The real question: how many cards can I register with the phone company, pay the bill in $1.99 chunks across a couple dozen cards...

8086x6 said:The real question: how many cards can I register with the phone company, pay the bill in $1.99 chunks across a couple dozen cards...

I had this silly thought run across my brain as I was trying to find something useful that would cost a total of 1.99. The thought was 'hey, these issuers do take payments! I could charge something for say 2.99 and send them $1 before the statement cycles!'

Does anyone know where I can get a life FAR?

Umm, I was making fun of myself. That really was my thinking when i was out shopping this afternoon. BTW since it's a low balance credit charging as much as you like and paying the balance down to 1.99 should work.

I'm starting to think you're not a really nice man after all.

Economist said:Well, assume you are paying a utility bill online, and it takes about 20 seconds to do a single payment. In half an hour of work you'd be able to make around $200, which is $400/hour. Seems a pretty decent use of one's time.

As far as using credit, what if your limits are only 300-500 on each of the cards? Carrying $50k 0% bt (100% utilization) would net $2500 per year at 5%, but of course how many card accounts you'd have after going 100% utilization overall and on every single card is an interesting question From small balance cancellation you'd net $2400, and will show 0% utilization at all times, which means you credit score would be much higher.

BrianGa said:highmktgoods said:Well I was just thinking that if I had 100 of those kinda cards...i would find a better use of my time/credit.

I think you're on to something here.... I can see it now: The next best thing to an App-O-Rama, OR, what to do with the cards when you're finished with AOR!!

ElectricSavant said:I short pay my balance on my CC before the cycle date ends so that the CC company decides to write off the token remaining balance to avoid a print during the run of their statement routine for mailing...The thing is - you will still get a statement in mail

Any month that you make a purchase, the cc issuer needs to mail out a statement regardless what the statement balance is. So I don't quite get why they do it, but I don't complain

Chase billed at $2.00

Etrade billed at $1.97

Sears MC is Citibank, I thought Citi wasn't forgiving small balances. I'd want to see another data point or three before I'd apply.

My main reason for using occasional sub $2 charges springs from tremendous fear of sudden accounts closures for “inactivity”. Losing a $25K or a $30K account that’s helping utilization but is staying at 0 balance and mingling with socks could be devastating to some.

My main question is if the Chases, Discovers et al forgive these teeny charges, will they still COUNT them as activity? In other words, will a dismissed $1.47 charge convince these forgiving banks my account is no longer dormant, I’ve mobilized it and they shouldn’t close it, for I’ve charged a coupla bucks within a year?

By the way, Discover keeps refusing to bill anything sub $2, at least in my experience.

Sorry if this question been asked, it’s a long thread and I haven’t parsed. Thanks.

To clear up something...that I keep forgetting while contemplating this...

This is all done WITHIN the cycle...so if they decide to bill you and not write it off...don't worry...your not going to get slapped with max cycle interest, just pay the bill in time...

For those of you calculating with float....perhaps large balances would not be cost effective to short pay...as the loss of some days of interest would be the cost to pay earlier than you usually do. (I have not really counted daily interest, but my spreadsheet will include a column for this)

The inactivity question by using small charges...well that is another thing...but the preferred method might be just to short pay a larger balance...but not too large of a balance...if there is only one transaction..perhaps there would not be a trigger...but two or three transactions added up to one number then you short pay it..might solve the problem...I really do not know...

I was thinking of that guy that has nearly 2 million of business loc's and keeps his personal lines clear to use them for getting the business lines...he could use this method for extra income if he could figure out how to fill his car up with multiple cards twice...he would gain no inactivity closures and get a chance to short pay for extra income...

hmm...lets see...My car holds about 17 gallons and I fill up only three times a month...hmmm...maybe 16 cards three times at $2.50 EACH...ok...utility bills!

Michael B.

Or pair it up with the Biz LOC strategy...


Link

Boxcutter said:Wow, you can get a free hamburger each month.