Cashback credit cards and ebay

edindie

Speculating about what would happen if… is ok (IMO), but I’m not sure I want to seriously think about how best to commit fraud.

JimmyTheWig

The cheapest way has got to be shopkeeper A selling something to shopkeeper B, and then vice versa.

But I can't see it being worth the hassle.

The 5% with Amex Platinum is limited to £4k. That would net you £200. You'd probably have to pay half of this in fees.
Why not stooz instead?

Richard019

lisyloo wrote: »

This may not work in some instances.
Some comapnies are absolutely insistent that you use the old card (so they get their fees back).

Others can't tell what card it was paid on. I know at work when somebody pays by cash one receipt is generated, but when they pay by card it prints two. The first receipt (and in cash cases the only receipt) just details what was bought and the payment method. It doesn't include anything to identify the exact card. It's only on the 2nd part that any details of the card are given. In circumstances where we've had someone wanting to refund an item they've bought on card they rarely have both bits so all we can insist on is that it goes onto "a card".

I have considered the viability of it for using as a fast stooze/cashback abuse (charged to the CC but refunded on a debit card) but decided against it on the basis that knowingly doing it would be considered as fraud of some sort. Even if it weren't (EDIT) illegal, as an employee for the amounts I'd need to use to do it I would expect to be having a lot of questions asked about my purchasing and refunding policies.

DesG

Eydon wrote: »

Unless it's B&Q and Egg Money! For some reason B&Q can't seem to do refunds to Egg Money cards - the transactions were always declined.

Of course B&Q may have fixed their systems now.

No, still have problems getting refunds to my egg money card from B&Q I had assumed it was because mine is a chip&sig card, is yours chip&pin?

Cheers, Des.

meu01108

About the balance being £4000 and only making £200

why not use the £4000 limit in one day making £200, then the next day you get the money back when your friend buys the item backs,

you would be free to use the £4000 limit up again making yourself another £200, repeat this process everyday and it seems to me worthwhile even if ther was some fees occured by the site you are selling on

So if anyone knows a site where you pay less than 5% in fees i think it would be worth doing

agsnu

meu01108 wrote: »

why not use the £4000 limit in one day making £200, then the next day you get the money back when your friend buys the item backs,

you would be free to use the £4000 limit up again making yourself another £200

Except that you wouldn't. The T&C says:

A rebate of 5% will be payable to you by us on all transactions made in the first 3 months upto £4000 and applied at the same time as any annual rebate. An annual rebate on the aggregate amount of all transactions (other than the exclusions stated above and any introductory offer) will be payable to you by us and calculated at the following rates, 0.5% for aggregate amounts up to £3,500; and 1% for aggregate amounts from £3,501 to £10,000; and 1.5% for aggregate amounts in excess of £10,001.

Basically, this is a dead end. Obviously the cashback schemes are structured so that the amount that is paid back to you is less than the fee charged to the merchant so that the card provider still makes money. If you think the card provider is going to give you more money back than they make from the transaction, you need your head examined.

LongTermLurker

meu01108 wrote: »

About the balance being £4000 and only making £200

You're just pushing a question about FRAUD - and one that won't work anyway. I suggest you stop now. Read this site properly and save/make money the legal way.