Hi there I'm just recently getting into credit card pump and dumping for the bonus points. But I'm wondering if anyone knows a way I can easily roll my monthly pay through multiple credit cards, to get the points for spending ontop of the signup bonuses?
How Do I Hack Points on Credit Cards?
BigL92 on 03/11/2018 - 09:07
Last edited 03/11/2018 - 09:36 by 1 other user
Last edited 03/11/2018 - 09:36 by 1 other user
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This same question gets asked numerous times a month on here
Please provide links.
hmm ok sorry to be a bother then, is there any ways around this?
buying and selling gift cards to each other?
It seems that Coles and Woolies GC's are quite re-sellable, but you need to sell at an additional discount, otherwise people will just buy direct. EG you buy Woolies GC's thru Cashrewards at 5 % off, and you resell at 7.5% off. IE you will be paying for your points, and so it is only worth it if you are trying to meet a minimum spend, or if you are getting 2 or 3 points per $1.
And you can't run a business here on Ozb Classified. And so you might sell 5 GC's every now and then but you will be closed down if trying to do it too often, or as an ongoing offer. Or sell to Friends and Family at cost price.OK so think im going to try this with a co-worker through ebay during the no selling fee promotional period (every weekend).
We bought put up 4 items like a shirt or pair of shoes or whatever for $5000 each say then buy each others item using a seperate card each time, transaction goes through each card paypal balance ends up at $20,000 then withdraw to bank (you could put this on ur homeloan and wait for interest to deduct lol) then redistribute to cards.
=You both get ~20,000 reward points?Thoughts?
Theoretically that will work, practically it's a different story.
PayPal charge 2.6%. Also buying & selling from the same sellers might raise a few red flags on eBays end. Oh and PayPal can withhold your funds for weeks if they feel like it.
The term you need to Google is "manufactured spending". I believe it's against all credit card T&C's in Australia so you'll need to be smarter than the average bear if you want to do it without raising red flags
@tomclancy: dont think you get stung a fee thru paypal if its in the same currency and ur buying from ebay? also free to withdraw to bank account. I mean you could do this all "legitimately" and just find something expensive that sells easily and just buy and resell it for the same price?
@BigL92: Fairly certain PayPal charge a fee on all credit card transactions. Give it a go with a small value item first to test the water.
@BigL92: Paypal will catch on and cancel all of your and your friends’ Paypal accounts and you can say goodbye from ever be able to use Paypal again.
@tajid: Especially if the accounts have no affiliation whatsoever its going to be hard to detect, even more so if its an item in a category you have bought in the past and lets say you have a group of 4 people your only going to buy from 1 person every 2 months. seems feasable
@BigL92: Go for it. I’ve warned you. I know people that can never ever use Paypal again for doing something similar as tehinally this is a way to get ‘cash advancement’ which is against user agreement.
The people I knew were even lucky to see their 20k after 6 months being withold by Paypal. Some cases I read never even accessed the money ever.
Wait for eBay 10% off gift cards. Then load the truck
If anyone knew a method of achieving this with minimal losses they'd be stupid to post it on here.
Private health insurance is a good way to manufacture spend. They usually allow you to pay premiums for a year in advance and most of them are have a no questions asked refund as a cheque when you cancel the policy.
Claiming on the policy is good as well, pay upfront on your credit card without presenting your health insurance card and claim reimbursement later on their website with your receipt.
When I switched recently, my refund went to the original card instead of bank account /cheque😞
BigL92 on 03/11/2018 - 09:33 Comment score below threshold.