Credit card churning

Cash advances charge high fees and high interet rates. The coinbase method is considered a purchase so you don't get those nasty fees and you get your points.

Ok but I'm trying to imagine if using Coinbase for manufactured spending would offer any rewards....where I'm stuck OP is the fact that Coinbase will charge you like 3-4% or whatever it is for every credit card transaction.

So what's the reward supposed to be?

You can't churn AMEX or Discover on coinbase though. Believe me, I would if I could.

But Coinbase charges like 3-4% per transaction?

Cashback isn't usually higher than that, right?

So are the points really worth more that much? I clearly don't use credit cards...

Coinbase is 3.99%
At $4k that's 159.60 with a basic bitch csp you get $625 back on that

They don't charge a fee if you send the money to your fiat wallet. Coinbase expects you to buy bitcoin and pay their fees instead. They'll just cut the merchant fee as a loss instead.

Discover had no sign up bonuses. This is not about basic rewards card

I need to get a credit card and start developing credit....this sounds good.

You can't use credit card to send to USD wallet on coinbase though can you? I thought only ACH transfers allowed you to do that.

Again, I'm not op, but I do churning. Going through btc via coinbase is not the most efficient. Use Plastiq or money orders for ms
>Using plastiq on that same scenario is $100 instead of $160

Money orders and gift cards would be the most efficient at around $24 card fees + $1 for money order

Does this eat away at your credit score though?

They charge for converting fiat to crypto. They don't charge a fee to add money to your fiat wallet through a credit card.

Amex though.
>that SPG signup bonus
Beautiful.

Wrong. You still profit, just not as much as other MS methods
Not true, doesn't work that we way. You generally have to call or be called to approve the transaction, but they won't cancel your card for it
>cash advance
Set your CA limit to $0 or $20. Never pay interest especially fucking ca interest
Reward is the sign up bonus. Last year's car was $1800ish reward, amex plat $1000 mailer etc
No lol. Inquiries stop affecting after 1 year, over 7ish doesn't affect any more
# accounts open and in good standing is a GOOD thing.
"New credit" is 10% ding
I have about a 790 score

No since you will do all this before monthly cycle ends. Maybe leave a few bucks in the balance to have a 1% utilization.

Yep. # of cards with a balance must be less that 50%. E.g. 3 cards with one reporting balance. Or 15 cards with 6 balances reporting
Also, Cumulative AND each balance between 1 and 9% of limit

This credit card is trash.

No, you can't use a credit card to buy USD on coinbase. and you never will be, that would be a (((cash advance)))

this guy is a fucking idiot autist

So how do sign up bonuses work? Do I actually have to use the credit card or just sign up for it to get the bonus?

Just sign up. If this weren't an anonymous basket weaving forum I would send you a referral so I could get an extra $100
Hate to do it, but r/churning is literally the best place... And I hate Reddit
Flyer talk, doctor of credit, and us credit card guide are also good

Short story, Google "5/24 Chase" and start there. Depending on your score/history

I have to develop a score though still. I will still have to start with a secured credit card and work from there for a year before I can play this game.

My first card was a Chase Slate when I first turned 18. You really don't need secured unless you have a terrible score. Just try for the low tier no rewards no annual fee cards and you'll probably get it.

If that's the case, your score is about a year away from going to premium cards. Get a discover secured and open a Chase checking account with direct deposit so you can look for green check marks for a sapphire preferred.
Suggest only one card for now and 1 year later you start on Chase 5/24 (5 card limit per 24 months of ANY bank)
Suggesting discover since their auto cli policy is very good and they report to all three unlike your local credit Union shit card

I was thinking to try a Discover It secured card to start...

discovercard.com/application/displayLanding?pageFileId=double-paidsearch-secured&sc=KXNU&iq_id=r43700011012305750&cmpgnid=ps-dca-sc-google-brand-brandsecuredcard&gclid=EAIaIQobChMIlOWPj8nX1QIVnLrACh0z0AdGEAAYASAAEgIxaPD_BwE&gclsrc=aw.ds

Is there a better option than this you think?

Try applying for unsecured first. If you really can't get an unsecured, Discover is nice because you still get rewards regardless if it's aecured or not.

My credit score is 800+, would there be any downsides to opening a CSP to use in buying bitcoins for the cash back promo? And maybe 1 or 2 other similar cards a few months down the road?

