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Late 80s Hokie

Joined: 10/29/2001 Posts: 23139
Likes: 7594


A story from the early days of credit card rewards before things were put


in place to stop it. It is a 'friend of a friend' story, so take it with some salt.

A couple got a rewards card that gave them airline miles on ANYTHING they put on the card. They were also members of some bank or org that allowed fee free cash advances, so long as you paid it off in a month and didn't get interest charges.

So they put cash advances on the credit card, banked the cash, paid the bill when it showed up with the banked cash and earned reward point.

Because they were so good at paying off their balance on time, the credit card company raised their credit line a couple of times, so they did BIGGER cash advances and did the same thing. Bank the cash, earn some short term interest but still pay it off in time to avoid paying interest and get all those points.

This continued for awhile, but eventually the loophole was shut off

(In response to this post by HokieMacDaddy)

Posted: 06/05/2019 at 12:01PM



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