Perils of MS

[Imperfectfuture]

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@Anonymous wrote:

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@Imperfectfuture wrote:

Plus, daycare should be OUTSIDE of cc use (a primary necessity to keep your job), and shouldn't be part of the spend to reach max bonus.  Sorry, that's just an overextended accident waiting to happen.

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Why should it be outside of CC use if it is a legitimate expense?

By your logic, the only time one should ever use credit is for large purchases payable over time.

I'm talking about everyday spend here. And if Daycare is one of those, then it too should count.

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If ye don't like the terms of credit, maybe ye should rethink your investment strategy.  Apparently, not everything inlife is catered to ye needs.  None of my rent collectors over past 20 years have accepted cc's due to swipe fees,  tis reason for that.  And see what happened to this person and op, not such a good outcome.

Not everything in life goes our way, I thought there was a little more maturity in ye old posts.  Ye don't deserve 10% back on everything.  I could easily cover all monthly expenses with my current credit limits, but I don't.  However, legitimate gift cards should count, but not over the amount of purchase.  I'm not out to get the banks, I'm out to build future relationships.  (I am getting a new iPad when the BCE gets here, typing on this forum is WAY to slow.  I need to sell some old stuff anyways).

[go_FICO_self]

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@Imperfectfuture wrote:

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@Anonymous wrote:

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@Imperfectfuture wrote:

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@0REDSOX7 wrote:
This happened to me - I got shut down for doing MS and not even knowing what I was doing.

Backstory - my kids are in daycare - paying just under 400/week. My daycare accepted only VISA and MasterCard so I used my AmEx Hilton card to buy 400 gift cards each week. I figured I could get the double points for Hilton and keep the $$$ in my checking account a bit longer.

Well, it was fine for one month. Then a month later, I had adverse action and my credit limit was cut in half. I put what gift cards I could get, pay mid cycle and get the others after the fact.

Two months later the card was closed due to a violation of the cards T&Cs. Never knew what I did wrong - now I know.

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Actually, that was a recommendation off of several flyer type web sites (I was doing my research).  Another recommendation was, if you felt the end was coming, to max out your spend on gift cards, since that was essentially considered zero percent interest free money.  I think by putting as many cards as possible when they lowered your limit, methinks you knew the risks, they are clearly explained.

When it comes time for my spend cards, I plan on a big legitimate purchase, with the 0 % financing offer, have a few months to pay down (and it's generally 30% or less of my limit.  What is so wrong with buying normal gift cards as part of your shopping, that you would use anyway?  Coulda bought some Safeway gift cards, and bought some groceries, etc.  since you had a recent bankruptcy discharge, sorry you lost out on this, Amex took a chance on you.  Shoulda read those threads more carefully.

And please, people, if you need to MS to pay for daycare, and you can't meet the min spend for the max bonus, DON'T app for the dang card.

Rant over.

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I completely and vehemently disagree with this.

If you're spending it legitimately, you can and should get rewarded for it.

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Agree with LTL, what is legitimate use?  From my research, it's getting harder and harder.  Plus, daycare should be OUTSIDE of cc use (a primary necessity to keep your job), and shouldn't be part of the spend to reach max bonus.  Sorry, that's just an overextended accident waiting to happen.

Again, what is legitimate, all those things I saw as to how to pay other bills with the card?  If you are standing in line at Wally world (or wherever), waiting to get a money order, you DANG know what you are doing, and you know the risks entail adverse action, hence - not so legitimate.  What's the excuse if they do pull AA on you?  Wanted some cash advances above the limit set on my card?

Respectfully disagree.

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Not to butt heads with you in every thread, but this is not an MS thing. That person mentioned that later that year they filed BK. so amex closed the account because they saw the signs and didn't want to be IIB. that story has nothing to do with MS and how the card was used. just that it was used and had very high balance.

[Anonymous]

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@Imperfectfuture wrote:

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@Anonymous wrote:

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@Imperfectfuture wrote:

Plus, daycare should be OUTSIDE of cc use (a primary necessity to keep your job), and shouldn't be part of the spend to reach max bonus.  Sorry, that's just an overextended accident waiting to happen.

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Why should it be outside of CC use if it is a legitimate expense?

By your logic, the only time one should ever use credit is for large purchases payable over time.

I'm talking about everyday spend here. And if Daycare is one of those, then it too should count.

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If ye don't like the terms of credit, maybe ye should rethink your investment strategy.  Apparently, not everything inlife is catered to ye needs.  None of my rent collectors over past 20 years have accepted cc's due to swipe fees,  tis reason for that.  And see what happened to this person and op, not such a good outcome.

