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/biz/ - Business & Finance

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18594392 No.18594392 [Reply] [Original]

>Credit card has 5% cash back on all restaurant purchases
>Get a Square credit card swiper
>Change your classification to restaurant
>Charge yourself $1000
>Square fee is 2.6% + 10 cents.
>Transfer money back into checking account
>Pay off credit card balance
>Repeat

Per transaction:
Fee = $26.10
Revenue = $50.00
Profit = $23.90

>> No.18594412

>>18594392
why not charge more than 1000

>> No.18594657

This is what it must feel like to be a government

>> No.18594670

>>18594657

kek

>> No.18594672

>>18594412
Because the credit card company would be suspicious of a $1000+ restaurant charge

>> No.18594679

>>18594392
theres usually a limit, and this would be considered fraud. also how the fuck are they gonna beleive multiple 1000 dollar transactions at a restaurant, the nicest restaurant iv ever been too the most expensive thing was like 250 for a fucking steak, you feeding a family of 4, 250 dollar steak, multiple times per day? im not even sure billionaires do that......


Although id def uber eats that shit a couple times a week if i was that rich .

>> No.18594760

>>18594679
>not having $250 steak 3 meals a day

Must suck being poor

>> No.18595697

>>18594392
You forgot to figure in the cost of the surgery to stitch your butthole back together once the credit card company figures out you're committing fraud and their lawyers fuck you hard in the ass with a cactus.

>> No.18595728

Its not fraud if you charge yourself for legitimate services... Film yourself raising the prices, telling yourself youre raising the prices, eating the meal, etc and then you have video proof that everything is happening legit

>> No.18595733

>>18594392
test

>> No.18595804

>>18594392
Profit AND improving credit score? I would have kept quiet about that one, pal.

>>18594679
He could also actually open up a restaurant or food truck that serves cheap bullshit charged at a high price and literally just eat at his own restaurant everyday. "Anon's Bread Truck", slices for $500 a piece. You pay for the experience.

>> No.18595909

>anon starts a restaurant to cover this up
>realize he can get a higher margin as a legit restaurant than his shitty credit card rewards pinching
congrats on your actual legitimate business.

>> No.18595938

>>18594672
Multiple $1000 restaurant bills will definitely trigger something.

>> No.18595955

>>18594392
small print, -eligible- restaurants (eg McDonalds and shit), -first- $2000 (then 1%), etc.
>>18595909
as most people running restaurants could confirm, card-scamming would prove infinitely more profitable

>> No.18595985
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18595985

>>18595733
Checked

>> No.18596054

>>18594392
Thanks, I just retired.

>> No.18596090

It's not fraud I think, but considered a cash advance by square and your bank no matter how you look at it. Banks don't like it, and that's also against squares tos. Sorry goy, but no free lunch.

>> No.18596129

>>18596090
yeah it's not free if square pays for it

>> No.18596134

>>18594657

supremely based

>> No.18596144

>>18595733
Back to plebbit

>> No.18596159

>>18596090
Also usually cash back categories are constrained to a merchant list.

>> No.18596198

>>18595938
Not if he actually owns a restaurant or truck where he charges $1000 an item. There are numerous restaurants in New York that do exactly this. Like milkshakes with gold shavings on them that probably run a sum total of $5 to make, most due to the thin gold shavings. Don't know if its a credit scam or just a straight up meme business, though.

>> No.18596205

>>18594679
Rich people living in Vegas, LA, SF, and NY probably take their teams out to nice restaurants like this once per week

>> No.18596242

test

>> No.18596281
File: 383 KB, 200x200, 1525465362_tumblr_n8d7gjIcni1s50j4bo1_250.gif [View same] [iqdb] [saucenao] [google]
18596281

>>18594657
Funny AF

>> No.18596394

>>18595955
This.
Also taxes dummydumb

>> No.18596554

test

>> No.18596727
File: 270 KB, 1825x1217, goytax.jpg [View same] [iqdb] [saucenao] [google]
18596727

>>18594392
>Charge yourself $1000
I think you mean $1200

>> No.18596753

Credit card companies will be calling you the day after asking why your poor NEET ass is buying 1000 dollar meals so much.

>> No.18596761

>>18594657
funny man