I know a lot of people have completed AOR, planning on, etc. I think the main problem people deal with is pulling the cash out of your 0 APR credit cards without fees, as most cards have BT fees, if you were to choose BT into your checking account.
The following methods are available: 1. Paypal 5% fee 2. Google Checkout (0% but tax implications) 3. Forex Account (cash in/cashout. details below)
There's another method and it's fee free. It involves opening a FOREX trading account. FOREX is short for "foreign exchange market", an over-the-counter market where currencies are traded. Forward contract - The sale or purchase of a commodity for delivery at a specified future date, usually a private transaction that is not conducted over an exchange. Free milling - Ores of gold or silver from which the precious metals can be recovered by concentrating methods without resorting to pressure leaching or other chemical treatment.
A lot of FOREX brokers let you use your credit to fund your account and this will be noted as a CHARGE, not as a cash advance but you won't to confirm with your broker. I picked FOREX.com as my broker for the following reasons:
1. Popular & High Credibility ..more 2. Takes CC for deposits and is noted as a charge, not cash adv. There is no CC fee (VISA/MC) 3. Promotions: a. Open and fund a FOREX.com account before December 31, 2006 and we'll reward you with a cash bonus of up to $1000. You'll see the cash appear in your account within 30 days of initial funding.
Initial Deposit ---- Bonus $1000-2500 ------ $50 $2500-5000 ------ $100 $5000-10000 ---- $175 $10000-25000 --- $250 $25000-50000 --- $500 $50000-100000 -- $1000 * taken from here
Although this promotion had expired, I was able to get the offer on 3/24/2007 from the representative. If you're not able to get it, I can PM you the representative I worked with upon request.
b. Offering 5% for 90 days
MY PLAN 1. Register account with FOREX.com asking for all 3 promotions (as promotion 1 and 2 require a min. trades, up to you if you wish to add these. i suggest just trading safe trades and buy/sell minimizing loss if any) [complete] 2. Fund 2,500 using debit card (for intial deposits only, withdrawal will go directly into the source of the initial deposit. for deposits made thereafter, you can choose to have the funds sent to you over wire or check) 3. Fund account using credit cards with X amount. 4. Cash out and invest in savings/cd/bonds/stocks/etc.
Feel free to leave feedback as done my part in investigating and so far, seems I haven't missed any holes.
To enter a coupon code in your post please enter the following info:
Coupon Code:
Coupon Offer:
Merchant:
Expires (optional):
Restrictions (optional):
saving...
Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
I'd say 50-75% of the cards I get have 0% on balance transfers and not purchases. Correct me if I'm wrong, but your way of avoiding balance transfer fees is to use google checkout or paypal for purchases. Of course a purchase won't have a BT fee but it probably won't have the BT rate applied to it either.
ScootyPuffSr said:I'd say 50-75% of the cards I get have 0% on balance transfers and not purchases. Correct me if I'm wrong, but your way of avoiding balance transfer fees is to use google checkout or paypal for purchases. Of course a purchase won't have a BT fee but it probably won't have the BT rate applied to it either.
you're right, i'll clarify that this is an alternative to BTs by using 0% APR cards only. many BT 0% cards charge a 3% fee on BT and i have merely provided a workaround that i feel is better than 1 and 2. thanks for your feedback.
I can confirm that I've used several different Visa/MC CC's to put money into my Forex.com account as a test to see which ones would classify the charge as purchase, cash advance, etc etc. Every single deposit on several different cards was classified as a purchase. I'm really itching to try it with my AMEX's, to get some extra starpoints, but I'm not interested in increasing the possibility of an FR.
NukeMedDude said:I can confirm that I've used several different Visa/MC CC's to put money into my Forex.com account as a test to see which ones would classify the charge as purchase, cash advance, etc etc. Every single deposit on several different cards was classified as a purchase. I'm really itching to try it with my AMEX's, to get some extra starpoints, but I'm not interested in increasing the possibility of an FR.
i haven't been able to find any established brokers that accept AMEX without a credit card fee and promotions. let me know if you find one.
Green for creativity. Beyond the problem noted in my first comment, I see one other problem.
True, there are very few people doing AoR in the world. However, I'd say a "small" AoR is on the order of $50,000 and many are $200,000 or more. I wonder how many people can make $200,000 in CC purchases, not invest in anything (if I have to take a currency risk the deal is off), have Forex swallow $4,000 in merchant fees, and gladly send me a check/wire with a smile...before accounts get shut down and policies get changed.
When you withdraw money from your forex account - do they withdraw by mailing you a check (what are the fees)? Many forex traders will refund your funding account (credit card) up to the funding amount before mailing out any profits by a check.
ScootyPuffSr said:Green for creativity. Beyond the problem noted in my first comment, I see one other problem.
True, there are very few people doing AoR in the world. However, I'd say a "small" AoR is on the order of $50,000 and many are $200,000 or more. I wonder how many people can make $200,000 in CC purchases, not invest in anything (if I have to take a currency risk the deal is off), have Forex swallow $4,000 in merchant fees, and gladly send me a check/wire with a smile...before accounts get shut down and policies get changed.
i understand your concern, but after talking to the representative and supervisor, the only restrictions would be requiring a number of min trades and thats only if you choose to add option "a" and/or "b". if anyone has been told otherwise, please advise.
jairocon said:When you withdraw money from your forex account - do they withdraw by mailing you a check (what are the fees)? Many forex traders will refund your funding account (credit card) up to the funding amount before mailing out any profits by a check.
there's no fee for withdrawing via check. however, as mentioned earlier, note that for initial deposits ONLY, those funds return back to the source. that's why i suggest using a debit card (checking) for inial deposit. i've confirmed repeatedly in regards to deposits made afterwards. those deposits can be withdrew via check (no fee), cc (no fee), or wire ($15).
