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The payoff comes from doing it to hit signup bonuses. If you needed to spend $5000 on a card, you could buy Visa gift cards and spend $59.50, but get 105,000 m
by saryant 11y ago
The payoff comes from doing it to hit signup bonuses. If you needed to spend $5000 on a card, you could buy Visa gift cards and spend $59.50, but get 105,000 miles from the bonus.
Essentially a round-trip business class ticket from the US to Asia.
- dublidu 11y agoAnd what do you do with the $5000 of gift cards?
- robzyb 11y agoThey were visa gift cards. He could use them like a regular credit card.
- saryant 11y agoThere are various methods that you can use to unload the cards back to either your checking account or directly to the credit card you used to buy them. Buy gift card with credit card -> Unload gift card back to credit card. Repeat. Send the same $5000 around in a circle (less fees). I'm simplifying of course. Bluebird, a prepaid debit card from Amex and Walmart, has been one of the big methods for some time but I'm not sure if that one is still viable.
- BorisMelnik 11y agomany times what you will end up with is $XXXX in non-transferable gift cards or you will have to sit on them. in those cases you just use them to pay your bills or use them as your spending cash etc.