Anyone making a living out of this?
Mar 18, 2014, 6:54 pm
#97
Join Date: Nov 2009
Posts: 774
Mar 18, 2014, 6:59 pm
#98
Join Date: Oct 2009
Location: Land of the parrots and parrotheads
Programs: Several dozen
Posts: 4,820
At 16 lbs to the $1k of dollars it was backbreaking in the days of the mint. The feds killed that deal fearing we would all go out on disability. Heck, with all the paper cuts we get now from processing money orders weez all entitled.
Mar 18, 2014, 10:26 pm
#101
Join Date: Aug 2011
Location: New Jersey
Programs: Delta P, SPG G, Marriott S, Hertz PC
Posts: 1,007
I really do think it depends on the area.
I was just in Dallas on business. Amazed at how huge that area is, and most of all, ample opportunities.
One grocery chain I found there let me buy as much as I want with cards. They had a wall of $950 reloadit cards. I was only limited by avail on BC and not wanting to be blacklisted by Tmo.
You have a lot of easy choices that require 1 stop, such as all the "reload" type accounts. They are limited yes... but easy target.
Then you have the two or three stop options. Yes... more work, but practically unlimited.
Is it work? I am sure... but quite honestly, being as anal about analytics as me, I spend more time tracking MS than it actually takes to walk into a grocery or drug store to buy cards, then go to wally to buy MO's.
If I put in 8 hours a day doing this... in my area... and I was not limited to number of banking relationships, you can easily do $30k a day. For sake of argument, yes... your net % will be lower than 5% unless you got a massive LOC with Amex that you turn over every day... however if you spread between say 10 to 20 credit cards, with large limits... high numbers are doable.
The other option is reserving the cashback cards for grocery/drugs/gas, and using the miles/points cards with cashback portals.
I was just in Dallas on business. Amazed at how huge that area is, and most of all, ample opportunities.
One grocery chain I found there let me buy as much as I want with cards. They had a wall of $950 reloadit cards. I was only limited by avail on BC and not wanting to be blacklisted by Tmo.
You have a lot of easy choices that require 1 stop, such as all the "reload" type accounts. They are limited yes... but easy target.
Then you have the two or three stop options. Yes... more work, but practically unlimited.
Is it work? I am sure... but quite honestly, being as anal about analytics as me, I spend more time tracking MS than it actually takes to walk into a grocery or drug store to buy cards, then go to wally to buy MO's.
If I put in 8 hours a day doing this... in my area... and I was not limited to number of banking relationships, you can easily do $30k a day. For sake of argument, yes... your net % will be lower than 5% unless you got a massive LOC with Amex that you turn over every day... however if you spread between say 10 to 20 credit cards, with large limits... high numbers are doable.
The other option is reserving the cashback cards for grocery/drugs/gas, and using the miles/points cards with cashback portals.
Mar 19, 2014, 5:26 am
#102
FlyerTalk Evangelist
Join Date: May 2006
Location: DTW, but drive to/from YYZ/ORD
Programs: Chase Ultimate Rewards 2MM, Diner Club points
Posts: 32,119
Mar 19, 2014, 6:39 am
#103
Join Date: Oct 2009
Location: Land of the parrots and parrotheads
Programs: Several dozen
Posts: 4,820
Indeed, Texas was MS Nirvana when I lived there. In fact the feds actually built the world's first monument to MS when they consecrated that Dallas warehouse to store all those millions of dollar coins Texans circulated.
One can only say good things about a state where The Zombie Buffalo roamed, on again off again offering credit card deposits for 30 day CDs or The Bank of the Biker went full throttle allowing credit card deposits for checking and savings accounts. And that is not to mention the other fine Texas institutions that were once good for many thousands in MS opening new accounts using cash back cards.
The Lone Star State is also the home state of Valero, a fine company whose gift cards racks often take up the MS cause and HEB, a grocer fondly remembered for HIGCing to the max and occasional 15% off sales on gift cards which were then regifted to CardPool.
There is a reason why people say "Texas is Wide Open for Business." Our kinda business!
One can only say good things about a state where The Zombie Buffalo roamed, on again off again offering credit card deposits for 30 day CDs or The Bank of the Biker went full throttle allowing credit card deposits for checking and savings accounts. And that is not to mention the other fine Texas institutions that were once good for many thousands in MS opening new accounts using cash back cards.
The Lone Star State is also the home state of Valero, a fine company whose gift cards racks often take up the MS cause and HEB, a grocer fondly remembered for HIGCing to the max and occasional 15% off sales on gift cards which were then regifted to CardPool.
There is a reason why people say "Texas is Wide Open for Business." Our kinda business!
I really do think it depends on the area.
I was just in Dallas on business. Amazed at how huge that area is, and most of all, ample opportunities.
One grocery chain I found there let me buy as much as I want with cards. They had a wall of $950 reloadit cards. I was only limited by avail on BC and not wanting to be blacklisted by Tmo.
You have a lot of easy choices that require 1 stop, such as all the "reload" type accounts. They are limited yes... but easy target.
Then you have the two or three stop options. Yes... more work, but practically unlimited.
Is it work? I am sure... but quite honestly, being as anal about analytics as me, I spend more time tracking MS than it actually takes to walk into a grocery or drug store to buy cards, then go to wally to buy MO's.
If I put in 8 hours a day doing this... in my area... and I was not limited to number of banking relationships, you can easily do $30k a day. For sake of argument, yes... your net % will be lower than 5% unless you got a massive LOC with Amex that you turn over every day... however if you spread between say 10 to 20 credit cards, with large limits... high numbers are doable.
The other option is reserving the cashback cards for grocery/drugs/gas, and using the miles/points cards with cashback portals.
I was just in Dallas on business. Amazed at how huge that area is, and most of all, ample opportunities.
One grocery chain I found there let me buy as much as I want with cards. They had a wall of $950 reloadit cards. I was only limited by avail on BC and not wanting to be blacklisted by Tmo.
You have a lot of easy choices that require 1 stop, such as all the "reload" type accounts. They are limited yes... but easy target.
Then you have the two or three stop options. Yes... more work, but practically unlimited.
Is it work? I am sure... but quite honestly, being as anal about analytics as me, I spend more time tracking MS than it actually takes to walk into a grocery or drug store to buy cards, then go to wally to buy MO's.
If I put in 8 hours a day doing this... in my area... and I was not limited to number of banking relationships, you can easily do $30k a day. For sake of argument, yes... your net % will be lower than 5% unless you got a massive LOC with Amex that you turn over every day... however if you spread between say 10 to 20 credit cards, with large limits... high numbers are doable.
The other option is reserving the cashback cards for grocery/drugs/gas, and using the miles/points cards with cashback portals.
Mar 19, 2014, 6:23 pm
#105
Original Poster
Join Date: Feb 2014
Posts: 29
With your Blue Cash Card from American Express, you can earn up to 5% cash back at U.S. supermarkets, U.S. gas stations and select U.S. drugstores (Everyday Purchases) and up to 1% cash back on other purchases.
For your first $6,500 in purchases in a reward year, you will earn 1% on Everyday Purchases (5% thereafter), and 0.5% on other purchases (then 1%).
For your first $6,500 in purchases in a reward year, you will earn 1% on Everyday Purchases (5% thereafter), and 0.5% on other purchases (then 1%).