• "Spreading the ideas of freedom loving people on matters regarding metals, finance, politics, government and many other topics"

Something is going on.

gringott

"Internet Moofluencer"
Midas Member
Site Supporter ++
Joined
Apr 2, 2010
Messages
19,067
Reaction score
31,700
Location
Stable
Purchased from Provident on Sunday, received on Friday. Pay via electronic check. Fastest turnaround in history for me.
Purchased from Nationwide coin and bullion. Told me the thing would be weeks and weeks before shipment.
It has shipped, they called me, in less than a week. Paid via CC, fastest turn around ever.

Got a notice my credit limit was increased by the two cards I use most. No change to income or anything else either.
AmEx and Visa. This never happened before. I have never carried a balance ever on either card.

WTF is going on?
 

Usc96

Gold Member
Gold Chaser
Joined
Oct 25, 2010
Messages
1,935
Reaction score
1,339
Location
Where the weather is nice.
It's a TRAP!!

iu-1.jpeg
 

ZZZZZ

Midas Member
Midas Member
Sr Site Supporter
Joined
Dec 23, 2017
Messages
8,827
Reaction score
20,311
Location
Northern Arizona
Purchased from Provident on Sunday, received on Friday. Pay via electronic check. Fastest turnaround in history for me.
Purchased from Nationwide coin and bullion. Told me the thing would be weeks and weeks before shipment.
It has shipped, they called me, in less than a week. Paid via CC, fastest turn around ever.

Got a notice my credit limit was increased by the two cards I use most. No change to income or anything else either.
AmEx and Visa. This never happened before. I have never carried a balance ever on either card.

WTF is going on?

I just got a new Visa and they gave me an astronomical credit line. (It's a Bitcoin Visa from BlockFi. No annual fee, 2%-3.5% "cash back" automatically put into a Bitcoin account every month.)

Granted, if I may pat myself on the back, I am a prime candidate, 809 FICO at last check and I never carry a balance on my existing cards, but I have zero use for more than about $1,500 a month.

Yeah, TPTB are really pushing debt on Joe Public.
.
.
 

Buck

Where'd My Country Go?
Sr Site Supporter
Mother Lode
Joined
Apr 13, 2011
Messages
23,938
Reaction score
31,149
i've often wondered what they've changed in their 'fine print' over the years

i'll suppose, 20 years ago they didn't include phrases like 'Bitcoin' or "Remonetization" or 'Demonitization' or would they specify what specie to use, to pay down your note...

i wonder if any of that's in there now...


i'm no lawyer nor would i ever pretend to be one...
 

Dude

Midas Member
Midas Member
Joined
Mar 31, 2010
Messages
4,787
Reaction score
1,789
I have 5 cards for 5 different purchases that pay the best cash back for specific purchases. Each one has over 20k limit and they keep sending me damn checks to take a loan. All are on auto pay. When I was poor 40 years ago, I would have probably needed to file for bankruptcy.
 

Casey Jones

Train left the station...
Gold Chaser
Joined
Apr 4, 2020
Messages
8,264
Reaction score
13,439
Location
Down the road from the Kaczynski ranch
They always have done that. In a past life, 20 years or so ago, I fell into the plastic trap.

You carry a balance, and pay more than the minimum on time, and they love you. They'll up your credit constantly, hoping to ensnare you deeper.

You carry no balances, and they get annoyed. You cancel another card, and they REALLY don't like it. I had three cards - AT&T/Universal Bank; Sears Bank (yes, that was a thing, back 20 years ago; no accounts except for credit cards) an Citibank.

The reorganized Citi gobbled up Universal Bank and bought Sears Bank's credit cards and name. So it was all Citi Cards.

So. A year ago I'm on a 600-mile road trip; and my Sears card is turned off. I only had that and my Citi card with me; my local credit union's Visa and the AT&T were left at home.

So, I call Sears Cards customer service, and get patched into Trashkanistan, where nobody speaks Engrish. I KNEW why they turned off my cards; this had happened before. Any unusual use pattern, and off they go.

Now I can't get through to anyone who speaks my lingo, to tell them all is well.

