Timeline for What are some creative ways to run up my credit card bill without any cost to me?
Current License: CC BY-SA 3.0
22 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Apr 30, 2014 at 1:15 | comment | added | JTP - Apologise to Monica♦ | @goodeye - a bonus for simply opening an account may result in a 1099. A rebate given as a percent of purchase cost is considered a return of your own money and should not produce a 1099. | |
| Apr 24, 2014 at 21:43 | comment | added | Dilip Sarwate | @Nanne Getting cash from a credit card at an ATM is what is called a cash advance in the US, and it is charged interest from the date that it is taken to the date that it is paid off. The "credit card checks" are offering 0% interest on the amounts drawn for periods of twelve months or more. My most recent offer allows me to write a check to myself and deposit it in my checking account. Alas, it comes with a 3% "balance transfer fee" in lieu of interest. | |
| Apr 24, 2014 at 21:01 | vote | accept | Jer | ||
| Apr 24, 2014 at 20:42 | answer | added | warren | timeline score: -4 | |
| Apr 20, 2014 at 7:35 | comment | added | Nanne | I'm not sure, but can't you just got to an ATM (or a bank) that accepts credit cards and just get cash with your credit-card? Is that ruled out in some way? | |
| Apr 20, 2014 at 2:02 | comment | added | keshlam | Now when I was offered a rebate bonus (in an attempt to convince me to use "credit card checks", which I really hate), I didn't go out of my way to punish the bank for making the offer -- I simply used those checks to pay my rent for the next few months, which was my largest outflow at the time and thus produced the best payback without making me feel I was cheating or putting me at any risk of not being able to immediately pay off the next card statement. | |
| Apr 19, 2014 at 20:19 | comment | added | Kevin | Most of the gimmicks I've looked into like this have a clause excluding cash-equivalent purchases (e.g. gift cards, possibly "paying" your friend via paypal) don't count towards the bonus; read the agreement very carefully before you put money into fulfilling it. | |
| Apr 19, 2014 at 13:13 | answer | added | Aaron Wright | timeline score: 1 | |
| Apr 19, 2014 at 3:16 | comment | added | goodeye | Just a note, I received a 1099 for an equivalent value for the miles. They valued them at about 2.5c per mile. | |
| Apr 18, 2014 at 16:43 | answer | added | Ramchandra Apte | timeline score: -5 | |
| Apr 17, 2014 at 21:49 | comment | added | NL7 | Can we get a sense of the payout? Aside from the time involved in this venture, you might lose out if it increases your overall spending on certain items (electronics, Amazon, whatever). The trick is to pull forward spending that would've likely occurred anyway. Also, the entertainment factor of a mini-Brewster scenario might exceed the time cost spent plotting. | |
| Apr 17, 2014 at 20:46 | comment | added | JTP - Apologise to Monica♦ | @CarlWitthoft - got it. Yes. With possible minor ding to credit report for a credit check, new credit line, and drop in average open account life. But with less effort than 20 $500 cards, I agree. | |
| Apr 17, 2014 at 20:00 | comment | added | Carl Witthoft | @JoeTaxpayer right, so my "cunning plan" uses the card to pay off a $10k loan in one or two monthly payments :-) | |
| Apr 17, 2014 at 18:58 | answer | added | Carlos Bribiescas | timeline score: -1 | |
| Apr 17, 2014 at 17:28 | history | tweeted | twitter.com/#!/StackFinance/status/456846567786295296 | ||
| Apr 17, 2014 at 17:25 | comment | added | JTP - Apologise to Monica♦ | No loan is needed. He just wants to run $10k through the card quickly. | |
| Apr 17, 2014 at 16:06 | answer | added | Sensible | timeline score: -4 | |
| Apr 17, 2014 at 15:40 | answer | added | Dryden Long | timeline score: 1 | |
| Apr 17, 2014 at 15:40 | comment | added | Carl Witthoft | Here's a question: if you take out a consumer loan, will the interest payments (I'm assuming you can pay the loan via credit card) be significantly less than the CC bonus you're getting? Keep in mind that you can pay off the loan in full in 3 months; no need to pay more than 3 months' worth of interest -- or even 1 month assuming your credit card can stand the balance. | |
| Apr 17, 2014 at 15:20 | answer | added | JTP - Apologise to Monica♦ | timeline score: 29 | |
| Apr 17, 2014 at 14:55 | answer | added | Pete B. | timeline score: 30 | |
| Apr 17, 2014 at 14:42 | history | asked | Jer | CC BY-SA 3.0 |