topic Re: Double Dipping in Credit Cards

Double Dipping

TheFate — Mon, 21 Jul 2014 03:41:39 GMT

Have you guys ever charged your 5-6% CB cards then paid off your balance with your 1.5-2% CB cards to double dip on the Cash Back?

Can you do that? I've never tried but would assume you could

Re: Double Dipping

mongstradamus — Mon, 21 Jul 2014 03:49:30 GMT

@TheFate wrote:
Have you guys ever charged your 5-6% CB cards then paid off your balance with your 1.5-2% CB cards to double dip on the Cash Back?

Can you do that? I've never tried but would assume you could

That is playing it dangerously , you could get your card shut down that way.

Re: Double Dipping

Christina_xyt — Mon, 21 Jul 2014 03:50:39 GMT

My question is how do you do that? Balance transfer? Isnt the fee higher than the cash back??

Re: Double Dipping

mongstradamus — Mon, 21 Jul 2014 03:52:57 GMT

@Christina_xyt wrote:
My question is how do you do that? Balance transfer? Isnt the fee higher than the cash back??

you can use serve to that i suppose, but you will probably get card closed and shut down, and possibly blacklisted. You can try and tell me if you get banned lol

Re: Double Dipping

TheFate — Mon, 21 Jul 2014 03:53:13 GMT

@Christina_xyt wrote:
My question is how do you do that? Balance transfer? Isnt the fee higher than the cash back??

Charge your card, get 5% back on Gas.

Log on to your pay your bill then charge your Quicksilver card to pay for the balance purchased for gas and get 1.5% back on that

It's wrong I know, but my question is has anyone tried and is there something in the contract stating you cant do this?

Re: Double Dipping

mongstradamus — Mon, 21 Jul 2014 03:54:44 GMT

@TheFate wrote:
@Christina_xyt wrote:
My question is how do you do that? Balance transfer?Isnt the fee higher than the cash back??
Charge your card, get 5% back on Gas.

Log on to your pay your bill then charge your Quicksilver card to pay for the balance purchased for gas and get 1.5% back on that

It's wrong I know, but my question is has anyone tried and is there something in the contract stating you cant do this?

credit cards won't allow you to pay off another credit account like cc, loans, mortgage etc. You will have to find an intermediary to do it.

Re: Double Dipping

One7 — Mon, 21 Jul 2014 03:55:16 GMT

I may be wrong but I'm pretty sure the only way to pay a CC is with a check or with your checking account online with the account # and routing #

Re: Double Dipping

Christina_xyt — Mon, 21 Jul 2014 03:55:20 GMT

I still don't understand how to do it.. How to use a credit card to pay another card.. You can do triple dipping in that case I guess!

Re: Double Dipping

mongstradamus — Mon, 21 Jul 2014 03:58:02 GMT

@Christina_xyt wrote:
I still don't understand how to do it.. How to use a credit card to pay another card.. You can do triple dipping in that case I guess!

You can do it but then you will get account get shut down and probably blacklisted. I personally don't think its worth the risk. Others may differ in opionion on how risky it is. You can potentially get your cc shut down as well as your checking account if its the same bank as your cc.

Re: Double Dipping

TheFate — Mon, 21 Jul 2014 04:01:33 GMT

@mongstradamus wrote:
@Christina_xyt wrote:
I still don't understand how to do it.. How to use a credit card to pay another card.. You can do triple dipping in that case I guess!
You can do it but then you will get account get shut down and probably blacklisted. I personally don't think its worth the risk. Others may differ in opionion on how risky it is. You can potentially get your cc shut down as well as your checking account if its the same bank as your cc.

I agree I think they would shut down your account thats why I asked if others did it to find out.

But in the same sense I've never read the fine print to find out if you could do it. I'm not sure I want to be the ginnie pig lol

Re: Double Dipping

Christina_xyt — Mon, 21 Jul 2014 04:05:00 GMT

I don't think people can do that because you can just makE infinite cb by doing so with your multiple credit cards back and forth a million times...

