PSA: Don't swipe recklessly for others

[12HRS]

And you know that this is definitely true, how exactly?

they clearly do not.

[chayal101]

Yes. As of two months ago. Hence I cannot take advantage of any of the ink offers, etc.

Those are the banks that I settled with. They have me flagged in their system for eternity.

So I'm just curious... You're better off NOT settling and rather declaring bankruptcy or waiting 7 years (if no banks summons)?

[Redbull3]

The business is growing? Owners cards are already being used? Credit card companies don't give unlimited credit lines?
Some businesses are in transition mode and not yet structured to receive a line of credit from the bank. e.g. a business that started on amazon and branches out to become a traditional business.

Why don't banks give unlimited credit lines? Maybe because they have risk departments telling them not to? Do you?

[Menachem613]

agreed that their primary need is not your cash flow but they definitely do not have enough cash on hand to cover  everything.

He implied as much.

[Redbull3]

Like said earlier, when banks say no and you say yes, you are betting on being smarter than a bank.

[Menachem613]

Like said earlier, when banks say no and you say yes, you are betting on being smarter than a bank.

No. You’re just betting.

[zale]

There seems to be a bigger picture that people are missing out on here about buying groups.

Buying groups are not a legitimate business. They are using workarounds to game the system. The manufacturer or retailer does not want to sell the merchandise wholesale or in bulk to unauthorized distributors, so they crowdsource by asking individuals to buy and deliver them.

Everyone knows by now that the manufacturers and retailers are well aware of this scheme. Google once suspended hundreds of Gmail accounts because of the Pixel buying group (you can thank Dan for getting them to reinstate those accounts). Best Buy, Target and others have blacklisted many buyers. It's not illegal, but it's still not legitimate. (Some have mentioned importing these items to other countries without paying import taxes/tariffs, that is indeed illegal)

To put this in perspective, imagine I said that I had a fleet of taxis in NYC making a ton of money but I don't have a taxi medallion from the city, or I said I owned a hot-dog stand in NYC making a ton of money without a permit. Would you invest $100,000 with me?

Investing large sums of money is risky even when investing in legitimate businesses, how much more so with illegitimate businesses.

Is it less risky than swiping for a merchant? certainly. But consider this: Swiping for a merchant is like jumping off a 100ft building and hoping to survive. Buying for a group is like jumping off a 30ft building and hoping to survive.

[aro123]

Like said earlier, when banks say no and you say yes, you are betting on being smarter than a bank.

for all the horror stories we have there are probably 10 times more stories where people made and continue to make about 24% a year (+SUB) without laying out a penny . it's easy to make fun when it goes bad but lots of people risked a lot and make good money.

I know people who have already profited over 100% (+sub) and they are very happy they took the risk.

[zale]

for all the horror stories we have there are probably 10 times more stories where people made and continue to make about 24% a year (+SUB) without laying out a penny . it's easy to make fun when it goes bad but lots of people risked a lot and make good money.

I know people who have already profited over 100% (+sub) and they are very happy they took the risk.

Easy money becomes an addiction. I once warned someone to stop swiping for a merchant that I KNEW was deep in the red. That guy laughed me off. He is now out $200K because of this. I'm not gloating and telling him "I told you so", because by the time I told him he was too addicted to swiping and getting free credit card points.

Nobody is forcing you to not swipe for people. Just know that you have been warned. (like this thread said five years ago)

[Dan]

Easy money becomes an addiction. I once warned someone to stop swiping for a merchant that I KNEW was deep in the red. That guy laughed me off. He is now out $200K because of this. I'm not gloating and telling him "I told you so", because by the time I told him he was too addicted to swiping and getting free credit card points.

Nobody is forcing you to not swipe for people. Just know that you have been warned. (like this thread said five years ago)

@hvaces42

[aygart]

for all the horror stories we have there are probably 10 times more stories where people made and continue to make about 24% a year (+SUB) without laying out a penny . it's easy to make fun when it goes bad but lots of people risked a lot and make good money.

I know people who have already profited over 100% (+sub) and they are very happy they took the risk.

So were all of the people in who are now a few 100k in debt until a couple of weeks ago.