Are BTC transactions at coinbase or similar even qualifying transactions?

Yeah, that's a good card but like user said, try the unsecured one first. Another option is the capital one secured/unsecured platinum card but it has no rewards. If you have an okay salary, you can probably go to your bank and get a basic credit card with them.

Pretty good. Discover was my first rewards credit card. You have to activate your bonus cashback or else you don't get it. That means you have to log in and click the button to let them know that you want to earn your cashback. Right now they are doing the bonus on restaurants and in a month it will be Amazon.com and Target. Every new year it starts with gas stations. I think Discover is the only secured card with rewards. Make sure you have a Visa or MasterCard debit card as well because Discover isn't accepted everywhere.

They double your cash at the end of the year so when you have a bonus 5%, it's almost like you're getting a 10% discount on everything. I enjoy my Discover to this day paired with a Paypal 2% card for when I'm not earning a bonus.

None at all. Do it senpai. If you find you don't like the card, you can cancel it before the end of the year since the first annual fee is waived.

CSP is nice. I'd churn the f out of it if they approved me.

I agree with these ideas two. Try unsecured first. If that fails, same day app for secured to possibly combine hard pulls

>it's almost like you're getting a 10%
Not "almost", it's exactly that and it's awesome. Discover deals is good too

Can only get sign up rewards per card brand/product once per year with Chase. That's why you hit all their different products

Nice to see some other posters who know what they're talking about. Thread started off as cancer

I'm assuming with a CSP I would not be able to qualify for the promo bonus more than once (eg get the $500 bonus, cancel,. Redo)

Can anyone confirm if such coinbase transactions count as legitimate transactions on cash back eligible credit cards?

Additionally, I assume signing up for each card product hits your credit, so clearly unless you want your credit score to tank in a few months you'd have to limit the amount of cards you took out?

It has a effect, for sure, but it's not as much as you think. And long term it makes you go way up

Is that only if you keep the cards open for a long time into the future? Sorry I'm a total noon at this. I guess I was thinking I'd open a CSP and a few others for the sign bonuses and then close all except the CSP after a few months? I don't know shit tho

It hits your credit, but once you quit and wait 2 years, you will have a godily credit score. Just don't be a stupid goy and get into debt.

I already have excellent credit score, soy goal is more how to reap the rewards of careful spending and always paying bills on time all these years

Don't close them. Doesn't hurt to keep them open and let the banks close them a year later. This keeps it on your record for longer. Open/close on same day = on your report for 10 years. Open/close for one year = on your report for 11 years.
>wait 2 years
More like 3 months, 6 months and hardly any negative effect
>Just don't be a stupid goy and get into debt.
Good damn the most important thing written so far

You can do this much easier with Square app.

I made 3.5k into 16k this way.

1.Get 0% credit cards which have no APR for 12-14 months (some of these even have cash rewards if you spend a certain amount be a certain time.
2. Use the Square app, and pretend you are a business. Deposit the credit into your bank account.
3. Move the USD into your marketplace.
4. Buy crypto.
5. Cash out whenever and pay off your cards. You have 12 months.

Easy.

Didn't work out for the guys in Trainspotting.

>Pretend you're a business

Sounds sketchy. But where is the value being added? Where does the 3.5k to 16k come from?

Who?

Does churning work in europe?

THis is honestly pretty interesting but it's definitely the kind of thing you need to pull off with no oversights.

Are there any good guides on it anywhere?
To be honestly a lot of the talk in here is going over my head already, I don't know much about credit cards.

I'm suprised at the lack of churners on this board. It's free money.

If there's a sign up bonus, churning works. I don't know about manufactured spending though.

If it doesn't lower your credit score, then yes it's free money. If it does, then it's just another out of hundreds of ways to "sell' your credit score for money.

How else can I sell my credit score for money?

Not credit cards but I do bank account churning from time to time. It's pretty easy and I made $3600~ so far this year from it.

Even the requirements aren't too bad on most, like many require a direct deposit, but most of the time you can just do a bank to bank transfer from your main account and it'll count as a DD.

Dat 1099-INT
Sorry no thanks . Did my first this year Chase $300

The irs considers credit card churning as income too. Some companies will send you a 1099-misc

Churning credit cards is considered a rebate. No tax.

I hope I can get a pile of cards that big one day.