balance transfer scenario option

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Tubpbs
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Re: balance transfer scenario option

Postby Tubpbs » Fri May 06, 2016 3:28 pm

The first sentence of your scenario says "but of course you don't have the cash". I think you're confused by your on scam...

Anyway, it won't work. Even if you apply for the 5K cards first and can approved for everything you're planning on using to make this work, the banks will figure it out quickly enough and shut it down (and other banks you do business with will likely notice what you're doing and shut your other accounts down as well).
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Guido
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Re: balance transfer scenario option

Postby Guido » Sat May 07, 2016 11:55 pm

Tubpbs wrote:The first sentence of your scenario says "but of course you don't have the cash". I think you're confused by your on scam...

Anyway, it won't work. Even if you apply for the 5K cards first and can approved for everything you're planning on using to make this work, the banks will figure it out quickly enough and shut it down (and other banks you do business with will likely notice what you're doing and shut your other accounts down as well).


Is cash advance legal? Is balance transfer legal? What scam are you talking about? If I as an institution offer you cash advance and balance transfer, and you use them, on what grounds can I shut you down?

Tubpbs wrote:the banks will figure it out quickly enough and shut it down


What exactly are they gonna figure out?

All I have read so far are condescending statements and insinuations...I mean I'd understand if you are sponsor fearing people.

For the sake of the debate, can you actually make a case against what I'm saying or you just don't know?

Tubpbs
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Re: balance transfer scenario option

Postby Tubpbs » Sun May 08, 2016 9:12 am

Guido wrote:
Tubpbs wrote:The first sentence of your scenario says "but of course you don't have the cash". I think you're confused by your on scam...

Anyway, it won't work. Even if you apply for the 5K cards first and can approved for everything you're planning on using to make this work, the banks will figure it out quickly enough and shut it down (and other banks you do business with will likely notice what you're doing and shut your other accounts down as well).


Is cash advance legal? Is balance transfer legal? What scam are you talking about? If I as an institution offer you cash advance and balance transfer, and you use them, on what grounds can I shut you down?

Tubpbs wrote:the banks will figure it out quickly enough and shut it down


What exactly are they gonna figure out?

All I have read so far are condescending statements and insinuations...I mean I'd understand if you are sponsor fearing people.

For the sake of the debate, can you actually make a case against what I'm saying or you just don't know?


Cash advance is 100% frowned upon and is seen as extremely risky. Balance transfers are for balances on credit cards, not to cover cash advances you took the other day. The last thing a credit card company wants or likes is for you to take a cash advance on their product and then figure out a way to label it something else and not pay them back the cash advance. They see a major distinction between buying something on credit and receiving cash from their product.

There are several other issues with your scam. I label it a scam because that's what it is.

Your post and position, in my opinion, are that of a child's. Your further pushing to have my answers clarified when you should already know from a common sense standpoint that what you intend to do is wrong, is ridiculous.

I don't know what sponsor fearing is. I do know that you're an idiot...
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Guido
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Re: balance transfer scenario option

Postby Guido » Mon May 09, 2016 5:02 pm

Tubpbs wrote:
Guido wrote:
Tubpbs wrote:The first sentence of your scenario says "but of course you don't have the cash". I think you're confused by your on scam...

Anyway, it won't work. Even if you apply for the 5K cards first and can approved for everything you're planning on using to make this work, the banks will figure it out quickly enough and shut it down (and other banks you do business with will likely notice what you're doing and shut your other accounts down as well).


Is cash advance legal? Is balance transfer legal? What scam are you talking about? If I as an institution offer you cash advance and balance transfer, and you use them, on what grounds can I shut you down?

Tubpbs wrote:the banks will figure it out quickly enough and shut it down


What exactly are they gonna figure out?

All I have read so far are condescending statements and insinuations...I mean I'd understand if you are sponsor fearing people.

For the sake of the debate, can you actually make a case against what I'm saying or you just don't know?


Cash advance is 100% frowned upon and is seen as extremely risky. Balance transfers are for balances on credit cards, not to cover cash advances you took the other day. The last thing a credit card company wants or likes is for you to take a cash advance on their product and then figure out a way to label it something else and not pay them back the cash advance. They see a major distinction between buying something on credit and receiving cash from their product.

There are several other issues with your scam. I label it a scam because that's what it is.

Your post and position, in my opinion, are that of a child's. Your further pushing to have my answers clarified when you should already know from a common sense standpoint that what you intend to do is wrong, is ridiculous.

I don't know what sponsor fearing is. I do know that you're an idiot...



Mmm I see frustration got the better of you, usually happens to people who are better at insulting than thinking...

It's wrong how? Morally? That's the same thing banks do with your money you donkey

Tubpbs wrote:I don't know what sponsor fearing is.


Yea I can't imagine you could read between lines, you don't seem very intelligent.

Things like "frowned upon" and "banks don't like it" I DO NOT care about, I CARE about legal vs illegal, can you read and comprehend that sheep?

If you don't got anything useful to say just get lost like the others before you did.

Tubpbs
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Re: balance transfer scenario option

Postby Tubpbs » Mon May 09, 2016 6:08 pm

You already know it's not illegal. You're pathetic.

Implement the genius plan. Why ask for advice? You're so much smarter than me and everyone else here.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
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DogDadNY518
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Re: balance transfer scenario option

Postby DogDadNY518 » Mon May 09, 2016 10:04 pm

For fear of jumping into the lions mouth here...

1. I think that most card limits do not allow cash advances up to the full credit limit. So in your scenario to get 10k from two cards you'd need more than 5k CL on each.

2. Cash advances come with fees. Not like APRs for purchases. Straight fees. So even if you immediately balance transferred the 5k each from the 2 cards to the third 0% card, you'd still have cash advance fees to pay. And for 10k total cash advance that would be pretty steep.

