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Card Reader Instead Of Gift Cards??

Frequent Contributor

Card Reader Instead Of Gift Cards??

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 Smiley Wink

Message 1 of 19
18 REPLIES
Frequent Contributor

Re: Card Reader Instead Of Gift Cards??

ok - that should be $972.50 lol

Message 2 of 19
Frequent Contributor

Re: Card Reader Instead Of Gift Cards??


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 Smiley Wink


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.

 

 

Message 3 of 19
Super Contributor

Re: Card Reader Instead Of Gift Cards??

You should just use amazon payments. No fee for the first $1000 each month.

And gift cards are technically cheaper since they are 4.95 for visa / MC / Amex gift cards, 0 fee for store gift cards.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 4 of 19
Frequent Contributor

Re: Card Reader Instead Of Gift Cards??

I've used Square sometimes to cash out rebate cards, and even that I do sparingly to stay out of trouble.

Message 5 of 19
Valued Contributor

Re: Card Reader Instead Of Gift Cards??

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.

Message 6 of 19
Established Contributor

Re: Card Reader Instead Of Gift Cards??

Ive charged about 750 per month using my paypal here from my two capone with no problems. ..

Ive never done the gift card loads as I never find the right one to buy with a cc... I would not charge more or do it for longer than a couple months every other month...
Amex PRG NPSL, Amex Delta 2k (AU) Discover iT 5k, BOFA Siggy $5k, BOFA AlaskaAir Siggy 5k, BBVA Compass $5k! Macy's $4.5k, C1 $2.5, SFCU $2.5k, SFCU LOC $2k, Paypal SmartC $4k, Sam's 5.5k Victoria Secret $2k, Kay's $1.7k.,76/Citi $1.5k Amazon $5k, Walmart Disco $3k JC Penny $4k, C1 $2.5, BBRZ 700.
Starting:TU:536 EXP:561 : EQ:552 Current:TU:680 Walmart (2-15-14)EXP:712 FICO!! (12-4-13):EQ:622 (FICO 2-6-14) Uti 27% Goal: 720 By 12-13.
Message 7 of 19
Epic Contributor

Re: Card Reader Instead Of Gift Cards??

Amazon payments is free for $1k?
Is it a purchase on bill?
Message 8 of 19
Frequent Contributor

Re: Card Reader Instead Of Gift Cards??

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.

Message 9 of 19
Valued Contributor

Re: Card Reader Instead Of Gift Cards??

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.

 

Message 10 of 19