QuantJock_MBA Wrote: ------------------------------------------------------- > They’ve cracked down on an arb I found. > > Step 1: > > Buy $1 coins from the treasury at cost ($250 for > $250, free shipping). This goes on a credit card, > buy on the first day of the billing cycle as much > as you can (I did $4k at my height). > > http://catalog.usmint.gov/webapp/wcs/stores/servle > t/ProductDisplay?catalogId=10001&storeId=10001&pro > ductId=16063&langId=-1&parent_category_rn=27238 > > Step 2: > > Take the pallet of coins to a bank, be sure you’re > chummy with someone there so they accept the large > cash deposit of coins. Some banks have limits or > charge to accept that many coins. > > Step 3: > > Deposit in a high yield online savings account > and hold until your credit card bill is due. (4% > at the time I did it hard). > > Result - All you’re doing is using the credit card > free line of credit for the 30 days. The Visa I > have refunds 1% of all transactions ($40 off the > cuff). Then, you earn interest on free borrowed > money for 30 days. I can see the Treasury is > cracking down on this oversight, but it was fun > while it lasted. You a FW guy too?
Haha, yup. I have not been on there for some time, but this bit was something that I worked like the rest of the crew. Also, you keep rolling this trend over and it’s like an artificial balance in your savings account backed by your credit card.
QuantJock_MBA Wrote: ------------------------------------------------------- > They’ve cracked down on an arb I found. > > Step 1: > > Buy $1 coins from the treasury at cost ($250 for > $250, free shipping). This goes on a credit card, > buy on the first day of the billing cycle as much > as you can (I did $4k at my height). > > http://catalog.usmint.gov/webapp/wcs/stores/servle > t/ProductDisplay?catalogId=10001&storeId=10001&pro > ductId=16063&langId=-1&parent_category_rn=27238 > > Step 2: > > Take the pallet of coins to a bank, be sure you’re > chummy with someone there so they accept the large > cash deposit of coins. Some banks have limits or > charge to accept that many coins. > > Step 3: > > Deposit in a high yield online savings account > and hold until your credit card bill is due. (4% > at the time I did it hard). > > Result - All you’re doing is using the credit card > free line of credit for the 30 days. The Visa I > have refunds 1% of all transactions ($40 off the > cuff). Then, you earn interest on free borrowed > money for 30 days. I can see the Treasury is > cracking down on this oversight, but it was fun > while it lasted. That’s awesome. I love this little blurb on there: “The immediate bank deposit of $1 coins ordered through this Program does not result in their introduction into circulation and, therefore, does not comply with the intended purpose of the Program.”
higgmond Wrote: > > > That’s awesome. I love this little blurb on > there: > > “The immediate bank deposit of $1 coins ordered > through this Program does not result in their > introduction into circulation and, therefore, does > not comply with the intended purpose of the > Program.” Yeah, I did not originate this idea. It came from a website called fatwallet. While I did not have the credit limit to really arb this, I think some members were pushing five figure purchases for this strategy.
QuantJock_MBA Wrote: ------------------------------------------------------- > They’ve cracked down on an arb I found. > > Step 1: > > Buy $1 coins from the treasury at cost ($250 for > $250, free shipping). This goes on a credit card, > buy on the first day of the billing cycle as much > as you can (I did $4k at my height). > > http://catalog.usmint.gov/webapp/wcs/stores/servle > t/ProductDisplay?catalogId=10001&storeId=10001&pro > ductId=16063&langId=-1&parent_category_rn=27238 > > Step 2: > > Take the pallet of coins to a bank, be sure you’re > chummy with someone there so they accept the large > cash deposit of coins. Some banks have limits or > charge to accept that many coins. > > Step 3: > > Deposit in a high yield online savings account > and hold until your credit card bill is due. (4% > at the time I did it hard). > > Result - All you’re doing is using the credit card > free line of credit for the 30 days. The Visa I > have refunds 1% of all transactions ($40 off the > cuff). Then, you earn interest on free borrowed > money for 30 days. I can see the Treasury is > cracking down on this oversight, but it was fun > while it lasted. This is something I had actually thought of. Except that it involved buying treasuries instead of savings account. And except that I never got past the problem of making cash out of your credit card. This ordering of coins is clever. But to make it worthwhile, you need a big amount of coins !!! Why did it stop working ?
