MS'ing $24k in 3 days?!

A place to discuss anything... except credit cards!
4 posts
User avatar
PhillyPhoto
Centurion Member
Centurion Member
 
Posts: 155
Joined: Wed May 13, 2015 3:32 pm
Location: New England

MS'ing $24k in 3 days?!

Postby PhillyPhoto » Tue Sep 13, 2016 4:55 pm

I read a post on churning about somebody that got a letter from WF about their MS activities earlier this year. I guess they wanted to get as much as they could before the SHTF, so they MS'ed twenty four thousand dollars in three days to get the points and run. This boggles my mind simply from the standpoint of going around and getting all those gift cards and having to cash them out (about 30 as far as I can tell). How does no one questioning him buying this many gift cards? I assume they weren't all bought at once, as he talks about having only a $10k limit. I just feel like these people are going to increase scrutiny on the hobby in general and will lead to CC issuers to pressure stores to increase their level 3 days reporting.
Main Cards:
Amex: Ameriprise Plat, Surpass
Chase: Hyatt

Sock drawer Cards:
Amex: HHonors
Chase: Amazon Rewards, Freedom
Citi: Macy's Amex, Simplicity, ThankYou
Citizens Bank: Cash Back Plus World
Discover: it
Elan: Bank Rewards
Synchrony: PayPal

755 Eq (12/16)|748 TU (12/16)|726 Ex (1/17)


User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 4441
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: MS'ing $24k in 3 days?!

Postby CarefulBuilder14 » Tue Sep 13, 2016 5:18 pm

PhillyPhoto wrote:I read a post on churning about somebody that got a letter from WF about their MS activities earlier this year. I guess they wanted to get as much as they could before the SHTF, so they MS'ed twenty four thousand dollars in three days to get the points and run. This boggles my mind simply from the standpoint of going around and getting all those gift cards and having to cash them out (about 30 as far as I can tell). How does no one questioning him buying this many gift cards? I assume they weren't all bought at once, as he talks about having only a $10k limit. I just feel like these people are going to increase scrutiny on the hobby in general and will lead to CC issuers to pressure stores to increase their level 3 days reporting.

If we're talking about a major retailer, a low-paid clerk often isn't going to care about corporate profits. Heck, he or she may even enjoy being an accessory to reducing them. If a manager isn't enforcing corporate policy, a lot of stuff can happen.

I've seen FT posts about $30k in one day, and I only look there occasionally.

There's already a lot of scrutiny, so I don't know how much more can change.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

darkguy2
Centurion Member
Centurion Member
 
Posts: 618
Joined: Thu Jan 24, 2013 12:24 am
Location: United States

Re: MS'ing $24k in 3 days?!

Postby darkguy2 » Tue Sep 13, 2016 5:26 pm

Yeah they already make you show your DL when you use a CC to buy gift cards. There really is not enough of this going on to affect the bottom line of a large retailer. I am sure this could not happen if you went to a mom and pop store.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

User avatar
PhillyPhoto
Centurion Member
Centurion Member
 
Posts: 155
Joined: Wed May 13, 2015 3:32 pm
Location: New England

Re: MS'ing $24k in 3 days?!

Postby PhillyPhoto » Wed Sep 14, 2016 7:51 am

Reading the new posts in the thread, I guess people have done $1m in MS. Unless you're a wealthy person, I don't understand how the CC company doesn't flag it. Especially if you're spending $1m at grocery stores and Walmarts. I know the cashiers could care less a lot of times, but I'm really surprised there aren't more checks in the system. I don't think the stores care necessarily, but I have seen people get talk about how they were questioned by the US Postal Police for purchasing a lot of money orders under suspicion of money laundering. To me, it doesn't seem worth it to risk having to deal with that hassle, but I guess the lure of easy money/points is too good for others. More power to them.
Main Cards:
Amex: Ameriprise Plat, Surpass
Chase: Hyatt

Sock drawer Cards:
Amex: HHonors
Chase: Amazon Rewards, Freedom
Citi: Macy's Amex, Simplicity, ThankYou
Citizens Bank: Cash Back Plus World
Discover: it
Elan: Bank Rewards
Synchrony: PayPal

755 Eq (12/16)|748 TU (12/16)|726 Ex (1/17)



Return to “The Lounge”

Who is online

Users browsing this forum: No registered users and 3 guests