Author Topic: Using a credit card to purchase stocks at Loyal3  (Read 213283 times)

sheepstache

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #300 on: May 09, 2014, 03:22:37 PM »
Tis not the end of manufactured spend, necessarily.  There are 50 stocks and I read the policy to mean max $50 per stock.  So two purchase and dumps of max $ and max stock would be $5,000.
Might not be worth the hassle but you're not necessarily stuck if you're midway through a bonus qualification.

smedleyb

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #301 on: May 09, 2014, 03:29:01 PM »
Great, I only got $2500 done in 5 weeks.  I guess I need to be like those other assholes and abuse the fuck out of an inefficiency in the system in order to get my mine. 

Still shaking my head at the idea I could casually churn $2500-$3000 a month for many months before the plug got pulled, knowing others are merrily churning tens of thousands a week.   

wtjbatman

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #302 on: May 09, 2014, 06:39:05 PM »
This definitely wouldn't have happened if we had deleted this thread/made it members only.

Ricky

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #303 on: May 09, 2014, 08:13:23 PM »
Tis not the end of manufactured spend, necessarily.  There are 50 stocks and I read the policy to mean max $50 per stock.  So two purchase and dumps of max $ and max stock would be $5,000.
Might not be worth the hassle but you're not necessarily stuck if you're midway through a bonus qualification.

I think they are meaning to say you can only use a card for a max of $2,500 in investments per month ($50 x 50 stocks). Or can we still make one time purchases multiple times per month?
« Last Edit: May 09, 2014, 08:16:03 PM by Ricky »

sheepstache

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #304 on: May 09, 2014, 08:39:36 PM »
Most conservatively, I'd read it as saying you can do one pre-scheduled purchase and one one-time purchase per month.  But I haven't seen any language saying your one-time purchases are limited.  And who's to say you can't keep changing the scheduled date of the "monthly" "automatic" purchase.

A quick experiment informs me that you can't do one one-time purchase after another within the span of 2 minutes.  The error message is simply that "This order has already been placed.  You may be seeing this page as a result of a double-click or 2 orders placed simultaneously in 2 different browsers."  So you may be able to place another order in 10 minutes or 10 hours or who knows.

Update: You can do two one-time credit card orders of the same stock, like, five minutes apart.
« Last Edit: May 09, 2014, 08:46:30 PM by sheepstache »

Hugh H

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #305 on: May 09, 2014, 08:41:40 PM »
I did a few trades with some new credit cards I got to farm the rewards, and now my account was closed due to "not investing within the spirit of Loyal's business" or something like that. Was able to get 100s of free $$, which is still compounding on the stock market given I sold everything, got my cash and it's now compounding in the stock market while my credit cards are at 0% for months. Great while it lasted. Sort of legalized money laundering.

OCONUSCTR

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #306 on: May 09, 2014, 09:13:38 PM »
I don't think this thread was the reason that this was shutdown as there were many similar threads on other forums. I am sad to see it go however as it was an excellent way to meet the minimum spend. I purchased a a few maximum lots and held them all for several months, so not everyone was doing the immediately flip. Guess I need to find a new way to churn while overseas.

Twas good while it lasted...

dragoncar

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #307 on: May 09, 2014, 11:40:57 PM »
I don't think this thread was the reason that this was shutdown as there were many similar threads on other forums. I am sad to see it go however as it was an excellent way to meet the minimum spend. I purchased a a few maximum lots and held them all for several months, so not everyone was doing the immediately flip. Guess I need to find a new way to churn while overseas.

Twas good while it lasted...

Obviously those other threads were inspired by this one.

OCONUSCTR

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #308 on: May 10, 2014, 12:08:30 AM »
Maybe, maybe not. All I know is, it is sad that it ended as it was a great way to hit those bonuses. Now have to figure out another way to do this from overseas. If anyone has any ideas let me know!

DK

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #309 on: May 10, 2014, 08:07:48 AM »
Wow. I just made the cut by about a week to get my sign up bonuses! Glad I didn't procrastinate.

arebelspy

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #310 on: May 10, 2014, 08:19:21 AM »
This definitely wouldn't have happened if we had deleted this thread/made it members only.

