115

Your expenses are currently higher than your income! This is your priority #1! I cannot stress enough that if you take on new debt in order to make payments on old debt, that is often the last stage before financial breakdown. This is a serious problem, even without your current level of debt. But you have not given us your monthly expenses. I suspect this ...


88

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 ...


85

No, your debt is an asset. In bankruptcy assets might be sold off (there are different flavors of bankruptcy and they don't all involve complete asset liquidation). Your debt would either remain with them or be sold to another company.


58

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, ...


57

Since you get the rewards for spending, they are effectively a reduction of your purchase price (like buying items "on sale"). For most of these rewards that are given to consumers, the IRS treats them as discounts rather than income. Source


55

There was a time where what you are proposing did work. This is how it was done: Go to the US Mint webpage. Order multiple rolls of US $1 coins with a credit card. There are 25 coins in roll. The US Mint didn't charge a credit card fee. The US Mint didn't charge for shipping. When the coins arrive take them to your local bank and deposit them into your ...


54

Use an intermediary. Rather than your client meeting with that forum person, he could meet with an intermediary that will then provide that payment to the forum persona he is contracting. This intermediary could be a friend of yours, yourself posing as a friend, a lawyer, etc.


53

For me, the overriding Pro is that the money doesn't leave my bank account until I want it to. For example, my daughter was in school in China, and needed to quickly buy a ticket home, which she did. But the flight was cancelled even though the charge posted to the card. If this was a debit card, the money would be gone until the airline decided to refund ...


52

Paying 0% on $400 instead of 7% saves you ~$2.33 each month. You'd still have to make minimum payments each month on the credit card, so you can't put all of that $400 toward the student loans anyway. Depending on the card agreement, if you run afoul of any of the credit card rules you'll lose your 0% interest and in some cases even owe all the deferred ...


49

It is always your responsibility to verify that the charges on your account are accurate. Some credit card companies are proactive in this, looking for anomalous charges and alerting the consumer to verify whether or not the transaction is legitimate. But this cannot be counted on; people occasionally make purchases that are different than what they have ...


48

Keeping some liquid cash is sensible, but the exorbitant rates on your debt will hurt you long-term. Pay them off as quickly as safely possible. Since you have high-interest debt, getting rid of that debt is more important than maintaining a large emergency fund. Having both savings and overdraft fees is illogical. However, I understand that you'd rather ...


41

In addition to the already listed points, when you buy something on your credit card, the shop pays a fee between 3 and 4.8% (depending on the exact credit card type and brand. That means if you buy gold for 1000 dollar, it's not worth 1000 dollar, or the shop would already make a 3+% loss by selling it to you. Therefore, nobody will give you 1000 dollar for ...


38

Sorry to say, your money is most likely gone for good. You bought the gift cards from the store yourself, in some cases intentionally bypassing the procedures put up by the store to prevent gift card fraud. You mention "red flags" that the merchant and credit card should have seen, but you failed to see them yourself. You could argue that the merchant is ...


35

I am not familiar with Russia's postal service, but might you go low-tech and simply have the client physically mail you currency? Again, ignorance of Russian services available, but in the US you can rent a postal box for a relatively low sum and have mail delivered to that address without giving up any of your person details to the client, other than the ...


35

Use an escrow service An escrow service is a third party that holds the payment from the buyer while the transaction is in progress. Once the buyer and seller agree that the obligations have been fulfilled, the escrow service releases the funds to the seller. There are online escrow services that specialize in handling online transactions. I have not used ...


33

The main advantages and cons have already been mentioned in other answers, and so I won't repeat them, but let me touch on a few other lesser advantages of credit cards. Credit cards protect against theft If someone steals your credit card from you it's a nuisance, but only a nuisance. Credit card companies won't charge you for fraudulent purchases made on ...


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 ...


31

You had a $35.50 credit for whatever reason. You got the statement, paid another $35.50, now have a $71 credit. Go fill up the gas tank a couple times and don’t worry about this. (Note: for those of us who use the card regularly, these credits, the potential of the bank owing us money, doesn't last long.)


29

Ultimately, in order to answer this, you need to check your cardholder's agreement, and/or call your issuing bank and ask them. Card behaviors around credit balances and purchases larger than your limit will vary from bank to bank. Most banks will be happy to let you carry a credit balance (after all, that's essentially you lending them cash for free), but ...


27

The EMV standard supports two (technically three) methods of verifying a PIN. In the first method ("online"), the PIN is encrypted and sent to the bank for verification. The other method ("offline") asks the chip to verify the PIN, and only the result is transmitted to the bank. (Offline is further subdivided into "encrypted" and "plaintext", depending on ...


25

Your situation looks like you are in deep s**t. You have to be absolutely brutal to get out of this, or you will drown in debt. I suggest: Find any way possible to make more money. Overtime, weekends, see if your wife can find a job. Do not spend a penny unless you really have to spend it. Find which store sells the cheapest food, and find which food is ...


21

It's a scam. To use a credit card on-line, you typically need 4 things: the name on the account, the account number, the expiration date, and the CVV number. The first three are on the front of your card; the last is on the back. If you send him the images, you will not see any payments on your card. You will, however, see a bunch of charges that you will ...


21

EU and more specifically Germany: (Colloquial) terminology is roughly: the card automatically issued by your bank is the "bank card", and cards issued by e.g. Visa, Mastercard, Diners, American Express are "credit card" (I'd almost say that credit card [EN-US] vs. DE Kreditkarte is a false friend). the debit cards automatically issued with a [checking] ...


20

If you are sure they'll let you overdraft your account again, then for Heaven's sake get rid of that ridiculously high APR of 35%. Keep the rest as an emergency fund. 500 GBP is not much, but more than nothing. Then gradually get rid of the other debts, if only with the 150 GBP/month you just saved. This makes you get rid of the Amex debt in 10 months and ...


20

Depending on the amount, he could use money orders (for example Western Union), Amazon gift cards (or similar) and DM/email you the codes, or mail you prepaid Visa/Amex credit cards.


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 ...


18

Pros: A CC can be very convenient when travelling, especially to the US or other "credit card countries". A CC can be the only way to pay online for certain services, mainly from companies outside the EU. Your purchase might be better insured using your CC. (But chances are your bank or personal insurance already covers you, check first). Cons: Small ...


18

I do know that I have to control my credit cards expense. But I am at a point where I have to use credit cards to keep things running. Getting more income, as another answer suggests might help, as would focusing on reducing debt. But from a cursory glance at your figures, I would suggest you perhaps need to look in more detail at your "other expenses&...


17

There's no free lunch. The seller would price to cover this. Your (well, any) transaction (but especially, Amazon Prime shipping) has a number of costs for the seller. The credit card merchant fees ranging from 2-5% depending on their agreement The inherent risk of chargebacks, CC fraud, "did not receive" claims, etc. Shipping Inventory carrying ...


17

Absolutely not. Herstatt Bank went bankrupt in 1974. It took them about 20 years to collect all outstanding debt (bank going bankrupt when you have a 20 year loan means you still have 20 years to pay it back), with the result that the bank fulfilled 97% of its financial obligations, but it took twenty years. Statute of limitations doesn’t matter. If you take ...


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