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Chase loophole?

Discussion in 'Credit Talk' started by Saar, Aug 11, 2001.

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  1. Aug 19, 2001 #21
    the other

    the other Well-Known Member

    I have a card that is giving me 0% on purchases, but 5.9 on bts. So I am going to buy these and use them to pay off other cards.
     
  2. Aug 19, 2001 #22
    breeze

    breeze Well-Known Member

    Fantastic!! Thanks.

    breeze
     
  3. Aug 19, 2001 #23
    Hope

    Hope Well-Known Member

    My main reason for doing it was to maximize the AAdvantage miles I get credit for on the Citi AAdvantage card. You can charge most anything, except the mortgage monthly payment, auto payment (Ford Motor Credit) and in N. Texas, the electric and gas (the Citi card doesn't have the Pulse symbol and VISA is nearly always more acceptable by municipalities for some reason.)

    So I thought to myself, since I have to write a check for those things anyway, why not charge travelers cheques, deposit them, then write the checks for the mortgage, auto loan, utilities and use the money I was going to use to pay those bills to pay off the credit card. It's an even swap. Actualy, I come out slightly ahead if I put the funds into a savings for those 30 days.

    In my case, I waited until the account closing day, then ordered. this way, I get the use of the money for nearly 60 days interest free.

    1) I went to the Chase Currency to Go site, selected the denominations I wanted and entered my address, CC info and hit send.

    2) Next day, Airborne delivers it to my hot little hands.

    3) I sign all the cheques (3 times--once right away; once in front of the teller--again on the back to endorse it to myself.

    4) Deposited it into my account.

    EFFECT: I maximized the mileage I earned on AAdvantage, and got a 60 day interest/fee-free loan.
     
  4. Aug 19, 2001 #24
    mj

    mj Well-Known Member

    BE very careful here. This hole will get plugged pretty quickly I would guess.

    Most of my agreements (Fleet, B of A, Providian, Amex) are very clear about "quasi-cash" transactions - which include wagers @ casinos, & travelers checks. Those get treated as cash advances (fees, high rates, etc.).
     
  5. Aug 19, 2001 #25
    Hope

    Hope Well-Known Member

    For sure they'll plug this one up soon.; But while it lasts...
     
  6. Aug 19, 2001 #26
    Saar

    Saar Banned

    I suspect MJ is correct. Which is why I'll ask pbm to de-bump this thread that I started, by closing it to further postings.

    Thanks for sharing your experience!


    Saar
     
  7. Aug 19, 2001 #27
    PsychDoc

    PsychDoc Well-Known Member

    Hold on, respectfully, I really object to closing this thread right at the point where we're benefitting from exploring, discussing, and gaining new knowledge about something other than the usual credit card approval or CRA dispute. Let's NOT close threads like this.

    Randy
     
  8. Aug 19, 2001 #28
    Saar

    Saar Banned

    I agree, Randy. But at some point, sensitive information such as this would cease to benefit our fellow posters here if it keeps appearing on our "front page" for too long.

    Believe me, I'm happy to share and that's the only reason why I had started this thread. As MJ pointed out, if people outside the Regs' community learn about it, our success would be short-lived.

    This is much like the "Lexington letters" thread, which was not only closed to further posts, but was removed altogether a couple of days after the initial post. Had pbm refused their request, we wouldn't have had the knowledge we have now.

    Sharing is wonderful; Over-exposure would backfire.


    Saar
     
  9. Aug 19, 2001 #29
    mj

    mj Well-Known Member

    Well thought out and said.
     
  10. Aug 19, 2001 #30
    PsychDoc

    PsychDoc Well-Known Member

    Saar giveth, and Saar taketh away. :)

    Randy
     
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