My aunt does something like that. She is a stay at home mom and runs a small business where people bring their crap they want auctioned off. She handles the pricing, listing, shipping, etc. and takes a cut of the final sales price. It’s not a ton of money but it helps the family out and gives her something to do.
QuantJock_MBA Wrote: ------------------------------------------------------- > They’ve cracked down on an arb I found. > > Step 1: > > Buy $1 coins from the treasury at cost ($250 for > $250, free shipping). This goes on a credit card, > buy on the first day of the billing cycle as much > as you can (I did $4k at my height). > > http://catalog.usmint.gov/webapp/wcs/stores/servle > t/ProductDisplay?catalogId=10001&storeId=10001&pro > ductId=16063&langId=-1&parent_category_rn=27238 > > Step 2: > > Take the pallet of coins to a bank, be sure you’re > chummy with someone there so they accept the large > cash deposit of coins. Some banks have limits or > charge to accept that many coins. > > Step 3: > > Deposit in a high yield online savings account > and hold until your credit card bill is due. (4% > at the time I did it hard). > > Result - All you’re doing is using the credit card > free line of credit for the 30 days. The Visa I > have refunds 1% of all transactions ($40 off the > cuff). Then, you earn interest on free borrowed > money for 30 days. I can see the Treasury is > cracking down on this oversight, but it was fun > while it lasted. Classic carry trade. It’s nice. Your credit card is a great source of free cash. As long as you pay off the whole balance…
Muddahuda, How do you get free cash out of your credit card ? Txs.
Viceroy Wrote: ------------------------------------------------------- > Muddahuda, > > How do you get free cash out of your credit card > ? > > Txs. Buy cash, do ‘balance transfers’ directly to a checking or savings account, CAUTIOUSLY ‘overpay’ cards through balance transfers. If you’re serious about this, go to: http://www.fatwallet.com/forums/finance
In my example, you would buy currency on your credit card. Thus, you pay $250 on plastic to get $250 of money.
QuantJock_MBA Wrote: ------------------------------------------------------- > In my example, you would buy currency on your > credit card. Thus, you pay $250 on plastic to get > $250 of money. To expand, you would pay 250 @ 1% and then take your 250 and deposit it into 250 @3 or 4%, thus netting 2-3% in the “carry.” It’s a slow, boring trade but it’s like printing money. The thing that is cool about doing it on a CC, you’re basically using 100% leverage, so if the scale is beg enough you could literlaly start with zero capital and end up with tangible cash.
ASSet_MANagement Wrote: ------------------------------------------------------- > people collect handsom spreads when reselling > brand new vidoe gaming systems after launch… Some college buddies and I camped outside of a Target when the PS3s were released a few years ago. I was in school at the time and was able to get some of our pledges to hold our places in line while we went to class dreaming of the thousands we were going to make off of this. We slept in tents for 2 days on this sidewalk waiting for the PS3s to finally come on sale. We had a liquor store, amazing, in the parking lot along with a CiCis pizza, not a bad combo except there was no bathroom at night. I ended up making ~$700 when I sold it on ebay. Not bad for a completely riskless trade. I was mainly worried about getting mugged with the system so I borrowed my girlfriend’s can of mace and carried it in my pocket. The demand for the PS3s was so ridiculous that year. As soon as we had marked our claim the first night, we found out that the Target had just 6 systems the following morning, probably more than 50 people drove by that night inquiring about PS3s. The guy that was last in line in our group sold his spot in line for $400! His boss had paid him $100 to stand in line and buy one for him. Naturally he left. It was a pretty fun experience once it was all said and done.
