87

DO NOT respond directly to the email with your information. I cannot stress that enough: DO NOT respond to the email with any valuable information. If you decide to send them the CVV number to process the order, go to their website (do not click on a link in the email), and reach out to them using a customer service email or "Contact Us" number and ...


53

Congrats! You found a legitimate arbitrage situation that indeed could make you some money. These are increasingly rare, which does make it kind of cool, even if you end up not taking advantage of it. IMHO it's not worth it due to the spending cap. The deal you Discovered appears to pay 5% on PayPal transactions, including those made to friends and family, ...


32

It may not indicate fraud but it suggests incompetence/amateurism on the part of the business. This is not the normal flow for accepting credit card payments -- have they just started doing so? Ben Miller says: They could just as easily have been mishandling the code if they had asked for it at checkout. But asking for it at checkout is likely part of a ...


20

Even if this is an innocent request it's wrong. PCI-DSS regulations (which have a global reach) are extremely strict about the management of card data. Certain values cannot be retained at all and some must be encrypted both in transit and at rest. The CVV is one of the more protected fields, so the fact that they're asking you to send it by e-mail is ...


7

In my opinion, this really depends on the website. If the website is not really a storefront, but is - for example - a local (local to somewhere, anyway) gaming store that sells Magic/Pokémon cards online, something like that, where they take your information through the website but actually enter it in to their POS system by hand, then this is an entirely ...


7

Generally, you will get cash back for the entire amount (so $1.06 in your case). The credit card issuer usually doesn't event know the tax amount, since it is charged as a single transaction.


5

Many years ago some US bank gave you air miles for cash withdrawals, and a couple took out all their savings in cash, paid it back in, drew it all out again and repeat. They managed to withdraw about 7 million dollars, obviously also paid in 7 million, getting tons of air miles, until the bank acted. That was apparently totally legal.


4

Adding to @davidfulton's answer... The CVV is a "proof of possession" indicator. If you know the CVV, then it means the card is in your hand and you are reading it off the card. It should never be permanently recorded anywhere. When I'm talking to a customer service agent and they ask for the CVV, my response is "are you writing it down or ...


4

Yes, and it falls into the same category as banks paying you money to open a checking account with them. Businesses call this "customer acquisition costs" and they work pretty hard to enumerate it to a specific number. They can tell you it costs them on average $231.14 in marketing costs to land a new customer (or whatever the figure is for them). ...


4

I did this twice many years ago, it was completely legal and it worked for me. I wouldn't do again. Here is what I did: The offer was 0% on balance transfers (no fees) for 2 years I applied for a transfer and used my debit card number I was approved and money was deposited in my checking account I calculated the total minimum payments for the 2 years and ...


3

For a car park, it is possible that you will leave your car there longer than the agreed upon time. They want to make sure they have the ability to charge you again if you do not remove your car.


3

There's two ways to effectively refund a customer and reverse a transaction. See my answer here for more details, but it boils down to whether the store has finalized the transaction, which online stores aren't allowed to do until the item has shipped (at least theoretically - sometimes just having a tracking number issued is sufficient "proof" of ...


2

Is this for a home loan in the United States? In the US, ever since the Dodd-Frank act, lenders are required to verify "ability to repay" if the loan is to meet the requirements to be a qualified mortgage. If a loan meets the ability to repay and other requirements as a qualified mortgage it receives some specific protections from liability ...


2

As a web developer I know that a store's web site should never store your credit card number. It should be passed to the payment gateway directly and never be stored. If the store still has your credit card number 2 days later to use with the CVV they are mishandling your payment information. Otherwise it is a scam. Don't send your CVV, contact the store to ...


2

What will happen? The bank can sue you and get a court order to seize. And AFAIK, they are allowed to count any incoming money to that account towards payment of your debt as long as the account is not under special seizure protection (see below). I agree with @Aganju that the Schufa entry will be a problem - though IMHO there are worse things than someone ...


2

Normally, the bank has your employer data (they see the incoming salaries). They will try to work with you on a plan how to get out of the hole, but as a last resort, they lock your account until the salaries / unemployment pay have paid the open bill, or - if that won't work, or you move your income to another bank - they contact your employer / the ...


2

No, you are incorrect in your reasoning. As you pay down a loan, you reduce the interest you will pay in the future. For simplicity's sake, let's assume you have two debts: A credit card debt of $30,000 which is charged 20% interest per year A mortgage loan of $300,000 which has 3% interest per year. To keep our example simple, we'll assume that you make ...


2

Based on your statements, you have a combined credit card debt of 9K. You indicate you can afford to pay 0.5K/month. You indicate the "markup" (presumably, the interest) is 30% per month, meaning you have to pay 2.7K/month in interest alone. If so, you are bankrupt. You should try to earn more money, cut your other expenses, or negotiate a payment ...


2

I do not know how much 120K PKR means and how does this translates into the cost of living, so bear with me if some of my points seem to be too harsh. The standard answer is that you pay first the debt with the highest interest rate. This means that as you pay more and more the cost of your interests goes down as much as possible for the buck. To this rule ...


1

Do not make any additional debt. You have a serious financial problem now that is you cannot manage your money. With income of 120k you should be able to pay 15k debt each month. You have to list down your expense and cut unnecessary expense. Use that money to pay credit card. Wait. Is that 120k a yearly income or a monthly income?


1

The wisdom that you have "frequently seen written" is in fact correct. You must pay off at least the minimum required amount on each of your loans and credit cards. If you have further surplus cash available to pay down your debts, your best option is indeed to pay off the loan with the highest interest rate. If one loan is accruing more interest ...


1

I am not a lawyer but I suspect that if the finance/legal bods at your credit card company and/or paypal realized this was going on they would consider it to be a form of cash advance. Paypal explicitly prohibits the use of PayPal accounts as a means of obtaining cash advances. IIRC Credit card companies often also reserve the right to treat a transaction ...


1

CVV is never disclosed unencrypted, i.e. via email. It can only ever be disclosed through a secure credit card processing page. Its probably illegal for the company to request a CVV via email.


1

Let me keep it short and simple Making minimum payments on a credit card is a debt trap because it does not waive off the interest on the outstanding bill amount. If you only pay the minimum amount due, the total bill will multiply quickly, because of the interest charged on credit cards. Whereas As long as you pay your balance in full and on time each month,...


1

Different credit card issuers have different criteria for calculating the credit limit to be granted to an individual applicant. But there are a few common elements that help the banks decide the credit limit. Most companies check your credit reports and gross annual income level to determine your credit limit. Credit card companies determine your credit ...


1

In a FICO Score, it is commonly recommended to keep your total credit utilization rate below 30%. For example, if your total credit limit is $10,000, your total revolving balance shouldn't exceed $3,000. Generally, a low credit utilization ratio is considered an indicator that you're doing a good job of managing your credit responsibilities because you're ...


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