Topic Wiki

https://www.dansdeals.com/more/dans-commentary/dark-side-earning-credit-card-points-psa-dont-swipe-others/

https://www.mixcloud.com/zev-brenner/talkline-with-zev-brenner-on-credit-card-scams-affecting-the-orthodox-jewish-community/

http://podcast.headlinesbook.com/e/31616-credit-card-miles-and-points-swiping-for-rewards-buying-and-selling-miles-is-it-assur-and-a-chillul-hashem-or-a-great-way-for-a-side-parnassah/



BEFORE SWIPING FOR SOMEONE READ THIS: (first hand story)

https://forums.dansdeals.com/index.php?topic=36812.msg2062371#msg2062371
https://www.dansdeals.com/more/dans-commentary/dark-side-earning-credit-card-points-psa-dont-swipe-others/#comment-1399884


Dan's warning to DDF:
I hope people realize that any buying group or anyone else that gets merchandise in advance of payment can go south at any time. That's even if you get a check at the time of delivery.
X-posting as I don't want anyone to say that I never put a warning here.

A story that ended up in court - https://iapps.courts.state.ny.us/nyscef/DocumentList?docketId=iRcRHuyZUdOIx69D00a5XQ==&display=all&courtType=Kings%20County%20Supreme%20Court&resultsPageNum=1


I am one of the biggest buyers for buying groups, I have done millions in transactions and have sent to every group there is over the past 3 years. Most buying groups are okay, some scan in slower than others, some pay slower than others - most will lose a few packages over the year. You can research and find which are better for you.

However there is a bigger problem now with Amazon itself.  Amazon in the past has been great with any problems always ready with a refund for lost packages even if it was thousands of dollars. Lately Amazon has clamped down and has tagged these buying groups addresses  in their systems as "freight forwarder" and now no longer will fix any problem you have whatsoever. Doesn't matter what the problem is, even if it shows the package was never delivered, amazon will not help you in any way. Their copy and paste response will always be "this item was sent to a freight forwarder and we're unable to replace or refund the item. We recommend contacting your freight forwarder for more details, as we don't have any more insight or information regarding this matter, For more information about sending items via freight forwarders, please visit our Help Pages: https://www.amazon.com/gp/help/customer/display.html?nodeId=201117950." As well the amazon drivers either must know this or have been increasingly bad at delivering packages because the numbers of packages missing has gone up astronomically. Previously you would have very few packages missing, now the past 3 months I have had 59 "lost" packages. I now have over $15,000 of loses and some guy in Delaware is probably living the life with all the stuff he stole from me. I will survive, I have made a lot more than $15,000 over the years however just a warning to others here that things are not as they used to be and it really is no longer worth doing buring groups with all the loses piling up

« Last edited by Yo ssi on July 24, 2023, 06:47:26 PM »

Author Topic: PSA: Don't swipe recklessly for others  (Read 1183582 times)

Offline 1avigrun

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Re: PSA: Don't swipe recklessly for others
« Reply #4720 on: May 29, 2022, 11:38:55 AM »
All BG have been basically no deals for a while prob has to do with economy i hope they come back soon need to spend 19k for bonus …..

Offline Abet rich

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Re: PSA: Don't swipe recklessly for others
« Reply #4721 on: May 29, 2022, 01:18:23 PM »
The market is pretty dead. I’ve heard they’ve been sitting on tons of mercy and nothing has been moving
Contact me at abereich19@gmail.com for all help and info.

Offline nirc

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Re: PSA: Don't swipe recklessly for others
« Reply #4722 on: May 29, 2022, 01:29:19 PM »
The market is pretty dead. I’ve heard they’ve been sitting on tons of mercy and nothing has been moving

seems odd for BG to buy merchandise without first having buyers lined up

Offline WonderingYid

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Re: PSA: Don't swipe recklessly for others
« Reply #4723 on: May 29, 2022, 02:01:23 PM »
The market is pretty dead. I’ve heard they’ve been sitting on tons of mercy and nothing has been moving
Heard the same.

seems odd for BG to buy merchandise without first having buyers lined up
I believe they do it all the time.

Offline chevron

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Re: PSA: Don't swipe recklessly for others
« Reply #4724 on: May 29, 2022, 05:30:45 PM »
https://www.aol.com/focus-u-retailers-ballooning-inventories-181242309-140040425.html

Consumer spending is receding , stores have too much. Prices will get smashed etc

Offline sbyp2020

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Re: PSA: Don't swipe recklessly for others
« Reply #4725 on: May 30, 2022, 08:07:42 PM »
i dont see why this is a definate scam from Mishpacha
every fund manager has a history of returns from his investment accounts
if u give someone control of your money without checking his 1/3/5YRS Return history then your a regular moron...
assuming this guy has it or he wouldnt advertise it??
Ein Ode Milvado!

Offline Ephcc90

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Re: PSA: Don't swipe recklessly for others
« Reply #4726 on: May 30, 2022, 08:36:34 PM »
i dont see why this is a definate scam from Mishpacha
every fund manager has a history of returns from his investment accounts
if u give someone control of your money without checking his 1/3/5YRS Return history then your a regular moron...
assuming this guy has it or he wouldnt advertise it??
Just do the math on the returns of “70% or more”. In 10 years, earning 70% on 100k (the minimum account size) would equal more than 90 million.