[hvaces42]

@hvaces42

All I can offer on this topic is if you have a gambling problem PM me. There are many ways to gamble. This to me seems to be easy money/greed more than addictive behavior. Compulsive gambler live in a dream world. This doesnt sound like an addiction to points. Its greed and inability to appreciate that one should stop. Compulsive gamblers cannot stop, no matter what. Action is the drug, not money.

[hvaces42]

Easy money becomes an addiction. I once warned someone to stop swiping for a merchant that I KNEW was deep in the red. That guy laughed me off. He is now out $200K because of this. I'm not gloating and telling him "I told you so", because by the time I told him he was too addicted to swiping and getting free credit card points.

Nobody is forcing you to not swipe for people. Just know that you have been warned. (like this thread said five years ago)

There is no such thing as easy money, ever.

In my first day back in the stock market in 2007 after an almost 10 year break I made $60k on a $500k bet. I lost $120k the very next day and I was chasing for 3 years after that until my world imploded.

THERE IS NO EASY MONEY.

Hard work and patience has given me and will continue to  give me everything I ever wanted from easy money.

[jj1000]

for all the horror stories we have there are probably 10 times more stories where people made and continue to make about 24% a year (+SUB) without laying out a penny . it's easy to make fun when it goes bad but lots of people risked a lot and make good money.

I know people who have already profited over 100% (+sub) and they are very happy they took the risk.

Just curious. You know people that together earned $150,000,000-$300,000,000+

[Chief Rabbi of New York]

Just curious. You know people that together earned $150,000,000-$300,000,000+

where did he say that?
he said there are 10 times more stories

[mmgfarb]

There seems to be a bigger picture that people are missing out on here about buying groups.

Buying groups are not a legitimate business. They are using workarounds to game the system. The manufacturer or retailer does not want to sell the merchandise wholesale or in bulk to unauthorized distributors, so they crowdsource by asking individuals to buy and deliver them.

Everyone knows by now that the manufacturers and retailers are well aware of this scheme. Google once suspended hundreds of Gmail accounts because of the Pixel buying group (you can thank Dan for getting them to reinstate those accounts). Best Buy, Target and others have blacklisted many buyers. It's not illegal, but it's still not legitimate. (Some have mentioned importing these items to other countries without paying import taxes/tariffs, that is indeed illegal)

To put this in perspective, imagine I said that I had a fleet of taxis in NYC making a ton of money but I don't have a taxi medallion from the city, or I said I owned a hot-dog stand in NYC making a ton of money without a permit. Would you invest $100,000 with me?

Investing large sums of money is risky even when investing in legitimate businesses, how much more so with illegitimate businesses.

Is it less risky than swiping for a merchant? certainly. But consider this: Swiping for a merchant is like jumping off a 100ft building and hoping to survive. Buying for a group is like jumping off a 30ft building and hoping to survive.

You're missing part of the picture.

[PSA2]

It’s probably best to discuss this with a competent lawyer before you take a step you might regret

Any update yet ?

Were tou offered to work with transmadia ?

Wondering if someone swiped only 1 time, are his chances of disputing better than the people who did it a few times ?

*Meant to quote PSA.

[jj1000]

where did he say that?
he said there are 10 times more stories

If $15,000,000 is stolen, and somewhere around 10x the people either earn 24%/year or already earned 100% profit, then he obviously knows people with $150,000,000 profit, or somewhere around there, to make such a statement.

[aygart]

If $15,000,000 is stolen, and somewhere around 10x the people either earn 24%/year or already earned 100% profit, then he obviously knows people with $150,000,000 profit, or somewhere around there, to make such a statement.

Why? 1 person lost 500k while another 10 made 24% on 50k.

[PSA]

for all the horror stories we have there are probably 10 times more stories where people made and continue to make about 24% a year (+SUB) without laying out a penny . it's easy to make fun when it goes bad but lots of people risked a lot and make good money.

I know people who have already profited over 100% (+sub) and they are very happy they took the risk.

There are people that made a killing off S****-  easily high 6 figures - He's been doing this with certain people for quite a number of years. He would boast to me about the amount of money people made off of him.
Everyone is happy they took the risk as long as it's going good, but when it comes crashing down then it's a different story. Your arguments are ludicrous.