| Title | : | How This Man Used His American Express To Make an Infinite Money Machine (Tax Free) - #Shorts |
| Lasting | : | 0.52 |
| Date of publication | : | |
| Views | : | 3,5 jt |
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The guy was a schmuck if he only netted 1 Back in the day, costs were much lower - more like 12-15 Comment from : ArthurDentZaphodBeeb |
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I’m incredibly fortunate to came across you on YouTube, someone like you in my life I couldn't have gotten a brand new car without you THANK YOU bMYSTERY PLANET ORG/b ON THE INTERNET Comment from : Yiğit Gönüldaş |
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It’s not just the cash that he made but also the points you got to consider 😅 brThat’s a lot of free vacations Comment from : Eatbu11ets05 |
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Can we do that now or not? Comment from : life is good |
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Credit card companies now know this play and you can't do that anymore The one I'm at tells you up front that you don't earn cash back/points on gift cards or prepaid cards purchases Comment from : Heru Fresh TV |
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He had to pay taxes later Comment from : Mehul |
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The perfect loop donsent exi- Comment from : Coolboy121 |
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Watched this over 1000 times Comment from : Stephen Dave Mbongue, Ing |
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I’m sure he’s no longer with Amex I mean wouldn’t the Rewards Abuse Team (RAT) have closed his account(s) during/afterwards Comment from : Liana Longe🏝 |
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Either I don't understand it or this doesn't make sense Comment from : Q C |
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ah so this is why they put in those limitations on the blue card damn it Comment from : This_Is_Japes |
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It’s been patched out now Comment from : Abetts12 |
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This video is incomplete and doesn’t tell the full story This happened in 2013&2014 and they charged 64 million to profit about $300,000 The IRS came after them and they did have to pay some back taxes There are several articles on this out there, some are more accurate than others Comment from : Davis Sunglasses |
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I thought I was the only one Comment from : hayhayhay |
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30 mil in gift cards they didn't factor in that he got carpal tunnel from scratching the gift cards and that surgery ironically cost about $310,000 Comment from : Cash is King trucking |
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IRS would disagree about your reward points or cash back being tax free Comment from : djmaster1995 |
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I don't believe this story for one second If you do the math on this it just doesn't make sense Comment from : George Spalding |
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What is he spending $30 million on to get back $300k Comment from : Ari Dude |
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U can only buy money orders with cash where i live Plus they (money orders) cost money to get, not to mention the bigger they get the more they cost I CALL CAP!!! Comment from : PureEnt |
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somewhere in the IRS rules are changing right now because of this Comment from : Starseed 39 |
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Visa be like “oh give the rewards card team a raise sales are soaring” Comment from : Jayesh Kanodia |
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I wonder if me a mexican dude would have gotten away with it brbrI have a friend who won the lottery and he went to go claim it and for “some reason” ICE found out, came and took everything from him and deported his ass Comment from : Jesus Silva |
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Arbitrage! Comment from : Genshinplayer |
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Missing a step What's the percentage he owes on the card? Comment from : Erik Reddington |
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He bought lots of food to get that 5 back Comment from : padrote lopez |
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Manufactured spending doesn’t work in most case now days Comment from : Pravin De Silva |
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Is this patched? Comment from : Random AF |
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BEFORE YOU EMULATE HIM: "the Court opened the door for the IRS to argue that the Visa Gift Card could be viewed as an asset with a basis equal to its cost Though the face amount might be $10,000, under Internal Revenue Code (IRC) section 1012, its cost basis would be $9,500—so that when it is exchanged for a $9,900 Money Order, there is gain ($400)—and realized gain is clearly taxable" Comment from : Meh Pluribus Unum |
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Legend 😂 Comment from : Saurav Sharma |
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If he was black He be in jail for finding that loop hole Comment from : Stephen Freeman |
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I applaud anyone clever enough to see a flaw in a big business system and use it to their benefit br👏👏👏👏 Comment from : There is no Sanity Clause |
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But you can’t do that anymore Comment from : R A |
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There are people who go from bank to bank taking advantage of the benefits and credit cards If done correctly you could make money But, this guy did it through a 1 difference That’s a lot of work Comment from : Dalton |
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Should’ve put it all on AAPL puts Comment from : George Hamilton |
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U can only do this in the US so what’s stopping u) Comment from : THE JACK LIFE |
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your telling me you can use a credit card to buy and put "money" on a prepaid card in store? Comment from : Ben Kealey |
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The net was much higher than 1 cash back Comment from : Churn_Diesel |
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I'm guessing this glitch has been patched? Comment from : John Mock |
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You should have went into this story more than just 51 seconds…really expand on this topic I read in the comments he was taken to court and had to pay taxes on his cash back, but this channel should have covered that Comment from : TimelessAdventurer |
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How did he get ,br 30 million in gift cardsbrbr Explain That onebrJohn c Comment from : John Charles |
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Sounds like a full time job with thousands of hours of overtime Comment from : James Doyle |
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No sales tax on those gift cards? Comment from : Thomas Payne |
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Hence, why they now don’t allow people to buy pre-paid gift cards with credit cards, they really check to see that you’re paying with debit or cash (at least in Florida, they do) Comment from : Virginia Byron |
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Is this still possible Comment from : Adam M |
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The patched it in the update Comment from : Alex |
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It’s called Manufactured Spending Comment from : jb raden |
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Legend has it that he is still buying gift cards today Comment from : Paul-Sebastian Manole |
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this is false american express charges interest when purchasing prepaid visa cards its considered same as cash Comment from : eRosado Productions |