I'm sure the golden goose will be dead by the time I jump into the deal, but I'd like to see just one person pump $100,000 using CCs (and get 1%-2% in purchase rewards), make absolutely no transactions, and get a check out with no hassles in a timely manner.
Has anyone actually done this? I saw one person made "purchases" but they never said they pulled the money out.
How long from the time you make the purchase until you get the check? Wire fees?
Once again, OP, I applaud you for thinking differently. I just think it would suck if Forex froze your account for suspicious activity.
Namshik said:jairocon said:When you withdraw money from your forex account - do they withdraw by mailing you a check (what are the fees)? Many forex traders will refund your funding account (credit card) up to the funding amount before mailing out any profits by a check.
there's no fee for withdrawing via check. however, as mentioned earlier, note that for initial deposits ONLY, those funds return back to the source. that's why i suggest using a debit card (checking) for inial deposit. i've confirmed repeatedly in regards to deposits made afterwards. those deposits can be withdrew via check (no fee), cc (no fee), or wire ($15).Namshik - I don't think you mentioned it earlier that the initial deposit only will get refunded to your funding credit card account upon withdrawal. I think that is a very important piece of information.
And as has been echoed earlier - I also don't think that they would allow just deposit/withdrawal if we're talking on a scale of tens of thousands of dollars. Besides - I have a feeling that citibank (or any other issuer) might take a much closer look on forex.com transaction if it is for $10k then when it is only for $100. And the risk of cc issuer manually reclassifying the $10k purchase into a cashadvance should also be something to consider.
ScootyPuffSr said:I'm sure the golden goose will be dead by the time I jump into the deal, but I'd like to see just one person pump $100,000 using CCs (and get 1%-2% in purchase rewards), make absolutely no transactions, and get a check out with no hassles in a timely manner.
Has anyone actually done this? I saw one person made "purchases" but they never said they pulled the money out.
How long from the time you make the purchase until you get the check? Wire fees?
Once again, OP, I applaud you for thinking differently. I just think it would suck if Forex froze your account for suspicious activity.
that won't work. this is taken from their FAQs
What is the maximum deposit allowed via credit card? We allow deposits up to $5000 in a calendar month per credit card. The minimum deposit accepted by credit card is $250.
as such, most AOR have 10 cards. 10x5,000 = 50,000. avg person will prob be able to only fund 50k
...
How long does it take to receive a withdrawal by check? Funds withdrawn from FOREX.com via check are sent by standard US mail. The time that it will take to reach you is dependent on your location. If you require your funds sooner, you may wish to withdraw by a bank wire. US wire transfers generally take between 1-2 business days, whereas international wire transfers typically take 2-4 business days.
Please note that bank wire withdraw has a fee of $25 for domestic wires and $40 for international wires. Withdrawals by check are processed at no charge.
JohnGalt69 said:From my understanding of the promo, you are going to get totally fed on the required trades. Let us know how it goes.
The value of cash transactions coded as purchases goes far beyond avoiding BT fees. Anyone know of similar possibilities?
you're correct. if you have no experience in trading, i don't suggest you apply for promo A or C. if you have a little experience, i suggest you trade somethign safe like USD/JPY etc., since USD is showing good signs since feds keeping the interest rate., and trade it quick. worst case scenario, you lose some money but the money you lose will most likely be less the the amount received for the promo. jairocon gives a good scenario here to minimize potential loss, trade something with small spread i.e. EUR/GBP = 71/74 = loss of 3 per trade if u bought/sold that instant.
im planning on funding with CCs later this wk. keep u up to date.
I know next to nothing about forex trading...does seem like you could make low-risk trades without a problem. I'd be much more concerned about CC companies or forex.com getting skittish about transactions of this kind.
ScootyPuffSr said:DaveHanson said:Green for good thinking OP.
Why (and what) did FW mod edit from the OP.
I'm just guessing, but the OP originally was asking people to PM him for a referral bonus (mutual bonus for both).
yea, that part was removed. i thought any referral links or offers requiring a referral would be banned but not providing information about the offer i.e. sprint referral offer. o well.
Be careful with this idea. There is no "safe" forex trade--and with a spread of 2-6 pips on each quote, forex.com stands to make a commission of $20-$60 on every trade even if the price quoted doesn't budge. That commission comes out of whatever profits you think you're going to make with this scheme.
Forex.com also says; "Accounts funded via credit card may be restricted to receiving withdrawals via credit card." So when you want your money back, you might just get a refund to the credit card used--wiping out any benefit of this idea. And there's also this warning: Anti Money Laundering Policy
FOREX.com actively complies with all anti-money laundering and anti-terrorism laws and regulations, including reporting and blocking of assets, to the fullest extent that it can do so under all applicable foreign and domestic laws. On an ongoing basis, FOREX.com shall review account activity for evidence of suspicious transactions that may be indicative of money laundering activities. This review may include surveillance of: 1) money flows into and out of accounts, 2) the origin and destination of wire transfers, and 3) other activity outside the normal course of business.
Also, you'll note that American Express isn't listed as a funding source--because AMEX will charge the "purchase" as a cash advance. Forex.com has no control over that for any of its charges, and it's known that there have been changes in classification of such cash equivalents by other banks months after the original coding of them as purchases.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
