/biz/ - Business & Finance

[Anonymous No.1222574]

Can I start a "business" and get a credit card reader and charge myself to my card thousands of dollars for services that I do (like landscaping, cleaning my house, pressure washing my driveway, etc), then pay the bill with my own money over and over again to rack up cash back and flyer miles?

[Anonymous No.1222579]

>>1222574
No, because credit card companies charge you a 2-3% fee on each transaction.

[Anonymous No.1222580]

Tax.

[Anonymous No.1222583]

>>1222574
You probably could but you'd have to pay tax on the profit, I'm pretty sure you'd lose at least 15% of the money, so unless you find a credit card that gives you back 16% of what you spend, good luck turning a profit

[Anonymous No.1222586]

[Anonymous No.1222592]

I remember something similar where you could buy money from the US Treasury on a cc, deposit the money and then pay the cc company. They've closed that loophole now.