Originally Posted by
alvinroast
I'm not quite sure if I missed something here. You're comfortable having two mortgages, 50k+(presumably low-interest) bank accounts for biz and personal all with Chase who you have been with long-term. But...
You are financing a 400k renovation with gc? The risk/reward doesn't seem to add up here. Are you churning the gc through Chase as well?
Yes, buying GC at office supply with an Ink is MS. You are in the MS forum and have been for over a year.
I don't have a dp for being shut down, but I know our relationship with Chase changed significantly with churning activity. I really don't think the algorithms will care about your mortgages or bank accounts. They will care about your MS activities. The biggest questions for me are: 1.what is your current spend level? and 2.how different is 250-300k/yr from that number?
It's possible that this will work for awhile, but even if Chase doesn't mind the volume for some reason, I would definitely stop applying for/converting cards. If there is a real business account there I think about the consequences.
I think the main misunderstanding here is the MS itself - in terms of what I do. You guys talk about churning/liquidating. I do not do that nor will I do it in the future. I buy gift card for home depot then use it to purchase things at home depot. I use it as intended to... same for amazon, lowes, and so on. MS idea is to manufacture artificially spend in order to earn points. I do not produce spend. This is actual spend. If I bought 10k worth of HD cards they will be used at HD and I will file those expenses as part of my business expenses because they are that... expenses. I discussed with my accountant already and he agrees. It doesn't matter if I bought a fridge using a gc form staples or if I used a credit card. It is still real expense/spend.
I should have been more clear because I am indeed, as you mentioned, in a forum of MS.
I buy merchant gc and then use them at the merchant. period.
They don't find their way back to my account somehow.
Therefore, as MIA mentioned, I shouldn't have too much of an issue. I also decided to make my life a bit easier - and try to use portal + freedom where I can which should reduce my gc spend further.
I've been doing gc route this year and have spent around 30k so far but this will raise considerably once I start working on my property.
So having explained my situation better - I would like to shift some cl to my ink cash. I originally had 15k on each but reduced it to 5k each 3 years ago as I was not using these cards. Should I go ahead and do that? or is that poking the bear? I also have some very old credit cards (8+ years) that I never ever use (not with chase) and can close... should I ?