Now, half my credit resources are off limits; and the other could be turned off as well. I had a thousand bucks in my pocket, and suddenly that didn't seem like much.

So...once home, I called Sears, got a pidgin Engrish speaker, and told her, Me-fella, want card cancel NOW. You-fella savvy, okay, joe?

They did. They cancelled it; and two weeks later, my AT&T card was cancelled for "inactivity." Fine. I'll barely miss it.

I still have two. But, since I'm not a "good" customer, I expect my final Citi Platinum will be cancelled soon.
 

Usc96

Gold Member
Gold Chaser
Joined
Oct 25, 2010
Messages
1,935
Reaction score
1,339
Location
Where the weather is nice.
They did. They cancelled it; and two weeks later, my AT&T card was cancelled for "inactivity." Fine. I'll barely miss it.

I still have two. But, since I'm not a "good" customer, I expect my final Citi Platinum will be cancelled soon.

Sorry to hear you got jerked around like that. They are snakes, and don’t deserve your business.

I will have to look for it, but I came across a BBC-type investigatory episode (like their version of 60 Minutes or Dateline) that went into how certain banks would have subsidiary credit companies all offering irresponsible credit cards to people they know or should have known couldn’t reasonably pay it back. The evil banks were preying on people, and basically enslaving them to a life of paying high interest rates forever because the customers would never be able to pay more than the minimum balance.

Sadly, several of their customers ended their slavery with suicide, then the banks would go after their victim’s widows and families. It was truly disgusting! There are very real reasons some religions prohibit usery.

In the end, you may be better off without Sears, ATT and Citi in your life.
 

gringott

"Internet Moofluencer"
Midas Member
Site Supporter ++
Joined
Apr 2, 2010
Messages
19,067
Reaction score
31,700
Location
Stable
Update:
Three cards. I got a postcard from the CU that also raised my credit limit, the same as the other two. I use this card for gas only as it has 5% rebate on any and all gas purchases. A pre-printed folded card that actually has the amount of my new credit limit on it.

Obviously, many many people got this postcard. This was not "on demand" printing with a variable number field.

What is most likely going on with the CCs is INFLATION is causing the limit to go up about $3 to $4 grand. More headroom so to speak. I am sure everyone who has a CC got a increase.

The super fast turnaround on PM purchases may be explained by them trying to turn around FRNs as soon as possible. The longer they hold the money, the less it is worth. They may need to clear purchases as quickly as possible to get more PMs to replace the sold items. Like musical chairs. They don't want to be the ones holding the FRNs when the SURPRISE happens.

Anyway, this is all new to me, I have not seen this kind of activity before. Of course, the last huge inflation of my life, I didn't have credit cards and I wasn't buying PMs, so I know nothing about what happened then to these two areas personally.
 

newmisty

Transcending the 5 Elements
Mother Lode
Site Supporter ++
Joined
Mar 31, 2010
Messages
38,907
Reaction score
62,753
Location
Qmerica

gringott

"Internet Moofluencer"
Midas Member
Site Supporter ++
Joined
Apr 2, 2010
Messages
19,067
Reaction score
31,700
Location
Stable
I just got a new Visa and they gave me an astronomical credit line. (It's a Bitcoin Visa from BlockFi. No annual fee, 2%-3.5% "cash back" automatically put into a Bitcoin account every month.)

Granted, if I may pat myself on the back, I am a prime candidate, 809 FICO at last check and I never carry a balance on my existing cards, but I have zero use for more than about $1,500 a month.

Yeah, TPTB are really pushing debt on Joe Public.
.
.
1636890930985.png


So thinking this through, the cash back in bitcoin on your bitcoin visa would be taxable if you apply it to your balance for example.
 

ZZZZZ

Midas Member
Midas Member
Sr Site Supporter
Joined
Dec 23, 2017
Messages
8,827
Reaction score
20,311
Location
Northern Arizona
View attachment 232319

So thinking this through, the cash back in bitcoin on your bitcoin visa would be taxable if you apply it to your balance for example.

Right, but
1) I'm not spending it or using it to partially pay off the balance, I'm HODLing it. (at least for now).
2) If Bitcoin keeps going up at this rate, taxes will not be a problem.
:D