounts or if there was a limit on the amount. if there's a limit... is it per account or per account holder...

[OneSickPsycho]

damn... that's insane... I'd check to also see if you'd get the "rewards" on all the accounts or if there was a limit on the amount. if there's a limit... is it per account or per account holder...

Limit is $250 per account... I think the chick who I talked to knew what I was getting at, but she didn't say anything...:idk:

[Mr Lefty]

Limit is $250 per account... I think the chick who I talked to knew what I was getting at, but she didn't say anything...:idk:

:lol: well good luck

[pickle.of.doom]

Marko's up there too.

True dat, Marko is gettig back to his pw'in ways too. Of course, most of them are just "this thread fucking sucks" :lol: ... good to have him back to his usual standards :D

[marko138]

You fucking cocksuckers. Leave me out of this.

[Cutty72]

You fucking cocksuckers. Leave me out of this.

come on marko, just trying to spread the love :lol:

[ceo012384]

Limit is $250 per account... I think the chick who I talked to knew what I was getting at, but she didn't say anything...:idk:
I hope you're really not still considering doing this.

[OneSickPsycho]

I hope you're really not still considering doing this.

Why?

[ceo012384]

Why?

Because it won't work, and will murder your credit and ability to get any sort of financing, like I said before. Really.

[OneSickPsycho]

Because it won't work, and will murder your credit and ability to get any sort of financing, like I said before. Really.

I just don't see it happening... If it doesn't work, I'm out nothing... Just spending money that I already would have... Multiple credit cards and using credit cards actually BUILDS credit rather than hinders it... Plus, I'm not going to have multiple cards... Just multiple bank accounts.

[ceo012384]

Multiple credit cards and using credit cards actually BUILDS credit rather than hinders it...
That is only true up to a point. Having more than a couple (read, like 3 or 4) that are frequently used gives you too much liability. Your credit will be affected negatively pretty severely if you do this. It's true that it is better to have 3 cards that you use equally and pay off every month in terms of your credit score than just one card. But it's also MUCH better than having 15 cards. Also, even just applying for all those cards will fuck you, because you will have a ton of random credit report inquiries, which is bad.

Also, add up all the limits of those individual cards and that's how much you've fucked yourself in terms of getting a loan or mortgage. The credit limits are taken into account.

My folks do this shit for a living, and I've had a perfect credit score (800) since I was about 20. Trust me.

[Rider]

My buddy in Cali owns a credit repair business.

Here is the trick. Have 3 or 4 cards. Carry a balance on them all. Make double payments on them each month. Ask for credit limit increases every 6 months.
What you want in to have very high credit limits, with a small amount debt where you are making payments each month.

[Mr Lefty]

My buddy in Cali owns a credit repair business.

Here is the trick. Have 3 or 4 cards. Carry a balance on them all. Make double payments on them each month. Ask for credit limit increases every 6 months.
What you want in to have very high credit limits, with a small amount debt where you are making payments each month.

I was told the same thing... but keep your balance about half of your limit or just a bit under... to raise your score... and to insure a limit increase.