I have noticed that during holiday season, usually there is more cashback on Amazon. Around the same time, I usually buy a lot of gift cards to give away during holidays and for me to back up to use during the year. While reading through some comments on NerdWallet, I came across an interesting comment by a user to gift card cycling.
Its in the comment section of https://www.nerdwallet.com/blog/top-cre ... dit-cards/ by keepitcool.'Don't do this gift card cycling. I know two people who are now miserable for two years, as they are barred from ever getting a bank account or any kind of financial account or credit, including savings accounts with Chase, BOA and Citibank and AMEX. They have been recently turned down by Union and also some foreign banks, plus a toyota car loan. You do this and will be on every financial institutions red tape of their version of international no fly list, and there is no getting off of it. Rumors has it that they will link this kind of high risk behavior to credit scores and background checks after they are done compiling data on you.'
I wonder how much is truth to this comment.
Thanks in advance.
Edit: I just realized that I posted this thread in Finance charges section. Mods can feel free to move it to Rewards section. Thanks in advance.