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Just wondering if anyone has considered using a card reader (such as square) instead of buying gift cards - to reach minimum spending threshold for getting bonuses? I use one for work and the money is in my bank account the next day and only 2.75% fee
Its worth spending say $1000, getting $974.50 paid back into your bank account - if you are then going to get a few hundred bucks bonus?
I dont know - just fishing and kicking rocks
ok - that should be $972.50 lol
@chrisw1968uk wrote:Just wondering if anyone has considered using a card reader (such as square) instead of buying gift cards - to reach minimum spending threshold for getting bonuses? I use one for work and the money is in my bank account the next day and only 2.75% fee
Its worth spending say $1000, getting $974.50 paid back into your bank account - if you are then going to get a few hundred bucks bonus?
I dont know - just fishing and kicking rocks
I thought about this when I received my "PayPal Here" card swiper (the transaction fees are even lower with your PayPal account).
But I feared that such a scheme might just be asking for trouble, as such "churning" and "manufactured spending" tricks can sometimes backfire when the creditor figures out what you're up to, so I shelved the notion.
But I would really like to hear from someone who may have tried it.
I've used Square sometimes to cash out rebate cards, and even that I do sparingly to stay out of trouble.
Square will shut you down faster than you can blink. You may get lucky and not have money tied up, but they may also decide to hold the money due to "fraud" concerns. As enharu suggested, Amazon Payments is free and really easy.
I just looked at Amazon Payments. Can someone describe how they use it for the purposes described in this thread? The website says you cannot send payments to yourself if using a credit card.
I believe that using a Square reader in this way is against the TOS. This issue has been discussed before on this forum.
The same is true for using your own card with a merchant account.