Originally Posted by
sthubbar
Thanks for the smiley. It seems that I wasn't clear in the first post.
This is not some scheme that I spent time dreaming up or figured out as a way to rip-off the credit card companies.
I was checking my monthly credit card statement and was baffled why the statement balance was double what it regularly is, and then noticed that there was no auto-payment for the previous statement amount. That is when I did some figuring and guessed that it was because of some large credits during this month that this method might work.
Same here, I was not chasing points when I discovered this awhile back. I booked an airline ticket on CO website and even though I cancelled within the 24 hours, the charge hit my card a few days later and the credit came through a week or so after. The CC company did not process an auto pay (for the full balance) on the due data as the credit was more than the billed amount. I panicked as I thought there was some screw up, but the bank assuered me all was ok - even confirmed in an e-mail. Shamefully I must admit that as a true FT'er and FW'er I have taken advantage of this loop hole subsequently.