Reply
Senior Contributor
Posts: 4,690
Registered: ‎02-23-2011
0

Re: Vanilla Reload Vs. MoneyPak?

You know, any MS in the range of a few thousand, no issuer is going to care, unless fraud is suspected.  I really don't think there's any risk to, say, $2,000 per month.  The only issuer who may care is if an AmEx FR has been triggered, which would be extremely unlikely for the majority of people.

 

I wouldn't be concerned unless you were at least MS'ing north of $5k.

Established Contributor
Posts: 845
Registered: ‎10-11-2013
0

Re: Vanilla Reload Vs. MoneyPak?


juggalo9er wrote:

card cost is 3.95 i purchase 900 @ 5% cash back net gain $41.05 i only do this when barclay has boosted points


Sorry, I thought you meant you only buy $50 worth.

 photo ScreenShot2013-10-12at111542PM.png photo NUS000000012_160X101_STRAIGHT.gif photo NUS000000180_160X101_STRAIGHT.gif photo bankamericard-better-balance-rewards-credit-card-small.png photo SLM2SLM2.png photo DISCOVER_IT_LG.gif photo HNY2HNY2.png
$6500 ............ $5400 ............ $5000 ............ $5000 ............ $5000 ............ $4500 ............ $4250 ............ $3000
In the Garden until at least November 2015.
Established Contributor
Posts: 948
Registered: ‎12-05-2013
0

Re: Vanilla Reload Vs. MoneyPak?

Chwebb, MS might not be a profitable tool for everyone.  For credit builders it could be a tool to create transactions.  

 

Basically one would be investing $3.95 to show CL usage for the purpose of maybe attaining higher CLs.  It would be a  cost of building credit.    

 

Just a rough guess.  

 

I'm starting to understand this game now.  It's not at all difficult when you can find a system to load free.  Conceivably one could Manufacture all price ranges with little or no cost.      

 

 

 

Discover IT $12,500 == 12/2013
AMEX 12/2013 ---BCP $11,000 === BC $23,000 ----- 04/2014
CHASE SLATE $5,700 === 12/2013
BoA 123 $6000 === 12/2013
Barclay Rewards $1500 == 12/2013
Established Contributor
Posts: 845
Registered: ‎10-11-2013
0

Re: Vanilla Reload Vs. MoneyPak?


Fico2Go wrote:

Chwebb, MS might not be a profitable tool for everyone.  For credit builders it could be a tool to create transactions.  

 

Basically one would be investing $3.95 to show CL usage for the purpose of maybe attaining higher CLs.  It would be a  cost of building credit.    

 

Just a rough guess.  

 

I'm starting to understand this game now.  It's not at all difficult when you can find a system to load free.  Conceivably one could Manufacture all price ranges with little or no cost.      

 

 

 


I'm not saying it can't be profitable. I was just saying in juggalo9er's case, I didn't see how it could be profitable for him/her. I've bought things like iTunes Gift Cards on sale at Best Buy (when I had 5% cash back) and that definitely saved me a lot of money. I'm not sure if that qualifies as MS of not. I've also bought Visa gift cards to load onto my Bluebird to pay other credit card bills for the cash back (and promptly paid off the card I just bought it with).

 photo ScreenShot2013-10-12at111542PM.png photo NUS000000012_160X101_STRAIGHT.gif photo NUS000000180_160X101_STRAIGHT.gif photo bankamericard-better-balance-rewards-credit-card-small.png photo SLM2SLM2.png photo DISCOVER_IT_LG.gif photo HNY2HNY2.png
$6500 ............ $5400 ............ $5000 ............ $5000 ............ $5000 ............ $4500 ............ $4250 ............ $3000
In the Garden until at least November 2015.
Contributor
Posts: 157
Registered: ‎08-22-2013
0

Re: Vanilla Reload Vs. MoneyPak?

This is a very interesting thread!  I have been MS the for two months.  I have mixed it with my AMEX and also a couple of Chase cards.

 

I didn't think that the issuer would care, since they're making money off the transaction.

 

Let's say they make 3% fee off my purchase, why wouldn't they let me continue to MS if they can keep making money?

