Make $5000 this month! Advertisement in Ami/Mishpacha

amother

Thu, Jun 26 2014, 2:44 pm

I saw the ad in Ami/Mishpacha to make $5000 through American Express Credit cards. It's some frum shtick where they sign you up for the credit card, spend $, and sell the points, and supposedly give you $$$$ at the end. Has anyone done this? I could really use the money right now b/c our finances are bad, but I'm nervous to give them my social security number. I don't know who they are.

mom25

Thu, Jun 26 2014, 2:49 pm

amother wrote:

I didn't see the ad but yes! you could open any Amex card - u can do it on ur own- and sell the miles. lots of places out there that buy ur miles!

21young

Thu, Jun 26 2014, 2:56 pm

There have been many threads here about selling miles. This is nothing new, and yes, you can legitimately make money by selling points and miles. Just look at Dansdeals.com.

However, any industry of this nature will have scammers and people who want to take you for a ride. You can only make $5000 this month if you already have the points to sell. If not, do a little research about which cards to open, bonus points, etc., and maybe make $5000 in a few months. I get scared of by people who promise too much.

Be careful who you're selling to. When you're ready to sell your points, check out Sell Miles Now. I've used them many times; they are fast and reliable, no monkey business. They were also one of the first in the industry, so they know what they're doing.

doctorima

Thu, Jun 26 2014, 3:36 pm

I would be cautious about allowing somebody access to my SS# and credit rating. Another thing you should be aware of is that last week AMEX stopped allowing their reward points to be transferred to other people's frequent flyer accounts, which in essence makes them virtually useless for resale value.

MaBelleVie

Thu, Jun 26 2014, 4:01 pm

Don't do it. Selling points is not allowed by cc companies, which makes it unethical (and possibly illegal?). You don't know if these people are scammers, which they very well can be. And you don't know how this will affect your credit scores, which may have more long term value for you than the $ would right now. Also, unless you meet specific criteria, you would not be eligible for the full amount they're advertising.

mizle10

Thu, Jun 26 2014, 8:11 pm

You will most probably kill your credit by applying for a few credit cards at once. You're supposed to wait at least 6 months between applications if you don't want to hurt your credit.

self-actualization

Fri, Jun 27 2014, 9:47 am

Dan responds to this question:

Thursday, June 26th, 2014, 11:18 pm
Some Deals Are Not Deals At All
I’m finally home after spending the past 2 weeks on the road and a wretched travel day today, but a couple things that I’ve encountered on the forums as well as in NYC bothered me enough to get it off my chest tonight.

1. What is it exactly with the obsession in the various communities in NYC and pyramid schemes and thinly disguised MLMs that serve no business purpose other than enriching people at the top of the pyramid? SunHarvestScambitGamesAmerica or whatever they will think of next? Regardless of what brainwashed people will sell you, real products and services sell themselves without needing to create scammy pyramid structures.
Did people not learn their lesson from past frauds or better yet from Madoff himself?
Sure, people that get in these things early may make money, but that money comes at the expense of everyone later on that will lose everything when the next scheme goes bankrupt. Is that stolen money really something that you want to have in your pocket?

It’s shameful. And even more shameful that local institutions are encouraging it time and time again. It’s time for people to speak out against it.

2. There were ads everywhere promising people cash for letting companies apply for several credit cards in your name with your personal information. They even encourage you to get your entire synagogue to fork over their social security numbers as a fundraising project.

I mean are you kidding me with this stuff?

First of all why in the world would you ever give someone else your social security number together with all of your personal financial and security information? Do you have any idea what kind of damage can be done if that winds up in the wrong hands or if there is just one careless or malevolent employee??

Equally worrisome is that these companies are creating spend in shady ways so quickly that it’s causing people’s accounts to be shut down or blacklisted. Several people have told me they’ve run into such issues.

Folks, if you can’t grasp the credit card concept don’t just outsource it to a fly-by-night advertiser. Find a friend who understands the concepts and ask for help, read posts I’ve made here, or start browsing DDF and find answers there.

There’s simply no excuse for that kind of laziness and carelessness.

/End rant.

goodgirl

Fri, Jun 27 2014, 11:05 am

If you've ever looked closely at the ad it says you could make UP to $5000, which means even a $1 is an earning according to them. proceed with caution.

chocolate chips

Fri, Jun 27 2014, 12:11 pm

If youw ant to open up a CC do it yourself. Do NOT give your information necessary for a CC to anyone else. However much they offer you.

But you can certainly sell the miles in fact sometimes it is more worth to sell miles than to use them because you get double to amount.