How to get a large balance on credit card and then remove it?

[Deleted User]

Holiday/hotel booking? Certainly most hotels will give a full refund if you cancel more than a few days before the arrival date.

So you could book a few nights in a London hotel for sometime long in the future and then cancel. (But do check the t&cs.)

Or book 1,738 nights in Blackpool...

zppp

IMO
I hope you relaise that they won't just look at the balance and sign it off, they will want a statement, and if they see that you have made large transactions, or a spending spree they may not pay out. Either that, or they will put a moratorium on the claim to wait for the refund to go back in, and adjust your claim accordingly.

jimbms

Ok simple solution, go to a BMW, Merc or Lexus garage and say you want to test drive a car for 4 days and offer to leave them a deposit of £10k, park the car somewhere safe, take it back at the end of a week and get the refund. Simples. :beer:

MrChips

Thank zppp. Surely if the T&Cs say they will pay 15% of the outstanding balance, that is what they have to do? Isn't it up to me how I accrue a balance on the card and when I pay it off?

For my last claim (a wedding) I had done a balance transfer about a month beforehand so the card was maxed out and then paid it all off a month or so after the claim. No questions asked. That was with a special 0% offer and no balance transfer fee which will not be possible this time round (unless I am very lucky/persuasive).

MrChips

jimbms wrote: »

Ok simple solution, go to a BMW, Merc or Lexus garage and say you want to test drive a car for 4 days and offer to leave them a deposit of £10k, park the car somewhere safe, take it back at the end of a week and get the refund. Simples. :beer:

That's the sort of creativity I am looking for. Thank you

zppp

MrChips wrote: »

Thank zppp. Surely if the T&Cs say they will pay 15% of the outstanding balance, that is what they have to do? Isn't it up to me how I accrue a balance on the card and when I pay it off?

For my last claim (a wedding) I had done a balance transfer about a month beforehand so the card was maxed out and then paid it all off a month or so after the claim. No questions asked. That was with a special 0% offer and no balance transfer fee which will not be possible this time round (unless I am very lucky/persuasive).

My point is be very careful. Inflating your balance simply to inflate an insurance payout could be deemed as fraud by the institution. It's like me dropping my laptop, saying it cost £1500 instead of £500. That is fraudulent, and if they found out it could cause problems.

If you transfer the whole balance in one go, that is going to look suspect if the insurance company check your balance, especially if you have done it before.

JimmyTheWig

MrChips wrote: »

Definitely not trying to defraud anyone

I can't decide if I agree with this statement or not...

ILW

zppp wrote: »

My point is be very careful. Inflating your balance simply to inflate an insurance payout could be deemed as fraud by the institution. It's like me dropping my laptop, saying it cost £1500 instead of £500. That is fraudulent, and if they found out it could cause problems.

If you transfer the whole balance in one go, that is going to look suspect if the insurance company check your balance, especially if you have done it before.

I would suggest it is more like dropping your laptop on purpose.

MrChips

I appreciate the heads up. The way I look at it:

- burning your house down deliberately and claiming insurance is fraud
- if your house catches fire accidently and you happened on that particular day to have £10k of goods inside that on any other day you wouldn't have, that is bad luck for the insurance company!

If I faked a birth cirtificate and made a claim, that is fraud. If the claim event happens naturally and I happen to have a large balance on my card on that date, that is my good luck and their bad luck. I am all in favour of increasing my chances, although I will still need to be quite lucky because the date of birth will be hard to predict with any certainty.

zppp

MrChips wrote: »

I appreciate the heads up. The way I look at it:

- burning your house down deliberately and claiming insurance is fraud
- if your house catches fire accidently and you happened on that particular day to have £10k of goods inside that on any other day you wouldn't have, that is bad luck for the insurance company!

If I faked a birth cirtificate and made a claim, that is fraud. If the claim event happens naturally and I happen to have a large balance on my card on that date, that is my good luck and their bad luck. I am all in favour of increasing my chances, although I will still need to be quite lucky because the date of birth will be hard to predict with any certainty.

Honestly, I can tell you that what you are proposing to do is fraudulent. You may not view it that way, but I think alot of people would agree that you are intentionally moving money and replacing it to get a bigger insurance pay out.