Way to cash out credit card balance

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I didn't see anything from searching, so forgive me if this is common knowledge, but I think I've found a way to cash out your CC balance at 1.19% if you don't mind waiting a little bit. $119 to get $10,000. If you can make a profit of over 1.19%, seems totally worth it. The MAJOR use for this is to meet reward spend and cash out gift cards.

I have a Citi card with a $12k limit and 0% for 12 months on purchases. I want to cash out $10k of that. I buy 20 $500 Vanilla Visa gift cards from CVS/Walgreens/etc with at $5.95 fee to load them. Costs me $10,119 total. I write down all of the cards numbers (for safety), then mail them to Visa and cancel the agreement and they issue me 20 $500 checks.

The notable section of the cardholder agreement:
Revocation/Cancellation:
The Prepaid Giftcard will remain the property of the Issuer and we may revoke or suspend the Prepaid Giftcard or this Cardholder Agreement at any time without cause or notice. You must surrender a revoked Prepaid Giftcard and may not use it to make purchases. You may cancel this Cardholder Agreement by returning the Prepaid Giftcard to us. Your termination of this Cardholder Agreement will not affect any of our rights or your obligations arising under this Cardholder Agreement prior to termination. Any remaining balance will be sent to you by check as long as you return the Prepaid Giftcard to Vanilla Visa Gift Card Customer Service, PO Box 826, Fortson, GA 31808, and provide your name and address.

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sounds like a worthy endeavor for a homeless guy

FrankMir said:   sounds like a worthy endeavor for a homeless guy

Homeless guy with $10k+ credit line lol.

Al3xK said:   I write down all of the cards numbers (for safety), then mail them to Vanilla Visa Gift Card Customer ServiceI hope they hire trustworthy clerks to pick up the mail at the PO BOX

xoneinax said:   Al3xK said:   I write down all of the cards numbers (for safety), then mail them to Vanilla Visa Gift Card Customer ServiceI hope they hire trustworthy clerks to pick up the mail at the PO BOX

This is one risk. I'd mail them once every couple of days to separate out the risk.

Also, I'd check the balance every day using the card # and pin, and you have 48 hours to notify them if it's lost/stolen and your liability is limited to $50.

what would happen if somebody fraudulently cashed several of the refund checks?

would Visa replace them free?

maybe I've found a way for us to make this scheme really profitable.

50/50 partners?

Don't forget the cost of stamps and envelopes in your calculation.

Al3xK said:   FrankMir said:   sounds like a worthy endeavor for a homeless guy

Homeless guy with $10k+ credit line lol.


My dog has $10k+ credit line lol.

Why not just churn ten million dollars worth thru the Fidelity 2% AMEX? $10M * (2% - 1.19%) = $81k

Al3xK said:   I didn't see anything from searching, so forgive me if this is common knowledge, but I think I've found a way to cash out your CC balance at 1.19% if you don't mind waiting a little bit. $119 to get $10,000. If you can make a profit of over 1.19%, seems totally worth it.


Don't quit your day job just yet...

samiam68 said:   Al3xK said:   I didn't see anything from searching, so forgive me if this is common knowledge, but I think I've found a way to cash out your CC balance at 1.19% if you don't mind waiting a little bit. $119 to get $10,000. If you can make a profit of over 1.19%, seems totally worth it.


Don't quit your day job just yet...


Haha, I was thinking this would be good for the "Spend $2500 in 3 months and get 50,000 points"...which I do every now and then.

sunspotzsz said:   Al3xK said:   FrankMir said:   sounds like a worthy endeavor for a homeless guy

Homeless guy with $10k+ credit line lol.


My dog has $10k+ credit line lol.


Is his name Santos L. Helper?

This does actually work. I did the same with an AMEX gc, I bought for a specific merchant but, could not get the card to work. AMEX customer service, cancelled the card ( no mailing necessary) and sent me a check.

If you are going to mail them, use registered mail.

This is a great way to get blacklisted by Vanilla.

What are you going to do when Walgreens/CVS/etc manager says you can't buy one $500 Visa card, let alone multiples, with a credit card?

Serpentor said:   Why not just churn ten million dollars worth thru the Fidelity 2% AMEX? $10M * (2% - 1.19%) = $81k At only $500 per churn cycle? This guy will singlehandedly save the Postal System from bankruptcy...

depalma13 said:   What are you going to do when Walgreens/CVS/etc manager says you can't buy one $500 Visa card, let alone multiples, with a credit card?

Ain't no CVS's in my area will let you, not sure about Walgreens.

I once found a 7/11 manager who could punch in some sort of override to let my buy moneypaks with a CC, but after the third time, he told me he couldn't do it anymore.



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