Gamma wrote:For those of you posting MS, sorry to say but you're wrong. MS is pretty much purchasing a gift card (visa gift card) you would then turn to cash to pay back the creditor you used to purchase the gift card. Buying retail gift cards would not accomplish this. You would have to pay it out of your own bank account to purchase the retail gift card.
1. Start with available credit.
2. Buy with credit something you can convert to cash and earn rewards (or interest) on.
3. Use the cash to pay down your balance owed, keeping the rewards/interest as profit.
You can buy a $25 restaurant gift card for $25, but a $25 Visa card will generally have fees added onto it. You generally need a high rate of rewards return to overcome the "fee hurdle". Grocery cards can often beat this hurdle, and many grocery stores sell gift cards.
I don't do MS with my cards, but I have been tempted to open up a card - perhaps with Citi - and do some MS on that. It also wouldn't be the end of the world if I irritated Barclaycard.
Amex, Chase, and Discover cards I'm not doing anything funny with. Those are the ones I plan to keep.
The main hurdle for me has been the fear of the gift card company being hacked and the money being drained away mid-cycle. Fraud protections are awful on those cards, so I'd be stuck.