PSA: Don't swipe recklessly for others

[AJK]

15k worth of points every six weeks = $120k a year. Some were doing this over five years. That’s 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.

[AJK]

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.

[AJK]

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.

[zale]

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.

[aygart]

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.

[zh cohen]

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.

What age range?

[joey89]

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.

If this is indeed true it is an outrage and the victims should sue in Beis Din and/or a court of law to transfer the liability to the farmers.

[mmgfarb]

If this is indeed true it is an outrage and the victims should sue in Beis Din and/or a court of law to transfer the liability to the farmers.

That's not so simple.

[Chief Rabbi of New York]

maybe some good is coming out of this
if some people are divorcing their spouse because of money.
maybe its better that it happened this way instead of being married to a gold digger

[mmgfarb]

maybe some good is coming out of this
if some people are divorcing their spouse because of money.
maybe its better that it happened this way instead of being married to a gold digger

Oy, that's a terrible thing to say.

[joey89]

That's not so simple.

It should still be explored

[Chief Rabbi of New York]

Oy, that's a terrible thing to say.

better to be married to someone who just wants your money ?

[mmgfarb]

better to be married to someone who just wants your money ?

Are you insane or just daft?

[gingyguy]

maybe some good is coming out of this
if some people are divorcing their spouse because of money.
maybe its better that it happened this way instead of being married to a gold digger

no offense but that is a horrible thing to say

[joey89]

maybe some good is coming out of this
if some people are divorcing their spouse because of money.
maybe its better that it happened this way instead of being married to a gold digger

It’s not the money as much as the breach of trust, it’s very hard for a spouse to hear that their partner was partaking in risky behavior that they were unaware of and that has left them in hundreds of thousands of dollars of debt. At a minimum it would take a lot of work to rebuild the trust necessary for a healthy marriage based on mutual respect and trust.