Cashback loops
I had a thought today. I was making a payment from my debit card to my credit card as I need all my money in one place so I move it all onto my credit card to pay my accommodation bill.
When I pay it, I will get cash back on my credit card.
But surely the transfer I made to my credit card from my debit card is a payment as it was described as a "debit card payment."
So if I can make a credit card payment in the same way I could potentially use another cash back credit card.
So what is to stop me just making payments from one card to another and back again using the same money each time and earning loads of cash back? I'd be interested to know if there is something preventing that, both in reality and in the terms and conditions of your credit card.
- Greetings! I'm Chris and this is my blog about debt, finance and generally having no money. Luckily as a student, it's just expected of me to have no money so it's all good.