hey /biz/, i've got an idea. What if I sign up for a ton

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Anonymous
2017-02-07 06:03:13 Post No. 1781119
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Anonymous 2017-02-07 06:03:13 Post No. 1781119 [Report]

hey /biz/, i've got an idea. What if I sign up for a ton of credit cards with sign up bonuses (x cash back if you spend $yyyy in your first z months), dump all that money onto coinbase, cash in the reward, and then cancel the card? Is there anything fundamentally wrong with this plan? (coinbase has a 3.75% charge for card transations, but I think I'd be making up for this with most of these sign up bonuses)

Anonymous 2017-02-07 06:04:42 Post No.1781123
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Anonymous 2017-02-07 06:04:42 Post No.1781123 [Report]

Just get giftcards. No fee.

Anonymous 2017-02-07 06:05:56 Post No.1781124
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Anonymous 2017-02-07 06:05:56 Post No.1781124 [Report]

I'm not super knowledgeable on this but I think getting many cards in a short period of time will plummet your credit score and you won't be allowed to get more than a few.

Anonymous 2017-02-07 06:06:31 Post No.1781125
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Anonymous 2017-02-07 06:06:31 Post No.1781125 [Report]

>>>/a/

Anonymous 2017-02-07 06:07:05 Post No.1781126
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Anonymous 2017-02-07 06:07:05 Post No.1781126 [Report]

>>1781119
Paying back the credit along with interest fees
>>1781124
This, your score gets dinged every time you apply for a card
>>1781123
I think the point is to invest without any actual capital first, otherwise they could just use a debit card

Anonymous 2017-02-07 06:07:26 Post No.1781127
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Anonymous 2017-02-07 06:07:26 Post No.1781127 [Report]

>>1781123
oh, that's a much better idea.

>>1781124
my credit score is above 800 now, I can afford to take a bit of a hit

Anonymous 2017-02-07 06:08:29 Post No.1781131
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Anonymous 2017-02-07 06:08:29 Post No.1781131 [Report]

>>1781126
I would immediately pay back all of the credit so it wouldn't accumulate any interest. I have actual capital, I just want to also get the sign up bonuses without actually wasting my money on stuff I dont need.

Anonymous 2017-02-07 06:14:28 Post No.1781136
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Anonymous 2017-02-07 06:14:28 Post No.1781136 [Report]

>>1781131
I see nothing wrong with this then

Anonymous 2017-02-07 06:25:59 Post No.1781148
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Anonymous 2017-02-07 06:25:59 Post No.1781148 [Report]

Don't forget to claim any capital gain on your taxes also

>>>/a/

I'm aware that Imgur.com will stop allowing adult images since 15th of May. I'm taking actions to backup as much data as possible. Read more on this topic here - https://archived.moe/talk/thread/1694/

I'm aware that Imgur.com will stop allowing adult images since 15th of May. I'm taking actions to backup as much data as possible.
Read more on this topic here - https://archived.moe/talk/thread/1694/