3. You still eventually have to pay off the 10k, and yes you may have a year, but you still have to pay it off, and if your flip doesn't come through as you hope, and you can't pay off the 10k in full, you are now paying 23% interest.

4. Yes cards do offer cash advances as a convenience to be used occasionally and sparingly, but cards - all cards - have the right to close any account any time for any reason. period. Read through these boards and you'll see people who are shut down for not using cards often enough, people being blacklisted for product changing just to try to get sign up bonuses. Not using a card often is not illegal. Signing up for a card to get the rewards bonus and then cancelling before the annual fee kicks in is also not illegal. But doing these things don't make the card companies happy. And trust me, its clear that you have no love lost for the banks and don't care about making them happy. But the point others were making is if even is want you are describing is technically legal - you are agreeing to use a product from a private company and they have the right to shut your card down any time for any reason. And what you are describing is not use of their cards they are going to like and would likely get shut down pretty quick.

5. Most importantly, doing this would probably have you under the watchful eye of the FBI. Why? Because while you may be looking at this for a way to get some cash to flip some real estate or whatever it is - this type of thing is also exactly like what terrorists and drug dealers like to do to get cash for their lovely endeavors.

So my suggestion. Go to the bank and ask for a loan.
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Guido
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Re: balance transfer scenario option

Postby Guido » Tue May 10, 2016 1:21 am

DogDadNY518 wrote:For fear of jumping into the lions mouth here...

1. I think that most card limits do not allow cash advances up to the full credit limit. So in your scenario to get 10k from two cards you'd need more than 5k CL on each.

2. Cash advances come with fees. Not like APRs for purchases. Straight fees. So even if you immediately balance transferred the 5k each from the 2 cards to the third 0% card, you'd still have cash advance fees to pay. And for 10k total cash advance that would be pretty steep.

3. You still eventually have to pay off the 10k, and yes you may have a year, but you still have to pay it off, and if your flip doesn't come through as you hope, and you can't pay off the 10k in full, you are now paying 23% interest.

4. Yes cards do offer cash advances as a convenience to be used occasionally and sparingly, but cards - all cards - have the right to close any account any time for any reason. period. Read through these boards and you'll see people who are shut down for not using cards often enough, people being blacklisted for product changing just to try to get sign up bonuses. Not using a card often is not illegal. Signing up for a card to get the rewards bonus and then cancelling before the annual fee kicks in is also not illegal. But doing these things don't make the card companies happy. And trust me, its clear that you have no love lost for the banks and don't care about making them happy. But the point others were making is if even is want you are describing is technically legal - you are agreeing to use a product from a private company and they have the right to shut your card down any time for any reason. And what you are describing is not use of their cards they are going to like and would likely get shut down pretty quick.

5. Most importantly, doing this would probably have you under the watchful eye of the FBI. Why? Because while you may be looking at this for a way to get some cash to flip some real estate or whatever it is - this type of thing is also exactly like what terrorists and drug dealers like to do to get cash for their lovely endeavors.

So my suggestion. Go to the bank and ask for a loan.


Finally some useful info! Thanks for taking the time man I appreciate it.

I agree with points 1, 2, and 3. These charges would of course be taken into account when doing the planning, same way you do with points when you deal with hard money loans.

Now point 4 is true, I have read about people getting shutdown trying to get the bonus, other cases where the buy a gift card only to sell it right back and keep the rewards. I got a Macy's and Sears card closed down because I didn't use them for 6 months, and of course I understand they have the right to shut you down if they are not making money on you, I think it's fair.

In my example, if you pay them all fees related to the cash advanced plus the little bit of interest you will accrue until the balance transfer kicks in (sometimes 2 weeks or more in my experience), do you think you will still get red flagged? I mean you are not just getting their bonus and running away with it for free, you are indeed paying them for a service they are offering you, what you do with the funds should be irrelevant, you are just minimizing the amount of money they get to make on you with another strategy, I have seen cards marketed specifically for cash advanced as their main incentive. I feel this comparison is more of an evasion vs avoidance, where the bonus thing is evasion and my example is avoidance, what do you think?

As far as the two 5k cards to be used for balance transfer, I don't know but even if you get red flagged by them I highly doubt they will shut you down if you have a balance and are making payments on time. Can they send your account to collections if you are not using the balance transfer feature in a way that pleases them?

Point 5 I have my doubts, drug dealers usually don't have bank accounts let alone good enough credit to attempt this, is the FBI spending resources to monitor this? maybe I don't know, I sure think it would be a waste of money.

I am involved in RE, I rehab and then sell or hold, thing is hard money is very expensive, and traditional line of credit comes with a lot of scrutiny and paperwork, so I was exploring new ways of financing and thought of this since I have a high limit account that offers cash advanced. Turns out there is a company already doing this for people, advertising it all over face book, so I guess it's not my idea but it serves to prove that it does work, I just saw it while writing this, I'd still like to debate about it tho.

Guido
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Re: balance transfer scenario option

Postby Guido » Tue May 10, 2016 1:23 am

Tubpbs wrote:You already know it's not illegal. You're pathetic.

Implement the genius plan. Why ask for advice? You're so much smarter than me and everyone else here.


Look, pathetic is someone who gets on a forum board to insult and "lecture" people without having a clue, and has a little credit card list at the bottom to try to show that he is "better" than the next person... THAT'S pathetic.

Elijahmex
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Re: balance transfer scenario option

Postby Elijahmex » Tue May 10, 2016 8:37 am

I warned you guys with the troll alert! Why bother answering? Just leave the kid be. I'm surprised this thread got a 2nd page. Let's just end this now.
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