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This is true, it’s a good system for engineers and travel hackers but bad for the common person. The credit card processors are raking in fees, though. It also
by fshbbdssbbgdd 6y ago
This is true, it’s a good system for engineers and travel hackers but bad for the common person. The credit card processors are raking in fees, though. It also provides lots of opportunities for what is essentially legal low-level embezzlement for anyone who can expense things to their employer (especially folks who travel on their dime). Way too comfortable a system for anyone to change it.
- conductr 6y agoSpeaking of that. I like to look for loopholes / arbitrage opportunities within. Once upon a time, when cash back ran benefits were in the 6% range. I bought prepaid visas from a retail store. And ran them through some merchant account. About $50K went in a circle every day and I kept the spread of almost 4% if I recall. I had to pull some other accounting tricks to make sure it did not accrue tax liability in the process but it was actually fairly impressive once I hit a certain volume I knew I tripped the alarm with the credit card issuer. They changed their entire card benefits in a way that was obviously related to blocking the activity I was doing.
- lozaning 6y agoThe best manufactured spend used to just be buying money at face value and with free shipping from the US Mint. Too bad the mint got wise to that and now there's a premium + shipping.
- nopzor 6y agoit’s against the terms of all merchant accounts to use them as a cash advance for yourself, even if there is zero percent cash back. also, what sort of prepaid visa ever offered 6% cash back?
- deleted 6y ago[deleted]