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06-26-2014 08:50 PM - edited 06-26-2014 08:52 PM
This is a great idea. Now that I have actual rewards cards, I want to maximize their usage. So I've been searching for the best way to do it.
I found an article suggesting Wallaby mobile (available on iOS and Android) and basically you add the cards you have (not the numbers, just the type of the card) and based on your GPS location, it can find the store you are in, and is supposed to sugges the best card to use in that store.
It has an option to "connect" your cards' online account - to recommend amounts and what you've missed and other misc things - but in all honesty, I don't know too much about this app to allow it to access my accounts. So i have not activated that feature.
With regards to bills and the such, I already know which cards give me the most benefits for each "category" so I set them up to be billed automatically to those cards (like Cell Phone - on the Barclay's Rewards card for 2x points for each $ spent).
I am going to try out this app and see how it works out
EDIT: Spelling corrections
06-26-2014 09:00 PM
06-26-2014 09:17 PM
Imagine theoretically buying a moneypak at a 5% category store. $1000 x0.05= $50 a month x 12 months = $600 a year pretty good lol
I will play devils advocate, is that extra amount worth the risk? I have thought about using it to pay electric bill and car payment, but i don't know if its worth the risk
06-26-2014 09:36 PM
I'll beta the idea, I'll just try it with $10 and if I get charged an advance fee at least I'll know. But if I don't ... Lol point city baby!
Its not about cash advance its more about if cc sees you spend like 500+ at grocery store or office supply store , when you usually don't spend there. It may raise an few red flags. I was thinking of trying it with either my discover or freedom next quarter at gas stations but not worth the risk of getting card shut down, and getting blacklisted. I am sure others have differing opinions on the subject.
06-26-2014 10:14 PM
Interesting point, perhaps different dollar amounts each time ? I see how a ccc would catch on to every month exactly $1000 purchase around the same time.
Or maybe 3x a month? I don't know.. this may be a "black hat" type of a scenario. Although it may not be "illegal" it could very well be frowned upon by the Credit Card company. But think about it though, we all have pretty decent amount of bills (utilities - power, phone, cable, water in some instances) all those can be paid by the credit card. That is enough cash back/points for just paying the things you have to pay anyway. You may get away with it maybe once or twice a year, but it may be too risky to even try it.