is walmart considered a department store? my 5x citi thank you catergories are clothing, home improvement , home furnishing and department stores
is walmart considered a department store? my 5x citi thank you catergories are clothing, home improvement , home furnishing and department stores
Whatever the UK equivalent is then.
Basically the same store except they don't sell anything pointy.
We have Aldi's around here... that low cost, odd ball grocery store, right?
Sweet deal, that makes it easy to unload the GC. I go to the PO a few times a week already. The main problem is paying for the GC with a CC. How does that part happen?Yep, PIN based debit only.
there is nothing illegal about all this. they know people do this...they expect to pay the people who really do use this system exactly like this...exactly how they've set it up.
what they, ahem, BANK on is that a MAJORITY of people who initiate this don't usually follow through, or keep up, or remember, or even give a shit. so they make money because people forget to cash in, or they forget to cash out, or they forget to cancel their free membership, or they don't care enough to stop or fight it.
you see...the same way that fly is "scamming" them (AKA taking advantage of a system)...THEY ARE SCAMMING EVERYONE...it costs them to pay people like fly...but they don't miss that because there are five or ten or 20 of us for every one REAL fly.
Sweet deal, that makes it easy to unload the GC. I go to the PO a few times a week already. The main problem is paying for the GC with a CC. How does that part happen?
I think the only thing that can potentially complicate things is how paranoid the bank that holds your checking account is.Exactly. Although I fully expect Citi to eventually sever our business agreement. Out of all the big three (Chase, Barclay, and Citi), Citi generally puts up with this shit the least. Chase is the most lenient.
I would be doing it with a 2% card, looks like I'm gonna have to work harder to get more open lines.To reduce your workload, you've gotta get a good rewards card. In addition to my 5x citi card, I've also got a couple 2% cashback cards. The numbers still work, but its more work.
$1000 gift cards
$7.90 in fees for cards
$.70 for MO
$20 in cashback becomes $11.40
If you've got a 2% with a high credit limit, it would be a lot easier. You can easily buy $5k at a time, netting you ~$56. You may only be able to do that for a couple days though and then have to wait for your payment to post before starting again...
I think the only thing that can potentially complicate things is how paranoid the bank that holds your checking account is.
The bank defines a retail (personal) account as having a certain average transaction volume per cycle. They look for drastic changes. You may want to consider spreading your deposits over a few accts and ramping up over time.
It would be easy to do with multiple rewards cards and bank accounts. $100+ per day potentially, yes?
The banks are required to report any deposits over $10k. I think I've read they 'generally' do it for $5k and above. If they think you're doing something weird, they can submit a Suspicious Activity Report to the Treasury. None of these matter to you unless you're money laundering.
edit: And doing things to avoid that reporting is called structuring. That really pisses off the Treasury, so don't do different values to keep under reporting limits.
As a longtime banking employee, I'm familiar with the regulations. I'm just saying that getting a sar filed on you isn't necessary a good thing. I get that it's not bad either, but I imagine avoiding one would be your best option. A sar can be filed for any reason and can be totally unsubstantiated.The banks are required to report any deposits over $10k. I think I've read they 'generally' do it for $5k and above. If they think you're doing something weird, they can submit a Suspicious Activity Report to the Treasury. None of these matter to you unless you're money laundering.
edit: And doing things to avoid that reporting is called structuring. That really pisses off the Treasury, so don't do different values to keep under reporting limits.
As a longtime banking employee, I'm familiar with the regulations. I'm just saying that getting a sar filed on you isn't necessary a good thing. I get that it's not bad either, but I imagine avoiding one would be your best option. A sar can be filed for any reason and can be totally unsubstantiated.
I'm not really worried about it, but I would prefer to fly under the radar as much as possible.Which is why you shouldn't worry about it.
I'm not really worried about it, but I would prefer to fly under the radar as much as possible.