ASSet_MANagement Wrote: ------------------------------------------------------- > QuantJock_MBA Wrote: > -------------------------------------------------- > ----- > > In my example, you would buy currency on your > > credit card. Thus, you pay $250 on plastic to > get > > 250 of money. \> \> \> To expand, you would pay 250 @ 1% and then take \> your 250 and deposit it into 250 @3 or 4%, thus \> netting 2-3% in the "carry." \> \> It's a slow, boring trade but it's like printing \> money. The thing that is cool about doing it on a \> CC, you're basically using 100% leverage, so if \> the scale is beg enough you could literlaly start \> with zero capital and end up with tangible cash. "To expand, you would pay 250 @ 1% and then take your 250 and deposit it into 250 @3 or 4%, thus netting 2-3% in the "carry."" I understand the trade I just don't visualise how you can take cash money from your credit card without costs. On my credit card I can withdraw cash, but interests start running right away. So where can you borrow money at 1% ? And about the concept of "buying" money, I don't understand it. Unless you are say a store owner and purchase x in coins for your petty cash, which we have established is a mess to deposit in an account.
Viceroy Wrote: ------------------------------------------------------- > ASSet_MANagement Wrote: > -------------------------------------------------- > ----- > > QuantJock_MBA Wrote: > > > -------------------------------------------------- > > > ----- > > > In my example, you would buy currency on your > > > credit card. Thus, you pay $250 on plastic > to > > get > > > 250 of money. \> \> \> \> \> \> To expand, you would pay 250 @ 1% and then take \> \> your 250 and deposit it into 250 @3 or 4%, thus \> \> netting 2-3% in the "carry." \> \> \> \> It's a slow, boring trade but it's like \> printing \> \> money. The thing that is cool about doing it on \> a \> \> CC, you're basically using 100% leverage, so if \> \> the scale is beg enough you could literlaly \> start \> \> with zero capital and end up with tangible \> cash. \> \> \> \> \> "To expand, you would pay 250 @ 1% and then take \> your 250 and deposit it into 250 @3 or 4%, thus \> netting 2-3% in the "carry."" \> \> I understand the trade I just don't visualise how \> you can take cash money from your credit card \> without costs. On my credit card I can withdraw \> cash, but interests start running right away. \> \> So where can you borrow money at 1% ? And about \> the concept of "buying" money, I don't understand \> it. Unless you are say a store owner and purchase \> x in coins for your petty cash, which we have > established is a mess to deposit in an account. Check the link I posted. You buy currency from the Treasury at cost with free shipping. So I charge $4,000 on my credit card for $4,000 in cash. I have 25 days left in the billing cycle before I have to pay it back. So I simply roll this strategy month over month. I get 1% back (pay $3,960 for $4,000) and at the time I earned ~4% in my savings. Not a ton of interest, but it was a nice risk free way to earn money.
True story - best trade I have ever made: Friends at a bowling alley were playing this game: http://www.primetimeamusements.com/arcadegame.php?id=115 I had never played it before. Put in a dollar, won it literally first try. Prizes were crazy - an iPhone, PS3, Xbox360, and so on. Didn’t know what I was doing when choosing prizes, so I just slapped the ‘select’ button. Machine spat out a Nintendo DS lite. My friends went ballistic. They asked me to duplicate the feat. Figuring I no longer had to pay for my games, I told them I’d happily play for them on their dime. Two friends tried this, but unfortunately, I couldn’t do it again. I did not put another dollar into the machine, went home and sold the DS lite on (of all things) facebook marketplace for $100. Pretty darn good ROI.
higgmond Wrote: ------------------------------------------------------- > Tried doing this several years ago with PS2 & Xbox > games (pre PS3 and Xbox 360 days). I followed > auctions of popular titles for a couple of weeks > and then started bidding on the same titles with > max bid 15% or 20% below “market”. I focused on > auctions that expired in the middle of the night, > figuring the price generally gets driven up in the > last 2 minutes of the auction. I won a handful of > auctions but was never able to unload anything I > won for a profit. Anyone interested in 3 copies > of Madden 2004 for Xbox? Lol hahaha. That was funny. Btw I ruled in Madden 2004. Unstoppable
I’m bumping my old thread. Again txs everyone for inputs. I finally went on FW/Finance. It seems that it’s exclusively for US-related ideas. Anyone know of a similar site for continental Europe ?