Dirty trick to speed up the slow stoozing method

nightwatchman

American express Traveller cheque card as it is possible to load this card and have it refunded to your nominated bank account and legitimately keep the cashback

Good idea Bokkens
I had some other thoughts about milking Cash-Back cards.

Unfortunately I realise that they will not work.

At first I thought of starting two eBay accounts and buy things back and forth between these accounts using the same Cash-Back card.
Unfortunately the Paypal charges are too high to make it worth the trouble (not to mention that Inland Revenue may end up to charged you VAT or some other income tax).

After that I thought about using a Cash-Back card to buy Equities and sell them back the next day. However there is the risk of your investment loosing money and also the fees of the stockbroker. Also I did not manage to find any stockbrokers to accepting credit cards (if any please let me know).

There is also the thought of buying Gold and then resell it the next day. Not sure if this will work, it may have a good chance, however it needs some more research.

nightwatchman

Maybe is worth the trouble to start a thread dedicated to the Best Way to Milk Cash-Back cads if there is not one already open out there.

sicker

nightwatchman, the clever people who have discovered the way to 'milk' cashback cards are obviously wise enough to keep the secret to themselves as they are not telling us how they do it. Quite rightly so because as soon as it becomes common knowledge the avenue will be closed. There are precedents.

John

Clariman

sicker wrote: »

nightwatchman, the clever people who have discovered the way to 'milk' cashback cards are obviously wise enough to keep the secret to themselves as they are not telling us how they do it. Quite rightly so because as soon as it becomes common knowledge the avenue will be closed. There are precedents.

John

Hardly a secret .... there has been a "Cashback Guide" on the stoozing website since 2005 and it was part of the original "How to make money from credit cards" FAQ that I wrote on the Motley Fool in 2004.

Clariman

17Dave

I agree with the OP that Tesco cannot be bothered to reclaim Clubcard points, and have several extra to prove it, oh and double money back - if they made a mistake.

Also in my experience the CSA or whatever is not paid enough to check the card you offer as being the same as the original. Example: I have two first direct cards both black and similar in appearance - one credit one debit - this has worked within minutes with the same CSA!! Be bold - at worst you need to apologise and say you thought that was the card you used for the first purchase.

How naughty is that !!!

PS I never ever do this with small guys only the big guys like banks, supermarkets and multinationals - I am a small business myself.
Big - can afford it
Small - help them to get big! Then they can afford it (and the lifestyle to which we would like to become accustomed)

nightwatchman

Out of curiosity does anyone knows what are the commission, that the retailer have to pay to the Credit Card companies?
Do they vary from card to card?
Does the Debit Cards charging the retailers commission?
And in case of a refund does the retailer having the commission credited back?

michaels

I think the paypal route may be a go-er for the current intro offer cashback cards - if you put enough through in a month (>15k) commission can be as low as 1.9%

stevemcol

Nightwatchman
You are stretching the limits of reasonableness in my opinion.
I have no quarms in fleecing the credit card companies; however, even if your system worked, you are stiching the hotel operator up by:
a)Keeping the room on reservation when you don't intend to use it.
b)Costing the hotel the credit card commission.

All a bit dishonest and dodgy.

nightwatchman

In reply to micheles

through in a month (>15k) commission can be as low as 1.9%

I thought that paypal charges was higher (+3.5%) also do not forget ebay’s charges.
The problem with this road is that you may end up be taxed by Inland Revenue.
And also as the cash-back will come through commercial earnings (ebay) will not be tax free.
You may be able to get away with Inland Revenue however there is a risk that you will be taxed and be out of pocket.

In reply to stevemcol

a)Keeping the room on reservation when you don't intend to use it.
b)Costing the hotel the credit card commission.

Steve I have already acknowledged the morality flow with may plan (please see post no 4)
I am not intend to implement it. Also I have to admit that it has other flaws, after all some companies will charge you a cancellation fee. At the end you may end pay £100s out of your pocket.
Attention all stoozers please do not blame me if my dirty trick go belly-up as I have already disowned it.
Unfortunately I have already post it and if I delete it that will mess all the thread.
However any of the forum moderators can delete the thread if necessary.