Offline AsherO

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Re: PSA: Don't swipe recklessly for others
« Reply #4727 on: May 30, 2022, 08:43:29 PM »
i dont see why this is a definate scam from Mishpacha
every fund manager has a history of returns from his investment accounts
if u give someone control of your money without checking his 1/3/5YRS Return history then your a regular moron...
assuming this guy has it or he wouldnt advertise it??

I’m selling the Brooklyn Bridge, PM me if interested.
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Offline free123cc

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Re: PSA: Don't swipe recklessly for others
« Reply #4728 on: May 30, 2022, 08:45:13 PM »
Would capital one care if I have someone else’s business account pay my personal cc bill? Things are slow out there and need to hit some SUB, so can have a friend put business purchase on my capital one cc and then he can pay the bill directly….

Thanks

Offline AsherO

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Re: PSA: Don't swipe recklessly for others
« Reply #4729 on: May 30, 2022, 08:47:06 PM »
Would capital one care if I have someone else’s business account pay my personal cc bill? Things are slow out there and need to hit some SUB, so can have a friend put business purchase on my capital one cc and then he can pay the bill directly….

Thanks

It’s certainly a red flag, I don’t know if Cap1 is looking or whether it’ll hit their radar?…
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Offline Yehuda57

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Re: PSA: Don't swipe recklessly for others
« Reply #4730 on: May 30, 2022, 09:04:09 PM »
i dont see why this is a definate scam from Mishpacha
every fund manager has a history of returns from his investment accounts
if u give someone control of your money without checking his 1/3/5YRS Return history then your a regular moron...
assuming this guy has it or he wouldnt advertise it??

You can tell it's a scam just from the email address

Offline lcm

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Re: PSA: Don't swipe recklessly for others
« Reply #4731 on: May 30, 2022, 09:25:28 PM »
I’m selling the Brooklyn Bridge, PM me if interested.
Interested in swapping for a boat?

Offline chevron

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Re: PSA: Don't swipe recklessly for others
« Reply #4732 on: May 30, 2022, 11:52:51 PM »
i dont see why this is a definate scam from Mishpacha
every fund manager has a history of returns from his investment accounts
if u give someone control of your money without checking his 1/3/5YRS Return history then your a regular moron...
assuming this guy has it or he wouldnt advertise it??

It's just not there ..
My friend who trades options and ran citi's derivatives desk etc and studied under a total of five Nobel prize winners, said this is the biggest crock of sh*#


There are ups and downs. I have friends who make when market is good, friends who make when market is bad etc and for personal investments these guys are spread all over

70% a year of 150k is  $75,000

To give you an idea, my savings account is like 0.68% a year

The only way you'd get 70% is speculation, you'd just as well lose everything than make anything
« Last Edit: May 31, 2022, 02:47:26 AM by chevron »

Offline chevron

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Re: PSA: Don't swipe recklessly for others
« Reply #4733 on: May 30, 2022, 11:54:53 PM »
15-20% are the average long term yields of the stock market 7-10 years

7-9% are the average broad spectrum ETF yields less ups and downs etc balanced between vanguard and spy


Offline jye

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Re: PSA: Don't swipe recklessly for others
« Reply #4734 on: May 31, 2022, 08:40:54 AM »
15-20% are the average long term yields of the stock market 7-10 years

7-9% are the average broad spectrum ETF yields less ups and downs etc balanced between vanguard and spy

The long term average stock market yield is actually around 10% not 15-20.

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Re: PSA: Don't swipe recklessly for others
« Reply #4735 on: May 31, 2022, 09:36:34 AM »
Just do the math on the returns of “70% or more”. In 10 years, earning 70% on 100k (the minimum account size) would equal more than 90 million.
BTW if this guy has consistent returns for 20 years then he will e worth $6billion. ;D
#TYH

Offline jye

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Re: PSA: Don't swipe recklessly for others
« Reply #4736 on: May 31, 2022, 09:45:23 AM »
If he was consistent and able to scale he could leverage and suck pretty much all of the money out of the market.

Offline chevron

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Re: PSA: Don't swipe recklessly for others
« Reply #4737 on: May 31, 2022, 01:22:00 PM »
The long term average stock market yield is actually around 10% not 15-20.

I stand corrected, though the s&p 2012-2021 was 14.8% average

I guess depending when you bought or sold etc

Offline farmbochur

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Re: PSA: Don't swipe recklessly for others
« Reply #4738 on: May 31, 2022, 01:50:44 PM »
If he was consistent and able to scale he could leverage and suck pretty much all of the money out of the market.
Nah, even the best investors have difficulty maintaining their performance as they scale up. It's much easier for someone like Warren Buffett to grow his company from $100M to $1B than from $100B to $1T.

That's why you gotta get in early. /s
Risk is opportunity

Offline AsherO

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Re: PSA: Don't swipe recklessly for others
« Reply #4739 on: May 31, 2022, 02:16:29 PM »
Nah, even the best investors have difficulty maintaining their performance as they scale up. It's much easier for someone like Warren Buffett to grow his company from $100M to $1B than from $100B to $1T.

That's why you gotta get in early. /s

Yup, I made 70%+ return (daily) on my money selling candy in 3rd grade, but like you say, it didn’t scale up :P

#gotinearly
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