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3,575,794 Views ā¢ Jan 22, 2022 ā¢ Click to toggle off description
Konstantine Anikeev signed up for an American Express which offered a cash back offer on purchases made in certain grocery stores. He used this credit card to buy pre-paid visa cards which he would then use to buy money orders which he would deposit back into his bank account to pay off the credit card he used to make the purchase in the first place.
The trick was that the fees from the pre-paid cards and the money orders ended up totalling around 4% of the transaction value, 1% less than he made in cash back rewards from his Amex, allowing him to profit off the difference, this quickly added up as he churned through over 30 million dollars in gift cards.
The best part is that credit card rewards are not considered income in the eyes of the IRS so Konstantineās profits were all tax free!
Unfortunately, if you are planning on replicating this infinite money machine the credit card companies are one step ahead of you and pre-paid cards no longer count towards cash back offers.
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Views : 3,575,794
Genre: Education
License: Standard YouTube License
Uploaded At Jan 22, 2022 ^^
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Rating : 4.924 (3,601/186,447 LTDR)
98.11% of the users lieked the video!!
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User score: 97.17- Overwhelmingly Positive
RYD date created : 2022-03-21T21:47:44.796985Z
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1,908 Comments
Top Comments of this video!! :3
This guy is the real-life version of the people who find exploits in games.
1.4K |
This mans financial report be like:
"Sir, we have found a way to increase profits by 1%!"
"YOU PUT 30 MILLION IN IT RIGHT NOW!"
10K |
He beat credit cards by using their system against them. They got mad because instead of their users losing money, they did
317 |
Thereās more to this story. He was taken to court by the irs over this and ultimately won the case but the judge ruled that the way he made the cash back was deemed as taxable so he had to pay the taxes on the cash back
8K |
Money wasn't actually created out of thin air. He was transfering the wealth of the credit card company to himself.
708 |
You know how it is
you either are a fart smella or a smart fella
3.9K |
This man is also the reason why the game of credit card churning has changed so much. That loophole couldn't last forever
978 |
He's gansta until the card company released a software patch
991 |
I bet his credit score was incredible being able to pay off all he put on that cardā¦
430 |
Gotta give him ācredit ā,just realizing this
558 |
Thatās called āmanufactured spendingā and it usually gets your card stopped in a very short amount of time. In the first or second time doing it youād get a call from your credit card company.
780 |
The 5%cash back for American Express is up to 6k spent, then drops to 1% . Maybe he did this before cap of 6k was put in place
427 |
And he would have got away with it if not for those rascally IRS Agents. Lol
100 |
Pretty sure they have "fixed" this glitch
242 |
So he is why there is a limit on cashback for most cards? This man had a full time job lol
102 |
And I thought using $8.89 of my rewards for a used, like new, copy of The Little Book of Common Sense Investing by John Boogle, was smart.
113 |
Reminds me of the time someone did something similar with them dollar coins they were selling on tv. The guy bought the coins dollar for dollar with his credit card and went to the bank to deposit the coins back into his account. Made profit from the credit card rewards until the caught on and stop it.
156 |
This is why there are different rates for "cash advances". A prepaid card will often count as one, as will buying crypto or gold, even though these are very stretched definitions of cash advances. I know Chase does this.
42 |
This is why we canāt have nice thingsā¦people like himā¦but man that was smart.
35 |
@Moliminous
2 years ago
Bro how was he not on a list. Who goes through 30 million worth of gift cards lol
7.3K |