Credit Card usage with FX trading
Oct 24, 2005 | 6:53 pm
#1
Original Poster
Join Date: Apr 2003
Location: Atlanta
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Posts: 3,655
Credit Card usage with FX trading
I just stumbled across this and thought about FT. I have actually done this. You can open up a FX trading account and can fund your account with your CC. The site I did mine with was www.fxcm.com. You can fund your account with a max of $5,000 a month (5,000x12=60,000 miles). Simply whenever you get the funds, request a check and there you go!
Oct 24, 2005 | 7:22 pm
#2
Join Date: Jul 2004
Location: Lodi, CA
Posts: 592
Hold your horses everyone please. Can you give some more details about this site. For how long you had an account with them. Customer service? Looks like a brokerage account. What is the interest rate. Minimums? Account closure fee?
Oct 24, 2005 | 7:43 pm
#3
Original Poster
Join Date: Apr 2003
Location: Atlanta
Programs: AA Lifetime Gold, Marriott Silver, Starwood Platinum
Posts: 3,655
I previously held an account with them last year but closed it and didn't think about what I could actually do with gaining miles. Customer service is 24/7 phone or live chat on their website. You can open a mini account with $300 but thats not maxmizing your mileage earning oppertinites. No interest rates associated with the broker or CC issuer. There is no account closing fee but I don't see why you would do that if you want to continue to earn miles.
Oct 24, 2005 | 7:47 pm
#4
Join Date: Jul 2004
Location: Lodi, CA
Posts: 592
Originally Posted by zsmith2
There is no account closing fee but I don't see why you would do that if you want to continue to earn miles.
Oct 24, 2005 | 7:59 pm
#7
Join Date: Jan 2000
Location: Ashburn, VA (IAD/DCA/BWI)
Posts: 2,757
From its website - https://vpos.skipjack.com/Forex/FXCM/membership.asp
?
Looks like the company may choose not to refund via check if the account was funded with CC.
http://www.fxcm.com/docs_pdfs/withdrawal_form.pdf
Accounts funded via credit card may be restricted to receiving withdrawals via credit card. Charges will apply.
Looks like the company may choose not to refund via check if the account was funded with CC.
http://www.fxcm.com/docs_pdfs/withdrawal_form.pdf
Last edited by DH; Oct 24, 2005 at 8:32 pm
Oct 24, 2005 | 8:05 pm
#8
Original Poster
Join Date: Apr 2003
Location: Atlanta
Programs: AA Lifetime Gold, Marriott Silver, Starwood Platinum
Posts: 3,655
No cash advance fees or anything was charged to my account. It was charged as a sale (it could vary with different credit card companies).
Oct 24, 2005 | 11:31 pm
#9
Join Date: Apr 2002
Location: MHT/BOS <--> World
Programs: AA Plat 2.8MM
Posts: 4,629
Originally Posted by zsmith2
No cash advance fees or anything was charged to my account. It was charged as a sale (it could vary with different credit card companies).
Oct 26, 2005 | 2:52 am
#14
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What if you close the credit card account?