Author Topic: PSA: Don't swipe recklessly for others  (Read 43903 times)

Offline rots5

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Re: PSA: Don't swipe recklessly for others
« Reply #30 on: January 02, 2014, 03:32:50 AM »
so sad to hear these stores. I recently told a friend who is new at the cc game that he should never swipe for people he doesnt know, in the end 100k UR is worthless if ur 100k in debt.

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Offline CountValentine

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Re: PSA: Don't swipe recklessly for others
« Reply #31 on: January 02, 2014, 03:40:33 AM »
Over the past few months many stories have come to my attention of people swiping for companies or people, and getting scammed to the tune of $100k+ each.

I'm not saying you can't offer to put something on your credit card for someone, but be smart. Even the most honest trustworthy people can hit a rough patch and be unable to pay back.

The specific stories I've been told were of out right scammers. Some had a great reputation, and were part of a community.

Bottom line - At the very least, consider swiping for someone an investment with risk. Don't put down more money than you can afford to lose. Even million dollar companies go under. Ask yourself, are you really willing to risk $20-50k and up for a few points?

If you believe you can trust someone, you should still have a hard limit in the range you can afford to lose, and don't go over it. The guy has truckloads of cash? Then let him prepay you, or put the money in escrow.

This is a very serious matter. Lives have been ruined. You've been warned.

Please don't PM for details. They won't be answered
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Offline Drago

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Re: PSA: Don't swipe recklessly for others
« Reply #32 on: January 02, 2014, 04:31:15 AM »
I firmly believe there should be such a site put up for the wide community, the public should be warned to stay away from those individuals and these people should be put to shame for their actions.

+100

But it'll be really difficult to moderate w/o smearing people's names.

Offline Chaikel

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Re: PSA: Don't swipe recklessly for others
« Reply #33 on: January 02, 2014, 06:54:19 AM »
Theres some dude that gets a bunch of crown heights guys to email ppl to buy iphones right when they come out. I tried convincing my buddy outta of it, but he laid out $50,000 in cc.
He surprisingly got paid back
There are many honest people doing it. Not everyone is getting scammed. The point is be very careful. Realize that letting someone swipe on your card is no different than pulling out that money from your bank and lending it to him, or borrowing it from your parents/friends to give to him. Would you give $100k cash to a random person you meet for a promised return of $1000-2000?

But even if dealing with a 100% reputable, honest, trustworthy person, be clear on the risks and how will you get paid back. What happens if the merchandise gets lost/damaged/stolen. Will he pay you? How? "Don't worry about it" and "He has tons of money in the bank" aren't valid answers. Lehman Brothers had more money in their bank than the combined amounts of every person I've ever known. Things happen. Don't risk your financial future for a few 100k of points
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Offline Reb Jo

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Re: PSA: Don't swipe recklessly for others
« Reply #34 on: January 02, 2014, 07:38:13 AM »
Over the past few months many stories have come to my attention of people swiping for companies or people, and getting scammed to the tune of $100k+ each.

I'm not saying you can't offer to put something on your credit card for someone, but be smart. Even the most honest trustworthy people can hit a rough patch and be unable to pay back.

The specific stories I've been told were of out right scammers. Some had a great reputation, and were part of a community.

Bottom line - At the very least, consider swiping for someone an investment with risk. Don't put down more money than you can afford to lose. Even million dollar companies go under. Ask yourself, are you really willing to risk $20-50k and up for a few points?

If you believe you can trust someone, you should still have a hard limit in the range you can afford to lose, and don't go over it. The guy has truckloads of cash? Then let him prepay you, or put the money in escrow.

This is a very serious matter. Lives have been ruined. You've been warned.

Please don't PM for details. They won't be answered
+1000 and thanks for posting, I am sure it will help some people reconsider for the future!
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Offline SearchGuy

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Re: PSA: Don't swipe recklessly for others
« Reply #35 on: January 02, 2014, 08:44:35 AM »
My very close relative is in huge debt from a scam, luckily he has a close friend who paid his 6 digit Amex bill just he shouldn't pay the 20%+ interest, but not everyone has this

Yes! It was a close friend... be careful don't lend money without a Mashkon (Halacha)

Offline how

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Re: PSA: Don't swipe recklessly for others
« Reply #36 on: January 02, 2014, 09:13:49 AM »
I have done this for friends often but never big amounts and I always ask for cash on the spot

Offline Drago

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Re: PSA: Don't swipe recklessly for others
« Reply #37 on: January 02, 2014, 09:20:32 AM »
My very close relative is in huge debt from a scam, luckily he has a close friend who paid his 6 digit Amex bill just he shouldn't pay the 20%+ interest, but not everyone has this

Yes! It was a close friend... be careful don't lend money without a Mashkon (Halacha)
Can you share details (nothing personal obviously).
It helps when ppl see how they can easily slide into this.

Offline Dave321

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Re: PSA: Don't swipe recklessly for others
« Reply #38 on: January 02, 2014, 09:43:52 AM »
So you mean i should ignore the sign in shul advertising a company that will apply for an AMEX plat on behalf of the shul and do all spending?

Whats up with that?!

Someone showed me an ad in a lkwd paper saying that they can make your shul between 50-100k. Do they think that every guy in the shul:
a. has no cc
b. would just give over their social #?

Do people realize all the massive issue this makes?

Offline shmuelb

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Re: PSA: Don't swipe recklessly for others
« Reply #39 on: January 02, 2014, 09:48:04 AM »
Thanks! The OP is pointing out how a common pitfall can be encountered by DDFers or anyone motivated to meet a spending threshold or getting extra points.

The same caution should be heeded when signing arvus on a chov. (guarantor on loan, ponyatno?) or stam lending someone cash or credit. The general principle is do not take on a risk that you can not afford, for example if you cosign a loan for $500, first think if you will be stuck with the debt if you can handle it.

There are mekoros for avoiding cosigning in general, as mention that not just the money but also the relationship can be ruined.
siyag lachachma :-)

Online skyguy918

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Re: PSA: Don't swipe recklessly for others
« Reply #40 on: January 02, 2014, 10:23:00 AM »
I'm so confused by all of this. Is this a common thing in the Jewish community (or in general I guess), that people put large sums of money on their credit card for someone else, or for a business? How do the scammers (or maybe more importantly the 'legitimate' ones) convince people to do this? What's the pitch?

Offline Salty

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Re: PSA: Don't swipe recklessly for others
« Reply #41 on: January 02, 2014, 10:35:39 AM »
I'm so confused by all of this. Is this a common thing in the Jewish community (or in general I guess), that people put large sums of money on their credit card for someone else, or for a business? How do the scammers (or maybe more importantly the 'legitimate' ones) convince people to do this? What's the pitch?

Yes, common enough; we're nice people.

Offline Achas Veachas

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Re: PSA: Don't swipe recklessly for others
« Reply #42 on: January 02, 2014, 10:38:05 AM »
Yes, common enough; we're nice people.
That and you get to keep the points.
Curiosity made the cat smarter.

Online churnbabychurn

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Re: PSA: Don't swipe recklessly for others
« Reply #43 on: January 02, 2014, 10:58:39 AM »
Is there a Ribis angle? I understand that the benefit is not coming directly from the borrower but still...

Online skyguy918

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Re: PSA: Don't swipe recklessly for others
« Reply #44 on: January 02, 2014, 11:00:25 AM »
That and you get to keep the points.
Aren't there potential ribbis issues with that too?

ETA: That was weird, don't know why it didn't warn me that someone posted while I was typing.