Cheated the System!

[ibmrad7]

In my opinion OP did nothing wrong.... I would probably do the same. I got Hilton Honors back in Feb, used to get the sign up bonus, last week I got my 3X CLI and now I am thinking of moving to a different no AF fee card ( If Amex lets me PC )

Congrats to OP!!!!!!!!!!!! 

[Open123]

Wow, what an interesting thread.

In my view, ethics is too serious a word to apply with financial institutions.  Let's not forget, these are the guys who propogated the credit crisis with CDOs, encouraged home owners to lie on the income for the loan assuming real estate collateral will never fall only to stick us "taxpayers" with the bill.

Cheesy would be a better word.  What the OP did was "cheesy."  But, who cares?  Amex, Chase and any issuer who doesn't like it can close his account, blacklist him and never offer bonuses again, such as Wells Fargo.

If Amex is offering a free $500 for a mere click of the button.  To what end would one not take it?  What purpose would it be to have good credit if not to derive financial benefit?  

For the person who refuses to take $500 with no strings attached, the word I have to describe this person wouldn't be "ethical."  

[LS2982]

Reconing multiple times is not taking advantage of the CSRs. No matter what you say the CSR can decline you all day. You have no advantage over them other than plead your case.

Ok im done with this thread

[youngandcreditwrthy]

Ahahha@open123. You got it bro!

[drkaje]

"Ain't nobody got time....", LOL!

[WarJar101]

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@Open123 wrote:

Wow, what an interesting thread.

In my view, ethics is too serious a word to apply with financial institutions.  Let's not forget, these are the guys who propogated the credit crisis with CDOs, encouraged home owners to lie on the income for the loan assuming real estate collateral will never fall only to stick us "taxpayers" with the bill.

Cheesy would be a better word.  What the OP did was "cheesy."  But, who cares?  Amex, Chase and any issuer who doesn't like it can close his account, blacklist him and never offer bonuses again, such as Wells Fargo.

If Amex is offering a free $500 for a mere click of the button.  To what end would one not take it?  What purpose would it be to have good credit if not to derive financial benefit?  

For the person who refuses to take $500 with no strings attached, the word I have to describe this person wouldn't be "ethical."  

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Prententiousness? Idk...lmao. Anyway, my brother you hit the nail on the head with your last sentence, much respect.

[zeusta20]

I wouldn't call it cheating the system. What was done, was completely legit. Just like others have posted, the credit card companies know things like this can happen. This "loophole" (if you even wanna call it that) is not something that couldn't easily be avoided.

Just like Chase, if you sign up for a checking acct, and get direct deposit, they give you 150.00. If you close the account within 6 months, they take it back. The bonus is also considered as interest, and is reported to the IRS. So is CHASE cheating the system because IN THE END, you're not getting your 150 bonus because its going to be taxed? No, I don't think so. It is what it is.

Why are AF assessed anyways? To make money off of the consumer. Is that considered cheating the consumer? MOst people would say "no" because its part of agreement since the beginning. Well....So is the sign up bonus. They could put a plan in place if they wanted to, but they didn't. All the credit card companies want is to gain customers. They're all fighting for our business.

In the end, credit card companies are going to do whats best for credit card companies, and consumers are going to do whats best for consumers. Its all done in business.