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Meeting 4K Spending on CSR - Question

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Meeting 4K Spending on CSR - Question

Hello and thanks for looking.

 

I got approved for the CSR and was thinking of the best way to start the 4K spending limit. My company uses Square to charge stuff to the business and they are okay with me charging 4000 and putting it back in my check for that same amount. They wouldnt charge taxes or anything.

 

I was wondering are there any repurcussions to do this? 

 

**apologies in advance if this offends anyone.

Message 1 of 56
55 REPLIES 55
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Valued Contributor

Re: Meeting 4K Spending on CSR - Question

I would be very cautious about having a large amount of $$ going thru square...
NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 2 of 56
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Valued Contributor

Re: Meeting 4K Spending on CSR - Question


@xseriox wrote:

Hello and thanks for looking.

 

I got approved for the CSR and was thinking of the best way to start the 4K spending limit. My company uses Square to charge stuff to the business and they are okay with me charging 4000 and putting it back in my check for that same amount. They wouldnt charge taxes or anything.

 

I was wondering are there any repurcussions to do this? 


Pretty sure Chase would either catch you early and close your account, or catch you later and charge you back as well as close your account.

 

Being shady with large financial institutions is not a great idea.

Message 3 of 56
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Established Contributor

Re: Meeting 4K Spending on CSR - Question


@fltireguy wrote:
I would be very cautious about having a large amount of $$ going thru square...

Be cautious but if the business is legitimate and you don't own it I don't see why it would hurt.

TU Fico 841 as of 4/2017, Experian Fico 830 as of 3/2017, Equifax FICO 839 as of 3/2017.
Message 4 of 56
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Re: Meeting 4K Spending on CSR - Question

Any peculiar reason? We are an event hospitality company and alot of times we take in huge deposits for events, Square has been awesome and had no problems with them. 

Message 5 of 56
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Re: Meeting 4K Spending on CSR - Question


@xseriox wrote:

Any peculiar reason? We are an event hospitality company and alot of times we take in huge deposits for events, Square has been awesome and had no problems with them. 


To be safer, I would do it in two goes, and use non-round amounts   (a single charge of exactly $4K might scream to chase "Look at me"!)   My only concern would be if the banks realized the charge was from your employer (from credit reports for example) but don't think it is a huge risk.

 

Nice of your employer to eat the fee.

Message 6 of 56
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Re: Meeting 4K Spending on CSR - Question


@longtimelurker wrote:

@xseriox wrote:

Any peculiar reason? We are an event hospitality company and alot of times we take in huge deposits for events, Square has been awesome and had no problems with them. 


To be safer, I would do it in two goes, and use non-round amounts   (a single charge of exactly $4K might scream to chase "Look at me"!)   My only concern would be if the banks realized the charge was from your employer (from credit reports for example) but don't think it is a huge risk.

 

Nice of your employer to eat the fee.


Yeah I'd do what LTL suggested. Maybe a charge for like 2105.72, and 1987.99. Something like that.. don't make it add to exactly 4K. I'd go under a bit, and spend some normal spend to make up difference.. or go above. I think you'd be fine since it's a legitimate business.

 

Are they going to make you pay the 2.75% fee back though?

TU Fico 841 as of 4/2017, Experian Fico 830 as of 3/2017, Equifax FICO 839 as of 3/2017.
Message 7 of 56
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New Member

Re: Meeting 4K Spending on CSR - Question


@longtimelurker wrote:

@xseriox wrote:

Any peculiar reason? We are an event hospitality company and alot of times we take in huge deposits for events, Square has been awesome and had no problems with them. 


To be safer, I would do it in two goes, and use non-round amounts   (a single charge of exactly $4K might scream to chase "Look at me"!)   My only concern would be if the banks realized the charge was from your employer (from credit reports for example) but don't think it is a huge risk.

 

Nice of your employer to eat the fee.


Thanks for the idea! I believe when something is charged on Square it says Sqaure and the item name but I will make sure. Yes my employers are awesome, its a small laid back NYC company.

Message 8 of 56
Senior Contributor

Re: Meeting 4K Spending on CSR - Question

Remember you get burned when you play with fire.

 

This is a no, no here!

Personal Cards: Amex Gold, & Plat | Amex Delta Res | Amex Hilton | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR | Amex Plat
Message 9 of 56
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Re: Meeting 4K Spending on CSR - Question


@solongtj wrote:

@longtimelurker wrote:

@xseriox wrote:

Any peculiar reason? We are an event hospitality company and alot of times we take in huge deposits for events, Square has been awesome and had no problems with them. 


To be safer, I would do it in two goes, and use non-round amounts   (a single charge of exactly $4K might scream to chase "Look at me"!)   My only concern would be if the banks realized the charge was from your employer (from credit reports for example) but don't think it is a huge risk.

 

Nice of your employer to eat the fee.


Yeah I'd do what LTL suggested. Maybe a charge for like 2105.72, and 1987.99. Something like that.. don't make it add to exactly 4K. I'd go under a bit, and spend some normal spend to make up difference.. or go above. I think you'd be fine since it's a legitimate business.

 

Are they going to make you pay the 2.75% fee back though?


Yeah thats the route I am going to do. They wouldnt charge me the fee however since we charge so much money on Square they give us a discounted fee of 1.3% for all transaction. A small price to pay.

 

Message 10 of 56
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