What's the term for?

[AllZero]

Once your secured BoA card graduates, you can ask csr to permanently remove the fee. Wait for the fee to post before making the request.

[Anonymous]

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@Anonymous wrote:

I found the YouTube video, it was by "Ask Sebby."

He also stated that it could be considered moneylaundering and card issuers have closed accounts because of it, howver he did state that those with smaller limits shouldn't have anything to worry about.

He was spaking on people with $10K or higher CL, who will max spend, pay it off, then max spend numerous times with in the month.

I obviously don't own any high limit credit cards, however I do have two cash back secured cards(BOA and TD Bank) and I was researching Plastiq to see if that's a way to pay my monthly auto loan, my utilities and more to optimize the cash back.

Also, even though when I signed up for these two secured cards that both came with an annual fee, but I've made at lest $400 in cash back in the last 1.5 years on each card, so I made my AF and more back.

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I can't see how racking up merchant fees for the issuer is money laundering. I consider it heavy use of the card and if PIF successfully many times, it will result in a CLI. Using high amounts of your CL is not illegal lol.

Now if its mostly for charges to something like "ABC Enterprises", I can see an investigation being in order. But if they are legitimate well known merchants, no. Home depot,  etc. No.

[Anonymous]

People around here don't think too highly of Ask Sebby. Take what he says with a tablespoon of salt unless you read it here too. 

[Anonymous]

BOA has already stated that once my secured card graduates, due to TOS, my unsecured card will still incur an AF, even though the same secured card I have no longer comes with an AF for New applicants.

I was also advised that my only option to aviod the AF after graduation was to apply for an unsecured product that doesn't  come with a AF or product change to a likewise product, BUT I will lose all that credit history.

[Anonymous]

That's fair, but I don't want to spend years rebuilding to only be "blacklisted" for using these tactics, just like AMEX is closing accounts for people who are "Self-Refering" for bonuses.

I'd rather do everything the "RIGHT" way  and have peace of mind that unless we have a recession, my cards and crdit limits are safe.

[Anonymous]

"People around here don't think too highly of Ask Sebby. Take what he says with a tablespoon of salt unless you read it here too. "

Not trying to be argumentative, but that's a highly suggective comment, somewhat petty and gives me the impression that you have something against him.

From all the videos I've watched of him, he actually recommends MyFico to his viewers and followers.

I am objective and willing to accept advice from anybody, especially people who have traveled the road that I'm on and are where I want to be.

Besides, as successful as he is and his high number of followers, I'm certain if he was out of touch or gave incorrect advice, someone would have corrected him.

Again, not trying to cause friction, but I'm only here for educational finacial and credit advice and to offer a bit of advice from my relevant perspective.

[AllZero]

As you've mentioned, current published terms show no fee on the secured card; BankAmericard.

I guess it all depends on the CSR you speak with. Wait for the card to graduate. If you can't get fee waived with one CSR, HUCA Hang Up Call Again and speak with another CSR. Data Points shows fee can be waived, permanently removed.

It would be a shame to lose that history.

[Anonymous]

@Anonymous wrote:

"People around here don't think too highly of Ask Sebby. Take what he says with a tablespoon of salt unless you read it here too. "

Not trying to be argumentative, but that's a highly suggective comment, somewhat petty and gives me the impression that you have something against him.

From all the videos I've watched of him, he actually recommends MyFico to his viewers and followers.

I am objective and willing to accept advice from anybody, especially people who have traveled the road that I'm on and are where I want to be.

Besides, as successful as he is and his high number of followers, I'm certain if he was out of touch or gave incorrect advice, someone would have corrected him.

Again, not trying to cause friction, but I'm only here for educational finacial and credit advice and to offer a bit of advice from my relevant perspective.

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Actually I am neutral on him. He covers topics I have no interest in. I just have seen his links removed here and people be told not to take his advice. 🤷‍♂️ 

[Anonymous]

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@Anonymous wrote:

"People around here don't think too highly of Ask Sebby. Take what he says with a tablespoon of salt unless you read it here too. "

Not trying to be argumentative, but that's a highly suggective comment, somewhat petty and gives me the impression that you have something against him.

From all the videos I've watched of him, he actually recommends MyFico to his viewers and followers.

I am objective and willing to accept advice from anybody, especially people who have traveled the road that I'm on and are where I want to be.

Besides, as successful as he is and his high number of followers, I'm certain if he was out of touch or gave incorrect advice, someone would have corrected him.

Again, not trying to cause friction, but I'm only here for educational finacial and credit advice and to offer a bit of advice from my relevant perspective.

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I'm not against or for anyone, but after suggesting that cycling and using too much CL is illegal, puts him in the class with snake oil salesmen. If I run across anything from him, I'll leave the web page. 

[Anonymous]

That's fair.

I agree with 90% of what Dave Ramsey states and that 10% happens to be his stance on credit cards.

To each his/her own, I'm only here to get to where so many members in this communtiy are already!