whit wrote:Gamma wrote:whit wrote:
Ms is if you can get cashback, say you buy $5 in gc and than get the $5 cash out of the gc (hypothetical since that's about what a gc costs to purchase)
You get cash back on the card swiped to buy it
Than that's cashback on something that you eventually turned back into cash anyways
If you kept it at a visa/mc/amex or discover gc that you spend--and have no ability to remove cash from it--you are not doing ms because material is being purchased, for the cashback on the cc that purchased the gc--it just transferred over yaknow?
There's also situations where you can do ms without having a gc involved and even better no fee but you won't be able to do it for a large amount (anything over a couple hundreds would raise red flag for the merchant that would be assisting you with this, *hint*hint*) and you won't be able to do it in multiples without getting banned since they do record your info when you do..its a pretty big department with stores throughout America
And, if we are talking about California, there is a reason why the stores here wouldn't let you take a merchandise credit and turn it into a gift card even if it's with one merchant and not a visa/discover/mc/amex
You can also do ms that way or altogether get $$$$$ for nothing
I'm surprised this conversation is still going on. MS is indirectly purchasing cash with a credit card. Purchasing Visa/MasterCard gift cards gives one the ability to take cash out by using it to purchase a money order or using it to load a prepaid card (Prepaid RedCard for example.) Use that money obtained by purchasing with a credit card to pay back the credit card company then rinse and repeat. This is what I do with the old Amex Blue Cash card. Purchasing retail gift cards as some mentioned don't accomplish this. You buy it but won't be able to take cash out from it.
Not sure why it's so surprising as it seems like a lot of folks ms, including yourself
I haven't done so yet but I thought money orders can only be purchased with cash or debit card via usps website..I know banks only take cash or withdrawal from that banks' account..unless western union lets you swipe the card
And preloading from gift card to a prepaid card? Why not just purchase prepaid cards directly instead of jumping through that hoop?
Just curious, as there seems to be better ways to make money without actually going through that MS and my apologies I had no idea you can take gift cards and use them to purchase money orders or use them to preload prepaid cards
I would have thought it the same as you not being able to purchase money orders on credit, or prepaid card on credit as its like paying a credit card bill with a credit card but I guess I'm wrong
I just know I avoid buying gift cards in general for others as gifts because there's a fee associated with it and usually the cashier makes me pay cash because they won't allow credit cards to purchase gift cards.
In any case, you're the expert, I just find the subject fascinating like folks that I know who resell products overseas because it's cheaper on mainland (eg Hawaii) or just because it's af in America versus af in Japan / Abercrombie and Fitch
A little over 2 years ago I believe some kind of rule was put into place for banks that sell gift cards (visa/MasterCard only.) Since the gift cards say they're accepted anyplace where "debit" cards are accepted, they were forced to have a PIN feature enabled to be used anywhere debit cards can really be accepted. This opened up the opportunity to be used at places to buy money orders such as Walmart or local grocery stores. For some reason, it doesn't work to buy money orders in post office.
Also loading prepaid products with credit card doesn't work because they only accept cash or debit and would then use a gift card as a debit to load funds into the product.
It's something I found very interesting about this loophole of essentially getting a cash advance without the high Apr. I tend to learn something new about ms every week in a forums about ms.
CarefulBuilder14 wrote:Who else hates getting gift cards as gifts?
Some people seem to think of gift cards as more genteel than giving cash, but to me gift cards seem just as impersonal as cash, while far less convenient.
In fact, for the friends and family who know I'm a credit geek, getting a gift card is especially inappropriate because I can't use my card knowledge to get discounts.
Fortunately, I've had to deal with very few gift card gifts over the years, so the frequency of this irritation has been very low.
I rarely get gift cards as gifts so that's not much of a problem for me