Hello all,

I have a chase visa that gives reward miles and there is no limit with 30$ annual fee. Lately I found one local bank I do business with that allows buying CDs with CC (no AMEX/no discover/no diners club) as purchases. So in the past two months I have bought 200K CDs. This sounded too good to be true since if am getting at least 4% miles rewards (4 times) +2% interest if I repeat next month. Are there any laws against doing such acts (Bank fraud?) or is this bank just being stupid? The most unblievable thing is the customer service guy said you can also open regular saving account (no limit on how many you can open) with CC as well which in theory will allow people get 1% return on the CC limit (i.e. no cash/little cash to deposit).

dama