Re: Double Dipping

TheFate — Mon, 21 Jul 2014 04:10:56 GMT

@Christina_xyt wrote:
I don't think people can do that because you can just makE infinite cb by doing so with your multiple credit cards back and forth a million times...

Maybe it's never been done yet lol

Re: Double Dipping

mongstradamus — Mon, 21 Jul 2014 04:15:58 GMT

@TheFate wrote:
@Christina_xyt wrote:
I don't think people can do that because you can just makE infinite cb by doing so with your multiple credit cards back and forth a million times...
Maybe it's never been done yet lol

There are limits put in place for an reason . If banks algorithms see some abnormal spending like way over your income, you will get busted and may have IRS knocking on your door lol

Re: Double Dipping

UTK_GOBO — Mon, 21 Jul 2014 04:18:54 GMT

The simple answer is yes. There are a lot of different ways and services out there that allowed you to do this.

Re: Double Dipping

Anonymous — Mon, 21 Jul 2014 04:58:55 GMT

I think the fees for using credit cards outweigh the points you get at the end of it off. Maybe you're better off buying gold with your CC, sell that gold back, pay off your CC, and accumulate points

Re: Double Dipping

TheFate — Mon, 21 Jul 2014 05:02:41 GMT

@Anonymous wrote:
I think the fees for using credit cards outweigh the points you get at the end of it off. Maybe you're better off buying gold with your CC, sell that gold back, pay off your CC, and accumulate points

What fees?

Re: Double Dipping

Anonymous — Mon, 21 Jul 2014 05:08:58 GMT

@TheFate wrote:
@Anonymous wrote:
I think the fees for using credit cards outweigh the points you get at the end of it off. Maybe you're better off buying gold with your CC, sell that gold back, pay off your CC, and accumulate points
What fees?

You cannot, directly, pay say your Capital One card by entering your Chase credit card number, so you have to do it some other way. Some one example would be to get a convenience check from Chase and use that, similar to a balance transfer, but there are often (although not always) fees for this. Or, is in Slate, no rewards. But in theory if you have two cards with 0% APR for BT and no fee, forever, and gave rewards you could do that.

Otherwise you can use things like serve, which has low limits, or Bluebird, where loading with cards would have fees, or other similar bill pay derivatives. Generally, all these companies want to make money somehow

Re: Double Dipping

Anonymous — Mon, 21 Jul 2014 06:04:51 GMT

@TheFate

Every time you use a CC, someone's getting charged a ~2-3% fee. Usually the seller. If you're using a CC to pay off a CC through whatever medium you'll be the one hit with that fee. So in most cases, if anyone were able to pay off a CC with another CC successfully to "double dip" on points, they'll probably just break even at best.

By the way, I'm new to these forums and cannot figure out how to quote someone in a post. Is there a button somewhere I'm missing?

Re: Double Dipping

TheFate — Mon, 21 Jul 2014 06:12:41 GMT

@Anonymous wrote:
@TheFate

Every time you use a CC, someone's getting charged a ~2-3% fee. Usually the seller. If you're using a CC to pay off a CC through whatever medium you'll be the one hit with that fee. So in most cases, if anyone were able to pay off a CC with another CC successfully to "double dip" on points, they'll probably just break even at best.

By the way, I'm new to these forums and cannot figure out how to quote someone in a post. Is there a button somewhere I'm missing?

Thanks for explaining

Yes, when you hit the reply button and brought to the new screen look up to the right you'll see the Quote button

Re: Double Dipping

Anonymous — Mon, 21 Jul 2014 06:36:04 GMT

@TheFate wrote:
@Anonymous wrote:
@TheFate

Every time you use a CC, someone's getting charged a ~2-3% fee. Usually the seller. If you're using a CC to pay off a CC through whatever medium you'll be the one hit with that fee. So in most cases, if anyone were able to pay off a CC with another CC successfully to "double dip" on points, they'll probably just break even at best.

By the way, I'm new to these forums and cannot figure out how to quote someone in a post. Is there a button somewhere I'm missing?
Thanks for explaining

Yes, when you hit the reply button and brought to the new screen look up to the right you'll see the Quote button

Ahh there it is, thanks