Author Topic: PSA: Don't swipe recklessly for others  (Read 474638 times)

Offline aygart

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Re: PSA: Don't swipe recklessly for others
« Reply #2340 on: February 24, 2019, 10:59:29 AM »
-1
 anyone out $100k has learnt their lesson, they donít need our musar
Oh donít worry. There will be more. Whether itís a cc farm, Ponzi, MLM, swipe for points, or some new scam, many in the frum community:
1) blindly trust anyone with peyos.
2) donít view cc swiping as lending (& think u can dispute anything)
3) are just plain naive
?
Feelings don't care about your facts

Offline joey89

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Re: PSA: Don't swipe recklessly for others
« Reply #2341 on: February 24, 2019, 11:03:55 AM »
They risked the credit of others and took the profits for themselves? Am I understanding that correctly? "they" don't sound very much like victims if they were taking from others. They sound more like scammers.
*speculating* CC farms, some of them took their ďclienteleísĒ risk and exposure more seriously then others.

Offline joey89

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Re: PSA: Don't swipe recklessly for others
« Reply #2342 on: February 24, 2019, 11:11:03 AM »
?
Those that got burned wonít do it again, (most probably will never be in position to be able to do it again)
However there are constantly potential new victims

Offline Mootkim

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Re: PSA: Don't swipe recklessly for others
« Reply #2343 on: February 24, 2019, 11:14:40 AM »
Those that got burned wonít do it again, (most probably will never be in position to be able to do it again)
However there are constantly potential new victims
Doing it again may be the easiest way out of the hole they are in.

Offline Mootkim

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Re: PSA: Don't swipe recklessly for others
« Reply #2344 on: February 24, 2019, 11:16:31 AM »
Doing it again may be the easiest way out of the hole they are in.
Hence the reason for constant reminders/waarnings.

Offline joey89

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Re: PSA: Don't swipe recklessly for others
« Reply #2345 on: February 24, 2019, 11:19:59 AM »
Doing it again may be the easiest way out of the hole they are in.
Most will never get a CC again let alone a CL worth churning. The CC companies have long memories.

Offline mmgfarb

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Re: PSA: Don't swipe recklessly for others
« Reply #2346 on: February 24, 2019, 11:21:47 AM »
Youíre joking, right? This is such a puny insignificant % of the market... there are billions of dollars being swiped annually in the frum community
Do you actually have any idea of a rough estimate on how many points are sold a year? My guess would be that you have no clue although you're welcome to enlighten us.
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Online shapsam

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Re: PSA: Don't swipe recklessly for others
« Reply #2347 on: February 24, 2019, 11:23:25 AM »
Most will never get a CC again let alone a CL worth churning. The CC companies have long memories.
I know people that settled for Ę10 on the dollar with Chase and were able open new Chase cards a few years later.

Offline joey89

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Re: PSA: Don't swipe recklessly for others
« Reply #2348 on: February 24, 2019, 11:26:53 AM »
I know people that settled for Ę10 on the dollar with Chase and were able open new Chase cards a few years later.
A few hundred k?

Offline JACKBLUE

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Re: PSA: Don't swipe recklessly for others
« Reply #2349 on: February 24, 2019, 11:27:45 AM »
I know people that settled for Ę10 on the dollar with Chase and were able open new Chase cards a few years later.
7 years probably. No?

Offline JACKBLUE

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Re: PSA: Don't swipe recklessly for others
« Reply #2350 on: February 24, 2019, 11:28:04 AM »

Online shapsam

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Re: PSA: Don't swipe recklessly for others
« Reply #2351 on: February 24, 2019, 11:30:08 AM »
A few hundred k?
Under 100K
7 years probably. No?
About 3 years

BTW, they received 1099s...

Offline joey89

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Re: PSA: Don't swipe recklessly for others
« Reply #2352 on: February 24, 2019, 11:34:09 AM »
Under 100KAbout 3 years

BTW, they received 1099s...
As stated I donít think swiping can help (most of) the current victims out of their mess. Warnings can help reduce the impact future schemes will have on new individuals.

Offline shmielyosef

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Re: PSA: Don't swipe recklessly for others
« Reply #2353 on: February 24, 2019, 11:39:47 AM »
One involves a lighting company - whom the owner is actually a relative of the Toner guy
Does that mean these two stories are one?

Offline chevron

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Re: PSA: Don't swipe recklessly for others
« Reply #2354 on: February 24, 2019, 12:03:17 PM »
That's better than a lot of them do, but they gain the most from the seminars as they learn to optimize their rewards. Of which they have a ton.

I know many wealthy that get 2+ points per dollar value by redeeming for full first class

But I know plenty that will sell 500k points at a shot

Offline AJK

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Re: PSA: Don't swipe recklessly for others
« Reply #2355 on: February 24, 2019, 12:04:41 PM »
15k worth of points every six weeks = $120k a year. Some were doing this over five years. Thatís over $500k profit...
I'd argue the likelihood of someone (let alone many someone's) earning $15K every 6 weeks in this whole scam to be verrrry low.

That's $750K on a 2% cash back card (find me the one that can sustain that velocity) or something like a $1M+ on a BP (depending on rate they sell MR), also something that's unlikely.

And... For the person who thought it was a good idea to non-recourse loan $10M annually, to a person they didn't truly know, for products (or services?) unknown... Yikes.
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Offline AJK

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Re: PSA: Don't swipe recklessly for others
« Reply #2356 on: February 24, 2019, 12:07:49 PM »
Lol. It's cost money to live. Who said he had another job? He made $120k a year, and spent 120 a year. Chances are he isn't stashing 500k.
Not sure how that changes anything... Assuming that math is correct, he still earned 500K+. Whether or not he has that in a savings account or not, doesn't mean he didn't make it.

A person who is out $500K but managed to only earn $10K is much worse off.

Tho in both scenarios, bankruptcy is almost a certainty.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline AJK

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Re: PSA: Don't swipe recklessly for others
« Reply #2357 on: February 24, 2019, 12:10:11 PM »
I know many wealthy that get 2+ points per dollar value by redeeming for full first class

But I know plenty that will sell 500k points at a shot
"full" first class implies revenue. And, no, they're not getting more than 2cpp per point.

The only way to do better is to xfer to airlines, in which case its not revenue.
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Offline zale

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Re: PSA: Don't swipe recklessly for others
« Reply #2358 on: February 24, 2019, 12:30:30 PM »
I've spoken to millionaires and billionaires with big time companies on my last several seminars. They aren't the ones selling points and flooding the market.

I deal with wealthy people on a regular basis (sadly, I am not one of them  :-[)and they rarely use credit cards. Their preferred payment method is either old-fashioned check, cash or ACH.

Offline aygart

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Re: PSA: Don't swipe recklessly for others
« Reply #2359 on: February 24, 2019, 12:49:44 PM »
Yes
Makes much more sense. So the people left with the debt were the victims of the farmers who made a pittance while the farmers destroyed them and made 120k off them.
Feelings don't care about your facts