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This dude is the fucking man that’s crazy he pretty much handed himself a free house not bad Comment from : #MadMiahMopar |
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Smart MF! Comment from : Chris Henicke |
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Can this still be done? Seems like they would had shut that down as soon as they found out about it Comment from : Jom Dobck |
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It was a legal loophole but Amex closed up that loophole Comment from : pinkford2 |
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The IRS is illegally taxing people since 1913 It's private not federal Wake up people Taxing Income is illegal Oh make sure you report profits you stole Now that's illegal in the eyes of the irs ILLEGAL Comment from : isnt that shameful |
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Credit cards have a 15-20 fee on cash advances now for similar reasons Comment from : Wizzle Mane |
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Is this still legal? Can people still do this? Asking for a friend who's a law abiding citizen Comment from : Bruce Wayne |
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Borderline "Constantine" winging it yet again Comment from : Daniel Gonzalez |
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30 million in gift cards Comment from : Atom Virginia |
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How much was his limit on the card? Comment from : Dipraj Rai |
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This is how arbitrage works Comment from : Magnus Anand |
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The real question is, does it still work? Comment from : Markist Choicee |
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I have nothing coming in right now! I’m doing this at a smaller level to pay some thing but yeah, I can see making more! Comment from : shockawha9 |
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Until finally 😌 Comment from : Mariano |
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More like slowly added up Comment from : Edmund Chen |
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“It Pays To Discover”…loopholes Comment from : Steve Jones |
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I can’t believe he made money like this and they didn’t stop him cuz it was too easy No way in this society to make money easy like that They make sure of it Comment from : well gee slugger |
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I don't see why the fact that it's tax-free is a big deal? if anything that makes it slightly shittier? like if he had just paid taxes on that $300,000 it would have been what 10 12 of that? so he still would have ended up with a shitload of money, and he would have contributed to society in the process we need to stop rewarding people for being selfish greedy parasites on society who do nothing but accumulate money and take it out of circulation causing inflation Comment from : Katie Barber |
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5 only on weekends, where the last day transaction is recorded on the next day, hence excluded Max RM50/month Dream for million Comment from : MyMomSayNoDota |
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it's all taxable income only thing you can do is offset it Comment from : K F |
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This is illegal now right Comment from : Lauren sky |
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Awesome! Comment from : IterNation |
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Damn I wish I thought of that one Comment from : Joe Fuentes |
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Genius 🤣 Comment from : Michael Rome |
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Pretty sure they’ve changed that and cards can’t be used to do money orders Man, that’s nuts 30 mil lol someone should have investigated Comment from : Chase 9210 |
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Can this still be done? Comment from : Cesar Carreon |
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Genius Comment from : UN-common Sense AUS |
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1) what's his credit limit that he could buy $30m? br2) what about the fees for the card itself? A card that offers 5 comes with fees Comment from : Gilad Was Here Travel |
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Cause he is white it's smart , if he was spansh or black he's a criminal Comment from : John john The Phenom |
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There is an article on Law Oxford explaining that he did indeed end up paying them Comment from : Inflex |
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Credit cards don't give cash rewards for gift cards anymore because of thus so don't even bother trying Comment from : Hybrid |
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We call this net loss brbrSo he didn’t really print money And it wasn’t free Dude why do you make such crap videos Stop lying Just tel the dam truth lol Comment from : PC Principal |
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Assuming top card value is $500, that's 60,000 cards Buying 100 a day everyday would still take almost 2 years and cost $50,000 And it likely took his bank a fee days to deposit the miney orders so he likely needed to float a couple hundred thousand $$ How many people have an extra $200k that they can afford to be tied up for 2 years? Comment from : Scott D |
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That's why u can't use a credit card to buy prepaid/gift cards There are still other ways to do something similar and make a profit Comment from : Scott D |
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Oh wait so technically he found a GTA V online cheat that works in reality Hmmm 🤔👀💡 Comment from : John Lambert |
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Finess 🌴 Comment from : Sacred |
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200 dollars turned into 210 Visa charges 599 to load the card Profit Comment from : Mark |
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Y’all don’t realize how much time and work it takes to buy 30 million dollars in gift cards lol 😂 he’d be better off picking up cans Comment from : Elchilo |
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Are you telling me Gift cards count as Grocery ???? Comment from : ਸੁਖਦੀਪ ਗਿੱਲ |
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Don’t mess with the IRS - they will get their cut, just like they did with this dude Comment from : Paul Ridgeway |
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Is the cheat patched 2022? Comment from : Heatguy Jr |
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Why do so many of you tiktokkers use the same cadence? It isn't a good one, but it seems to be the one most of you emulate Comment from : kilitankeilts |
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I don't think you can buy money orders with gift cards Comment from : David Gutierrez |
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I think they fixed this glitch last patch, I tried this and got swatted Comment from : E |
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I did something like this, I read the policy first, but on a tittle loan company they give u a loan on ur car, but every time u made a cash payment they gave u a token, after 10 tokens u can cash them for $100, after loan was paid back they gave u the tittle back charging $6brSo i got $2k and used the same money to make the same payments, so I was so excited!! I told people no body believe, I was making abt $400 every month for a few months until they noticed I was doing that and they changed the policybastards! Comment from : super L |
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This is also fake as prepaid card are not eligible for cash back on credit cards and never have been Comment from : SWFL Scratcher |
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