You will likely trigger a finance review, and probably eventually get shut down if done regularly. You might get away with it if done infrequently.Tell me more. If they give me a $10,000 credit limit, can I charge $10,000, pay the card $10,000 the next day then, after it posts, charge another $10,000 in income tax and get the full $600 (3%) in one credit card billing cycle? In other words, can I skirt around my credit limit, but still get 3% on everything charged, by making multiple credit card payments in a billing cycle?
The term for this is credit "cycling". Google can show you plenty of discussion about it.
Statistics: Posted by moneytree — Sat Mar 30, 2024 11:11 pm — Replies 22 — Views 2044