Revolving credit card scheme...

[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]

Originally Posted by 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.

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...

Originally Posted by pickle.of.doom

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]

Originally Posted by OneSickPsycho

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]

Originally Posted by DLIT

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...

Originally Posted by DLIT

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]

Originally Posted by OneSickPsycho

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]

Originally Posted by DLIT

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]

Originally Posted by 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.

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?