AMEX TrueEarnings 10K | AMEX BCE 10K | AMEX Hilton Honors 10K | AMEX Hilton Surpass 2K | Bank of America 1-2-3 2K | Barclay Card 2K | Chase Southwest Premier Visa 6K | Chase Marriott Premier Visa 9K | Discover IT Card 1.5K | Merrick Bank 1.4K | Navy Federal Credit Union Visa 10K | Navy Federal Credit Union navCheck 15K | USAA Rewards 7K |+ tons of store cards (GE furniture, Amazon, Lowes, Home Depot, etc)
Total amount of available credit $100K
Scores (as of December 2013) Equifax 714 | Experian 714 | Transunion 727
Short term goal is score 750+ across the board
Long term goal is to have all scores close to 800 or 800+
Frequent Contributor
Posts: 317
Registered: ‎05-24-2013
0

Re: Vanilla Reload Vs. MoneyPak?


brianjb wrote:

This is a very interesting thread!  I have been MS the for two months.  I have mixed it with my AMEX and also a couple of Chase cards.

 

I didn't think that the issuer would care, since they're making money off the transaction.

 

Let's say they make 3% fee off my purchase, why wouldn't they let me continue to MS if they can keep making money?


I believe it boils down to how much you MS.

 

Once you get going, it becomes a game and it's hard not to "push the envelope." There's a lot of strategy in it and when a new strategy arises, I immediately want to give it a chance (especially when I'm making a decent profit).

 

Granted $5k/month is probably not going to trigger any fraud (depending on income IMHO); however, MSing $15-30k/month may be another story. So although the bank is making money on each transaction, they see you as a risk when all they can see is high CC spending and money coming in from external accounts/money orders. It also adds to it if you MS more than your income/year.

 

In the end, there are a lot of factors that go into doing it safely. I will say though, IMHO (again!), I would not be buying VR's for anything less than $500. It's $3.95 no matter what you put on it, so you should maximize each card to get a better value. It's $3.95 for 50, 100, 250, OR 500 points (or more points/cash back, depending on CC)!

Super Contributor
Posts: 9,873
Registered: ‎04-22-2013
0

Re: Vanilla Reload Vs. MoneyPak?

[ Edited ]

Re issuer making money: also depends on the card.   When a 5%+ card cashback card is used, it's unlikely that the swipe fees cover the rewards  (I specify cashback, because with things like actual airline miles we don't know how much those miles cost the issuer)/

 

But we really don't know even the basics of who pays what and there are a lot of conflicting stories.   If you buy a $500 VR at a drug store, you pay $503.95.   Does the pharmacy pay swipe fees on the whole amount?  Some have been told (by store managers) that the answer is "No", which makes sense, as the transaction would be unprofitable (and then it would be strange for CVS to RAISE the limit to $5000 per day).   How is the $3.95 split between Incomm and the drug store, etc?  

 

So we don't know who is at risk of losing money on the transactions, but presumably 5% cards are worse for the bank than 1% ones.

Frequent Contributor
Posts: 406
Registered: ‎04-03-2013
0

Re: Vanilla Reload Vs. MoneyPak?

i just want to start msing to get a ton of miles lol .. i wanna hit 1million miles

Super Contributor
Posts: 9,873
Registered: ‎04-22-2013
0

Re: Vanilla Reload Vs. MoneyPak?


darkfrosty wrote:

i just want to start msing to get a ton of miles lol .. i wanna hit 1million miles


If this is your real goal, sign up bonuses are the way to go (with MS to cover minimum spend)

Frequent Contributor
Posts: 452
Registered: ‎03-05-2013
0

Re: Vanilla Reload Vs. MoneyPak?


Open123 wrote:

You know, any MS in the range of a few thousand, no issuer is going to care, unless fraud is suspected.  I really don't think there's any risk to, say, $2,000 per month.  The only issuer who may care is if an AmEx FR has been triggered, which would be extremely unlikely for the majority of people.

 

I wouldn't be concerned unless you were at least MS'ing north of $5k.


I do about 25K a month spread over 8 cc's and two people (me and my DW). We average about 16K between our two CSPs and our two Freedoms. We also spend the most regular on those so it makes it look better. The other 8K is spread between our two United's and two Hyatt's, our hotel and airlines of choice. I would like to diversify providers (those are all Chase). but I think as long as we don't exceed our stated house hold income, each of us does spends about 3/4 of our stated household income,  i don't think there will be an issue. I haven't had a problem yet.

Last App December 7, 2013. Gardening until May 20, 2014
Current Score: 720 EX 714 EQ 712 TU 12/10/2013Goal Score: 720 across the board
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.