Originally Posted by BigChair
Would it even work?
I'm new to this game, so please excuse me if this is a dumb question.
Suppose I were to make a purchase of $5k for furniture at a local store, and paid for it with my xxx airlines credit card, therefore earning 7500 miles. Then a few days later I changed my mind about the purchase, but had the refund credited to a different credit card (one that is with my primary bank). I could then just do an on-line transfer of the positive balance on my credit card to my checking account, and pay the xxx airlines credit card balance off.
Net result...no money spent, no interest paid, 7500 more miles.
FWIW, I work for a retailer of high ticket items, and we NEVER check to make sure the refund is going onto the same card that was originally charged...we only verify that's it is the same person.
So, what do you think?
Go for it. Just make sure you post your results here. Never mind the things that could go wrong like:
It's not that easy to get your balance refunded from some credit card issuers. It might not be as easy as you make it sound, particularly if they think you are playing games with them. Which, of course, you would be. It may be your bank, but it's funny how banks get when it comes to their money.
I know if I were a furniture store (or whatever kind of big-ticket retailer you want to use) and had someone come in and want a large refund just like that, I might not make it that easy for you. Your company might not either if the sales guy - whose pay is based on commissions from sales like these - had some say in this.
There might be some fine print that people may resort to when they feel they are getting screwed.
Just keep us posted so we can all get a good laugh.