116

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.


61

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, ...


60

For the first time in my life, at 54 (4 years ago) I signed up for a card with a $99 fee, after the first year. My daughter was at college, and there was one airline with very convenient times to her city. The card offered a 60,000 mile bonus after spending the first $1000. That alone was worth nearly $1000 in flights, as our round trips were short enough ...


56

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 ...


55

You could get away with stealing some money doing this. However, there are mechanisms in place to limit the damage you could do. First, you need to have good credit in the first place before you will be able to borrow significant amounts of money. This requires paying bills for a while before you flip the switch and quit paying your debts. To maximize the ...


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.


49

Don't be afraid, but definitely leave the money in your account!!! It's spent money; the other bank just doesn't realize it yet. I'd probably call the CC bank and ask them what account they think the money came from. That may be the problem: they took it from the wrong account. EDIT: if your bank has Overdraft Protection via linked savings accounts, an idea ...


47

In my opinion, you've done more than you need to do. Some would argue that you didn't need to do anything at all. It wasn't your fault that payment was reversed and it is the job of the seller to take care of that. You've informed the seller that you don't believe you were charged for the laptop. You don't need to do anything else. Let them take care of it ...


44

Here in the US, stores sometimes charge such a fee for small credit card purchases. Not as much as they used to, I think. And some refuse to accept credit cards for small purchases. When I had a small retail business. the fee to process a credit card payment was, I forget the exact numbers, but like 30 cents plus 2% of the charge. The important point being, ...


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

Option D: Pay bills using credit card. Wait for billing period to close and monthly statement to be generated. Pay the statement balance in full, and pay it on or before the due date. For credit card reward points, simply using your card earns the points, regardless of when or how frequently you pay the card. For credit score, actually making your payments, ...


36

What you are describing is a fairly clear cut case of fraud. There is a big difference between (a) acquiring debt and subsequently being unable to pay it back, and (b) acquiring debt knowing in advance that you never intend to pay it back. The latter is within the definition of fraud for most legal systems. In the UK for example, this would fit within the ...


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

There are several questions here. Is it possible to connect to a payment network in real time? Well, yeah, that's pretty much part of the definition of a payment network. In a standard transaction, a merchant connects to the network in real time when it processes a purchase. That real time connection is the main value of a network to the merchant and one of ...


33

Some cards offer perks that may be valuable to certain customers. For example when I used to travel frequently I paid for an Amex Platinum card. There's a perceived prestige to use this card and it also allowed me access to many premium airline lounges. It also granted me certain upgrades without the normal fees, and I had enhanced financial protections in ...


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 ...


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 ...


23

The reverse happened to one of my kids. A payment for a credit card bill that wasn't theirs was made from their bank account. They notified their bank, and worried that the account had been hacked. During the investigation a second payment was made. Only then did the bank realized that another customer had fat-fingered their 16 digit bank account number, ...


22

If I'm paying it off every month and using it for everything I buy, am I doing myself a disservice? Not from a credit score perspective. Your credit score is more a measure of how reliable you are with your debt payments and how much you use what credit is given to you. Low utilization and timely payments (of at least the minimum balance) are good - late ...


21

This question is impossible to answer without knowing some details that you probably should not share over the internet. As you are discovering credit score is not the only means utilized for credit approval. Since you are looking to establish a clear delineation between your personal life and your business, which is a great idea, you should work with your ...


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

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 ...


16

Couple of points: "Extra" money doesn't just appear in the bank out of thin air. The transferred money came out of somebody's account. Your bank can't trace the transaction without the transaction number since the transaction isn't tied to your account. (Theoretically they could search for payments to your credit card company within a date range ...


16

I've been in this exact situation before with 2 different banks. With one of them, the minimum payment updated to say $0 due, which is what you'd expect. With the other, the minimum payment was on auto-pay and it still went through which created a short-lived credit. Since it was a card I regularly used I didn't care, as the credit was used up within days. I ...


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