Credit cards caught on to this around 2010 or so. That’s why balance transfers always have a fee now. You could do this with either balance transfers or cash advances, both of which have fees now. So you’ll end up increasing the balance by 3% each month.
Comment on take out a huge loan
ICastFist@programming.dev 4 days ago
> Open 2 bank accounts
> Get 2 credit cards
> Use 1 cc to pay the bill of the other cc
> repeat until credit score is big and cc limit is thru the roof
> go on spending spree
> 2 months of everything free
> flee to country that won’t deport you as criminal
invertedspear@lemmy.zip 3 days ago
Snowclone@lemmy.world 4 days ago
My grandparents did this for decades with 20+ cards. Yes it’s illegal to do this.
AlecSadler@lemmy.blahaj.zone 3 days ago
As someone who games banks as best I can this would absolutely not work.
bitjunkie@lemmy.world 3 days ago
As best you legally can…
AlecSadler@lemmy.blahaj.zone 3 days ago
Ah, yes, let’s go with that.
Evotech@lemmy.world 3 days ago
Not anymore at least
OsrsNeedsF2P@lemmy.ml 3 days ago
Share your wisdom on how you would best take out a loan before suicide