MS Through Loyal3 Update
You may remember that we first told you about using Loyal3 as an alternate way of manufactured spending now that Vanilla Reloads and even Vanilla Visa Cards are being denied for that purpose at CVS and Wal-Mart. Loyal3 is a way to buy stocks using a credit card and then selling the stocks a day later. Here was our original post on the subject.
I just received the email below from Harry at PF Pro who writes of his experience getting $8,000 spend on his new CC.
FYI guys, I just wrote an updated article on my experience using Loyal3 to MS $8,000 for my second AA Exec card: http://yourpfpro.com/racking-miles-points-loyal3/
Check out his story and decide for yourself if it is worth a try. I know a number of readers have commented that it seems risky, but I believe if you choose a big stock, it is not likely to change much in the day or two that you hold it. One way to measure this is by examining the Beta of a stock. Beta measures the volatility of a stock (or mutual fund) and the higher the Beta the more likely you are to see big prices swings up or down. I haven’t tried it myself so let everyone know your experiences if you give it a shot.
Can definitely verify you can do MS on a Loyal3 purchase; did both a Capital 1 card and a Bank of America card and it posted as purchase (not cash advance).
Your link is pointing to a .mil site.
Sorry, thought I had fixed that last night. Should be working now.
has anyone tried with citi?
This only makes if you plan on investing anyways and for a long time hold. If you buy and sell every day (or ever week) just for MS your tax return will be a PITA. I am not aware of Loyal3 exporting/importing stock transactions into tax software yet. You need to list ever stock sale on your tax return.