I read through this thread, read the FAQs on Loyal3 and searched around and still had some questions regarding how this actually works. So I did a few test purchases and also spoke to a Loyal3 rep on the phone. Figured I'd share this info with everyone.
Here's how it works, using a made up example:
Monday: buy $2500 worth of GOOG @ $500/share on your favorite CC (5 shares)
Tuesday: wait
Wednesday: Payment complete, buy order initiated @ market price when Loyal 3 submits their batch order. If GOOG has dropped to $450, you have just purchased 5.55 shares. If the purchase goes through before 2pm EST, you can sell that same day. All sell orders placed before 2pm EST will be sold that afternoon.
I was told you are absolutely free to sell off anytime you want, even that same day. From what I've read, account shutdowns have happened with people doing large volumes (+$10k) within a short period of time.
I've made 3 purchases in a few days on my Citi AA Executive MC: two companies @ $2500 each and a third at $750, for a total of $5750. I'll update this if I have any issues, but for people who know what they're doing and don't mind a little risk, it seems like an easy way to meet the minimum spend.