@ACG23 wrote:
@09Lexie wrote:While other forums may not take issue with MS, myFICO is the exception. We have partnerships and agreements with credit card companies and openly discussing a topic that goes against their policy is frowned upon.
If you have any further comments regarding MS, please PM a MOD.
~Lexie
Thanks Lexie! But -- can I just ask for more detail about what not to do? I had never heard the term before, and I have a good faith interest in not wanting to break a rule I don't yet understand!! For example, I do use my rewards card to refill a Starbucks card. Is that not okay?
I'm sure you can google the term MS for more examples of what has already been discussed. Purchasing VRs, gift cards -outside the range of usual spending as LTL mentioned earlier.
Hmmmm...well I just got the Freedom in March, so I think I'll hold off. The $60 dollars is not worth the hassle.
I am curious though WHY this type of spending would be considered out of bounds (MS). If I buy item X at a gas station or store, why would Chase care whether I spend it on gas or another item in the store? If I bought $500 worth of cigarettes (yuck!), would that also be considered MS since it is technically not gas?
Not trying to violate any board rules; just trying to have a better understanding if what is and what is not allowed by CCC.
I am curious though WHY this type of spending would be considered out of bounds (MS). If I buy item X at a gas station or store, why would Chase care whether I spend it on gas or another item in the store? If I bought $500 worth of cigarettes (yuck!), would that also be considered MS since it is technically not gas?
Not trying to violate any board rules; just trying to have a better understanding if what is and what is not allowed by CCC.
@longtimelurker wrote:What is considered negatively by the credit card companies is the purchase of cash equivalents. Put simply, you can buy these, collect the bonuses, and use the cash equivalents to pay off the credit card, and repeat indefinitely. This isn't quite possible on the Freedom because of the cap, but the idea is doing this I can much more easily reach the $1,500 cap per quarter than I would by buying gas, cigarettes, or scenic postcards at the gas station, increasing the cost to Chase.
Just purchasing gift cards on a CC, I don't believe is considered negatively by issuers since people obviously purchase gift cards for legitimate reasons other then MS.
OP, in MHO I think it is perfectly fine to purchase a $500 gift card on your Freedom card and use it for general purchases to get the extra 4% cash back. you may trigger a fraud alert because a $500 purchase at a gas station could be considered unusual, but all you would have to do is call them and and let them know it is you making the purchase. They are not going to close your card for making one purchase like that. If you did this several times a month, then that is a different story butt purchasing one gift card should not cause you any problems. I think the hardest thing will be finding a gas station that will sell you a gift card using a CC.
@09Lexie wrote:
@ACG23 wrote:
@09Lexie wrote:While other forums may not take issue with MS, myFICO is the exception. We have partnerships and agreements with credit card companies and openly discussing a topic that goes against their policy is frowned upon.
If you have any further comments regarding MS, please PM a MOD.
~Lexie
Thanks Lexie! But -- can I just ask for more detail about what not to do? I had never heard the term before, and I have a good faith interest in not wanting to break a rule I don't yet understand!! For example, I do use my rewards card to refill a Starbucks card. Is that not okay?
I'm sure you can google the term MS for more examples of what has already been discussed. Purchasing VRs, gift cards -outside the range of usual spending as LTL mentioned earlier.
What is LTL ???
I am laughing so hard cuz i thought that had something to do with a labotomy... i'm too amused by that.
@IWOL wrote:
@longtimelurker wrote:What is considered negatively by the credit card companies is the purchase of cash equivalents. Put simply, you can buy these, collect the bonuses, and use the cash equivalents to pay off the credit card, and repeat indefinitely. This isn't quite possible on the Freedom because of the cap, but the idea is doing this I can much more easily reach the $1,500 cap per quarter than I would by buying gas, cigarettes, or scenic postcards at the gas station, increasing the cost to Chase.
Just purchasing gift cards on a CC, I don't believe is considered negatively by issuers since people obviously purchase gift cards for legitimate reasons other then MS.
OP, in MHO I think it is perfectly fine to purchase a $500 gift card on your Freedom card and use it for general purchases to get the extra 4% cash back. you may trigger a fraud alert because a $500 purchase at a gas station could be considered unusual, but all you would have to do is call them and and let them know it is you making the purchase. They are not going to close your card for making one purchase like that. If you did this several times a month, then that is a different story butt purchasing one gift card should not cause you any problems. I think the hardest thing will be finding a gas station that will sell you a gift card using a CC.
This is what I was looking for. I actually tried to Google MS, and only came up with ways to do it, not how to avoid doing it -- I'm glad to know I can continue my (legitimate) purchase of Starbucks cards!
Gardening since May 2015
@Carrie_in_Pa wrote:
@09Lexie wrote:
@ACG23 wrote:
@09Lexie wrote:While other forums may not take issue with MS, myFICO is the exception. We have partnerships and agreements with credit card companies and openly discussing a topic that goes against their policy is frowned upon.
If you have any further comments regarding MS, please PM a MOD.
~Lexie
Thanks Lexie! But -- can I just ask for more detail about what not to do? I had never heard the term before, and I have a good faith interest in not wanting to break a rule I don't yet understand!! For example, I do use my rewards card to refill a Starbucks card. Is that not okay?
I'm sure you can google the term MS for more examples of what has already been discussed. Purchasing VRs, gift cards -outside the range of usual spending as LTL mentioned earlier.
What is LTL ???
I am laughing so hard cuz i thought that had something to do with a labotomy... i'm too amused by that.
Oh wow i got it now, SORRY !!!
Thanks to everyone for their input.
It sounds like one of those YMMV situations...buying gift cards may fall under the technical definition of MS, but I tend to agree with those who say they do not believe Chase would care about such a low monthly spend amount (~$500). However if they have a zero tolerance policy, it may not be worth the $20/month this would net me (sometimes I forget how trivial these reward amounts really are).
So I'm probably going to hold off on trying this for now, just because it is a relatively new card. I'm still getting used to having good credit; the last thing I want is to be red flagged by Chase for such a minor infraction.
Thx again. That's why I love this board!