10-26-2012 03:54 PM
Guys I am thinking of paying my rent w Serve by loading it w Chase Freedom & (later help me meet my min spend limit on csp ). Then withdrawing Cash from ATM. My cash back/miles will earn more than what I spend on ATM. Is this Kosher ? I do not want to get in trouble with either of these two.
10-26-2012 03:59 PM
My Prediction: In another 20 yrs, this whole crap about not being able to pay rent or mortgages by CCs (and not being able to get the rewards from such transactions) will be eliminated.
As far as your question, idk but it always seems there is a loophole and then the CCCs become wise to it and end it. Or FR you.
10-26-2012 04:26 PM
Usually "purchases" are defined as transactions that aquire points, I'm not sure if a transfer is considered a "purchase" but it could work.
Regardless Serve only gives you 1 free ATM access a month. usually ATM's are capped at 400-500 a day for cash withdrawls. So to do a $1,500 payment on a $250,000 mortgage it would require 3-4 trips to the ATM and for 1500 points, with Venture card 3000 points.(2x on anything) so depends how much a $15-30 worth of points are worth your time or not. Although I guess if you do stuff like regularly going to the grocery store like my local Publix store which gives free atm access it doesn't really matter too much, but that's still $2 ATM fee after the first visit = $6-8 wasted a month on ATM fees even at free atm's.
15-8 = $7 profit with most cards, or $ 22 with Venture card. Now if you can transfer Serve straight into your bank account that could make things easier but I dunno if I'm looking in the wrong places but I don't see that option.
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