Originally Posted by
wangfriedchicken
Hello, I'm trying to get into MS and just wanted to see if my understanding is correct.
Details:
- I have the OG CF which currently has 5x at grocery stores this quarter
- I have a primary checking account with Chase and a secondary checking account with BofA which I don't use (I just keep it at $1500 for the miles bonus with the Alaska CC)
My plan for 1st MS attempt:
- Purchase $200 VGC from Safeway using CF credit card
- Wait 1 day
- Go to WM and use the $200 VCC to buy a $197 MO (swiping twice: $99 + $98)
- Go to BofA ATM and deposit the money order
- If successful, rinse and repeat. Try buying a $500 VGC and using it for a $497 MO
A few questions:
- Can/should I move the money from BofA account to Chase account after a few weeks?
- Should I open a new account with a random local bank/credit union instead?
- I plan to do this in California where I visit family occasionally, but I live in NYC. I know I can get $200 VGC at Wegmans, but I couldn't find info on where to buy MO using VGC in NYC. Any suggestions for MO in NYC?
Thanks in advance!
My 2 cents:
- $200 GC - Why bother. Go straight to the $500. My reasoning: Consider the fee. ~$5 to $6 for a 500 VGC = ~1% to 1.2% whereas $4 - $5 for a 200? If it's "start small and scale up slowly" you're thinking about, that's good advice. So, start with a single $500 gift card, and don't start doing it every single day all the sudden.
- to buy a ... MO - MOs are one option. Other options exist. Some prepaid debits are great and zero fee, whereas MOs always cost you money to buy. Also, MOs will get you burned at banks (look for my post about SARs)
- Swiping twice: $99 + $98 - Not necessary for your plan. Read these forums a lot more before you start. You're clearly confused. Make sure you understand and can describe the difference between each of these, and also read enough DP posts here to be able to describe what's going on with each before you start:
- Staples
- ODOM
- BHN MCGC vs. BHN (standard yellow) VGC vs. Everywhere VGC
- Grocery Stores, Drug Stores, WM
- Pathward serviced by InComm, Sutton serviced by InComm, Metabank serviced by InComm, Sunrise (may be serviced by InComm, may be BHN)
- USBank (these are crap BTW)
- Online sources (GiftCardMall vs. VanillaGift (and the many rebranded versions of their site) vs. Simon
- Go to BofA ATM and deposit the MO - Only if you like the idea of burning BofA for yourself. They have good bank SUBs and good Credit Cards, so I wouldn't recommend it.
- Should I open a new account with a random local bank/credit union instead? You should only deposit MOs in banks/CUs that you don't mind getting banned from. That's the only advice I have for you. An alternative is using MOs to pay your bills. There are mixed feelings around the forum IRT using them to pay your CC bills. Some worry your CC account might get closed. Others say they've been doing it for years without any issues. The risk is all yours, you decide what you feel comfortable risking.
- Where to buy MO using VGC in NYC - hopefully someone else knows more. I don't live there. However, many grocery stores sell MOs. Again, I suggest you read the forums more before you start. If you read here enough then you'll already know many of your options.
Welcome to the hobby! 2 last pieces of advice for you:
- When there is no data, and you're ok with the risk... Be the DP you wish to see
- If you ever pay one single red cent of interest to a credit card, stop this hobby and figure out how that happened!