Generate spend by setting up a business

Old May 8, 17, 11:01 am
  #16  
 
Join Date: May 2014
Posts: 527
Originally Posted by robertw477 View Post
You see threads like this over and over.
It's like those infinite energy inventions that keep popping up. Free energy !
Hbax is offline  
Old May 9, 17, 7:02 am
  #17  
 
Join Date: Feb 2007
Posts: 647
Originally Posted by cashcyclone View Post
What a dumb idea.
Can you be a little more civil in here - all ideas should be shared regardless of what they are.
kingrat is offline  
Old May 11, 17, 12:51 pm
  #18  
 
Join Date: Mar 2015
Posts: 336
Originally Posted by cysyuen View Post
It would be an expensive move but surely someone can transfer money via PayPal to get bonuses?
PayPal will shut you down quick. They even shut people down or freeze accounts that are doing legitimate activity.

If you are trying to meet minimum spend for bonuses and don't mind paying fees, just use a service like Plastiq to pay your bills.
eccentricfusion is offline  
Old May 11, 17, 2:20 pm
  #19  
 
Join Date: Sep 2007
Posts: 985
Originally Posted by eccentricfusion View Post
PayPal will shut you down quick. They even shut people down or freeze accounts that are doing legitimate activity.

If you are trying to meet minimum spend for bonuses and don't mind paying fees, just use a service like Plastiq to pay your bills.
Wonder if you can setup your own business like Plastiq though... as long as you kept really good records and legitimately were paying bills you might be able to keep out of ML issues...

You would still be paying processor fees, but you could cut out whatever profit Plastiq has rolled into their fees and wouldn't show that much "income" so taxes might not be much of an issue. You also could be a heck of a lot more reliable then Plastiq, my payments often take 20+ days, though sometimes take 5 days. They're useless for monthly payments with that kind of wild time frame, more used only to make extra payments. (At least in my case)

You then also legitimately could qualify for a business card :P


Now where is the mistake in my thinking that brings the whole dream crashing down?
acarney is offline  
Old May 11, 17, 3:10 pm
  #20  
 
Join Date: Mar 2015
Posts: 336
Originally Posted by acarney View Post
Wonder if you can setup your own business like Plastiq though... as long as you kept really good records and legitimately were paying bills you might be able to keep out of ML issues...

You would still be paying processor fees, but you could cut out whatever profit Plastiq has rolled into their fees and wouldn't show that much "income" so taxes might not be much of an issue. You also could be a heck of a lot more reliable then Plastiq, my payments often take 20+ days, though sometimes take 5 days. They're useless for monthly payments with that kind of wild time frame, more used only to make extra payments. (At least in my case)

You then also legitimately could qualify for a business card :P


Now where is the mistake in my thinking that brings the whole dream crashing down?
Well, if your time is worth some extra points, sure, but standing up that type of business (or any business) requires an investment of time and some initial capital. I would say a significant investment of time. My time isn't worth that level of effort, since my natural spend is high enough to not worry too much about points like that.

You can legitimately qualify for a business card just selling stuff on eBay. It's not hard to legitimately have a business.
eccentricfusion is offline  
Old May 11, 17, 3:15 pm
  #21  
 
Join Date: Sep 2007
Posts: 985
Originally Posted by eccentricfusion View Post
Well, if your time is worth some extra points, sure, but standing up that type of business (or any business) requires an investment of time and some initial capital. I would say a significant investment of time. My time isn't worth that level of effort, since my natural spend is high enough to not worry too much about points like that.

You can legitimately qualify for a business card just selling stuff on eBay. It's not hard to legitimately have a business.
Selling stuff on ebay takes time and actually is rather expensive (at least from the very few, maybe 3 times, I've sold an old cell phone or something. Fees usually add up to like 10% by the time it's all said and done!)

I'm curious how much time would actually be required to setup/run a Plastiq type business that isn't advertised at all and either has no web presence, or a super crappy one. Thus probably only you as a customer and maybe a friend or family member or two to help show that it isn't just you using the "service" :P
acarney is offline  
Old May 11, 17, 4:18 pm
  #22  
 
Join Date: Mar 2015
Posts: 336
Originally Posted by acarney View Post
Selling stuff on ebay takes time and actually is rather expensive (at least from the very few, maybe 3 times, I've sold an old cell phone or something. Fees usually add up to like 10% by the time it's all said and done!)

I'm curious how much time would actually be required to setup/run a Plastiq type business that isn't advertised at all and either has no web presence, or a super crappy one. Thus probably only you as a customer and maybe a friend or family member or two to help show that it isn't just you using the "service" :P
Yes, but you could have a "legitimate business" selling just a single item on eBay and using your SSN as your EIN to apply for business credit cards, if the goal is just to get business credit cards. You don't even need to actually sell or do anything - I know plenty of people who have "businesses" that don't do anything just to apply for credit cards.
eccentricfusion is offline  
Old May 12, 17, 12:56 pm
  #23  
 
Join Date: Sep 2007
Posts: 985
Originally Posted by eccentricfusion View Post
Yes, but you could have a "legitimate business" selling just a single item on eBay and using your SSN as your EIN to apply for business credit cards, if the goal is just to get business credit cards. You don't even need to actually sell or do anything - I know plenty of people who have "businesses" that don't do anything just to apply for credit cards.
I've read a lot too that you can really really really stretch the meaning of business in order to "qualify" for a biz card... but I've always wanted at least something that vaguely would look like one, or at least have a couple documents filed showing I jumped through the hoops to setup one...
acarney is offline  
Old May 13, 17, 7:28 am
  #24  
 
Join Date: Oct 2009
Location: Land of the parrots and parrotheads
Programs: Several dozen
Posts: 4,818
An EIN and sales tax permit are not hard to get as documents go, but leave the phony business to the folks granted VISAs for investing in this country. It takes effort to maintain empty storefronts and rental condos.

Originally Posted by acarney View Post
I've read a lot too that you can really really really stretch the meaning of business in order to "qualify" for a biz card... but I've always wanted at least something that vaguely would look like one, or at least have a couple documents filed showing I jumped through the hoops to setup one...
AlohaDaveKennedy is offline  

Thread Tools
Search this Thread
Search Engine: