Need to spend 4000$ to get cash back. Was thinking I could buy visa gift cards and tranfer it into my bank account using venmo. Do I need to pay tax for it?
Good god
TC or GTFO
Don’t forget Visa cards have activation fees
5$. I could get more from cashback.
Any data scientists/ML engineers working at a bank. Can u guys tell us what patterns you guys use to detect manufactured spending?
Nice try.
They have access to itemized receipts (level 2 and 3 data), not just transaction location/amount info. It’s not gonna work dummy
There was a ~200k dollar scam based on the same thing. And later when credit card company got to know about this, then they sued that man and the court ordered to pay taxes on the cashback which he recieved.
Do you really think American banking system is less intelligent than you?
That’s called manufactured spending and the credit card companies will be able to detect it and won’t be happy