Not everything in life goes our way, I thought there was a little more maturity in ye old posts.  Ye don't deserve 10% back on everything.  I could easily cover all monthly expenses with my current credit limits, but I don't.  However, legitimate gift cards should count, but not over the amount of purchase.  I'm not out to get the banks, I'm out to build future relationships.  (I am getting a new iPad when the BCE gets here, typing on this forum is WAY to slow.  I need to sell some old stuff anyways).

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I use credit as a tool in every day life, thank you very much.

I don't have rent, or a mortgage (free and clear)

Fortunately our HOA allows dues to be paid with a CC (Everything but AMEX, lol)

I understand that some people use credit in different ways than others, I just chose to use credit for everything i can use it for, and i'd do it just the same even if they didn't give me rewards to do so. But if rewards are to be had, then I want it all.

[Involver]

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Nixon wrote: 

I understand that some people use credit in different ways than others, I just chose to use credit for everything i can use it for, and i'd do it just the same even if they didn't give me rewards to do so. But if rewards are to be had, then I want it all.

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This, exactly.  

If the opportunity to earn rewards by spending money on things you would be buying anyways exists, why not take advantage of it?

Beyond that, using credit for purchases is safer than using a debit card / bank info.

[Anonymous]

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@Involver wrote:

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Nixon wrote: 

I understand that some people use credit in different ways than others, I just chose to use credit for everything i can use it for, and i'd do it just the same even if they didn't give me rewards to do so. But if rewards are to be had, then I want it all.

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This, exactly.  

If the opportunity to earn rewards by spending money on things you would be buying anyways exists, why not take advantage of it?

Beyond that, using credit for purchases is safer than using a debit card / bank info.

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I think most would agree with this (although clearly not everyone!)   But the tipping point is simply how you do this.   If you go to a merchant, or your HoA etc, and pay with a credit card (and "happen" to get rewards) that's great.   It's when you buy gift cards (or similar, maybe funding serve will get more attention eventually) to get rewards for a purchase that otherwise didn't take ccs, that's when the issuers might get antsy.

And as I have said before (before MY shutdown!): your intent ( would pay this bill anyway) is more or less irrelevant as far as the CCCs are concerned, if they don't like GC purchases

[yfan]

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@Anonymous wrote:

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@Anonymous wrote:

But what does "legitimately" mean?  If the T&Cs say purchase of cash equivalents won't be rewarded......    From the CCC viewpoint, they can't distinguish between "good" and "bad" uses, all the same to them

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Legitimate spending would be spending you have to do regardless. Daycare is one of these.

Like i said before, I don't encourage ABUSE of rewards. But I do believe that if one is actually incurring legitimate expense, then one should be able to put it on a CC and earn rewards on it.

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I agree with this. However, from Amex's point of view, the problem wasn't that s/he was trying to use a credit card to pay for daycare expenses - it was that s/he was using the credit card to buy gift cards to get around the fact that the daycare doesn't accept Amex.

[Anonymous]

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@Anonymous wrote:

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@Involver wrote:

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Nixon wrote: 

I understand that some people use credit in different ways than others, I just chose to use credit for everything i can use it for, and i'd do it just the same even if they didn't give me rewards to do so. But if rewards are to be had, then I want it all.

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This, exactly.  

If the opportunity to earn rewards by spending money on things you would be buying anyways exists, why not take advantage of it?

Beyond that, using credit for purchases is safer than using a debit card / bank info.

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I think most would agree with this (although clearly not everyone!)   But the tipping point is simply how you do this.   If you go to a merchant, or your HoA etc, and pay with a credit card (and "happen" to get rewards) that's great.   It's when you buy gift cards (or similar, maybe funding serve will get more attention eventually) to get rewards for a purchase that otherwise didn't take ccs, that's when the issuers might get antsy.

And as I have said before (before MY shutdown!): your intent ( would pay this bill anyway) is more or less irrelevant as far as the CCCs are concerned, if they don't like GC purchases

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Isn't serve seen as a cash advance with a couple of Issuers now?

[Luscher]

Chase is. I tested it with $1. My cash advance limit on my card went down by $1 but no cash advance fee yet

[Anonymous]

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@Luscher wrote:
Chase is. I tested it with $1. My cash advance limit on my card went down by $1 but no cash advance fee yet

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Well that does me no good!

[Anonymous]

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@Anonymous wrote:

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@Luscher wrote:
Chase is. I tested it with $1. My cash advance limit on my card went down by $1 but no cash advance fee yet

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Well that does me no good!

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no more MS for you!