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Cash-Back Maximizer


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#1 markber

markber

    1 billion bucks

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Posted 05 December 2004 - 10:15 AM

The following information has been posted on MoneyBB forum by FreeMoney.


Repost:

"I came across a couple of companies that allow you to open a forex trading account with a credit card. The limit is $5000/month.

The trick is to know the rules and process.

Step 1. Go to www.refcofx.com or www.fxcm.com and open an account, fund with your favorite cashback credit card up to $5000.00

Step 2. Wait 30 days for the "refund" period to expire; ideally wait 45 to 60 days then request a check withdrawl of $4900 (you need to leave $100 in to maintain an account).

Step 3. After receiving your check, redeposit funds with your credit card.

Step 3. Receive the check and deposit it, now alternate and open another account with fxcm or refcofx (vice versa). Repeat Steps 1 - 3.

If you rotate the accounts every 60 days you could theoretically charge up to $60,000 in a year. Get cash back of 1% = $600.00

The Rules:

1. Make sure you wait till after 30 days otherwise your card will be hit with a chargeback.

2. Make sure you leave a small bit of money in the account so that it remains open.

3. You don't need to trade anything, just keep the account open and withdraw every 45 to 60 days.

4. Make sure you request a CHECK and NOT a wire transfer otherwise you'll incur a $25 fee.

An obvious potential problem here is that at some point you'll have to cough up $5000 to payback the credit card and not incur interest charges. I only urge you to use this system if you have the cash.

The transaction is treated as purchase by your mileage may vary.

This can also be used to take a low interest loan from your credit card company. Charge 5000 in one month, charge 5000 the second month wait 30 days. request 10,000 balance transfer to a 0% card then request 10,000 check from brokerage. Voila!



Good luck,
Freemoney"


Source: moneybb.com/forum/viewtopic.php?t=890

#2 khorne55

khorne55

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  • Members
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Posted 10 February 2005 - 12:00 AM

QUOTE(markber @ Dec 5 2004, 05:15 AM)
The following information has been posted on MoneyBB forum by FreeMoney.


Repost:

"I came across a couple of companies that allow you to open a forex trading account with a credit card. The limit is $5000/month.

The trick is to know the rules and process.

Step 1. Go to www.refcofx.com or www.fxcm.com and open an account, fund with your favorite cashback credit card up to $5000.00

Step 2. Wait 30 days for the "refund" period to expire; ideally wait 45 to 60 days then request a check withdrawl of $4900 (you need to leave $100 in to maintain an account).

Step 3. After receiving your check, redeposit funds with your credit card.

Step 3. Receive the check and deposit it, now alternate and open another account with fxcm or refcofx (vice versa). Repeat Steps 1 - 3.

If you rotate the accounts every 60 days you could theoretically charge up to $60,000 in a year. Get cash back of 1% = $600.00

The Rules:

1. Make sure you wait till after 30 days otherwise your card will be hit with a chargeback.

2. Make sure you leave a small bit of money in the account so that it remains open.

3. You don't need to trade anything, just keep the account open and withdraw every 45 to 60 days.

4. Make sure you request a CHECK and NOT a wire transfer otherwise you'll incur a $25 fee.

An obvious potential problem here is that at some point you'll have to cough up $5000 to payback the credit card and not incur interest charges. I only urge you to use this system if you have the cash.

The transaction is treated as purchase by your mileage may vary.

This can also be used to take a low interest loan from your credit card company. Charge 5000 in one month, charge 5000 the second month wait 30 days. request 10,000 balance transfer to a 0% card then request 10,000 check from brokerage. Voila!



Good luck,
Freemoney"


Source: moneybb.com/forum/viewtopic.php?t=890
View Post



This no longer works as both companies now chargeback your card regardless of the time your funds have been deposited and charge you a $25 fee to do so. I waited 70 days. Requested a check, got a chargeback for amount -$25. No amount of complaining or calling back changes this. Also I was told that it wouldn't matter how long I left the funds there, even a year or longer. Even the manager stated this. THIS IS A DEAD DEAL!!!





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