Re:Golden Rules for Making Money (1880)
by umvi on Monday March 25, 2019 @03:14PM
(#19485769)
Didn't people abuse this one time to by buying $1 coins from the US Government with credit cards and then immediately re-depositing them into their bank accounts? They were essentially pocketing a fraction of the merchant fees the govt had to pay in order for people to buy the coins with credit cards.
[ Parent
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Re:Golden Rules for Making Money (1880)
by jackweirdy on Monday March 25, 2019 @03:25PM
(#19485909)
Yes, and (in the US) money orders too, at USPS.
Then, USPS realised what was happening, and blocked them for purchase on credit cards.
The “manufactured spend” community (who cycle money through cards to get cashback/points without really spending money) then started buying prepaid debit cards & gift cards on credit, then buying money orders on gift cards, then depositing the money back in their bank.
That came to an end a couple of years ago when prepaid cards were also blocked: https://www.reddit.com/r/churning/comments/7ac5t9/doc_link_n...