Even if this were true, which it absolutely isn't, it's irrelevant.

If a loyal3 employee had come on and said "I have to report this to my bosses in a week, you should make it private if you don't want that," it would have been kept public.

We're about sharing information and helping people out.. Not excluding information and having secrets for those in the know.
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wtjbatman

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #311 on: May 10, 2014, 07:02:35 PM »
This definitely wouldn't have happened if we had deleted this thread/made it members only.

Even if this were true, which it absolutely isn't, it's irrelevant.

If a loyal3 employee had come on and said "I have to report this to my bosses in a week, you should make it private if you don't want that," it would have been kept public.

We're about sharing information and helping people out.. Not excluding information and having secrets for those in the know.

I can't tell if you are continuing my joke, or not. Do you remember a bunch of pages back when people were suggesting having the thread closed/hidden and I said that I thought that was a ridiculous idea, and would be upset if my thread was closed for that reason? I know you were part of the conversation back then :)

Edit: This

I don't run these forums, but I'd be really annoyed if this thread was deleted/made private. Especially so that Loyal3, or random people googling the words "Loyal3" and "credit cards", don't find this thread. We're already seeing drama over MMM being threatened with legal action and the corresponding Streisand Effect, let's not go down that road.

Enjoy the ride while it lasts.

Voluntarily choosing to make a discussion private between members of a group that are amenable to it is very different than  forcing someone to take down comments/criticism about you and stifle their speech.  In this case, no one's speech would be stifled, and no lawsuits would be threatened.

They're not even remotely close in situation.

That being said, it is not at this time being considered making this private.  Sorry for those of you interested in it (I myself may give it a shot), I do hope it lasts awhile.
« Last Edit: May 10, 2014, 07:04:16 PM by wtjbatman »

thepokercab

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #312 on: May 10, 2014, 08:49:19 PM »
This definitely wouldn't have happened if we had deleted this thread/made it members only.

Even if this were true, which it absolutely isn't, it's irrelevant.

If a loyal3 employee had come on and said "I have to report this to my bosses in a week, you should make it private if you don't want that," it would have been kept public.

We're about sharing information and helping people out.. Not excluding information and having secrets for those in the know.

I can't tell if you are continuing my joke, or not. Do you remember a bunch of pages back when people were suggesting having the thread closed/hidden and I said that I thought that was a ridiculous idea, and would be upset if my thread was closed for that reason? I know you were part of the conversation back then :)

Edit: This

I don't run these forums, but I'd be really annoyed if this thread was deleted/made private. Especially so that Loyal3, or random people googling the words "Loyal3" and "credit cards", don't find this thread. We're already seeing drama over MMM being threatened with legal action and the corresponding Streisand Effect, let's not go down that road.

Enjoy the ride while it lasts.

Voluntarily choosing to make a discussion private between members of a group that are amenable to it is very different than  forcing someone to take down comments/criticism about you and stifle their speech.  In this case, no one's speech would be stifled, and no lawsuits would be threatened.

They're not even remotely close in situation.

That being said, it is not at this time being considered making this private.  Sorry for those of you interested in it (I myself may give it a shot), I do hope it lasts awhile.

Yeah- i feel like on the forums my sarcasm doesn't always come across the way I intend it.  I think I probably need to start posting disclaimers whenever i'm about to make a smartass comment.  Something like this: 

WARNING: SARCASTIC COMMENT BELOW. PLEASE DO NOT INTERPRET LITERALLY

.. various sarcastic comment. 

SARCASTIC COMMENT HAS NOW ENDED. THANK YOU FOR NOT TAKING LITERALLY

Or, as my mom says, I could just stop being a smartass. 

arebelspy

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #313 on: May 10, 2014, 08:52:27 PM »
This definitely wouldn't have happened if we had deleted this thread/made it members only.

Even if this were true, which it absolutely isn't, it's irrelevant.

If a loyal3 employee had come on and said "I have to report this to my bosses in a week, you should make it private if you don't want that," it would have been kept public.

We're about sharing information and helping people out.. Not excluding information and having secrets for those in the know.

I can't tell if you are continuing my joke, or not. Do you remember a bunch of pages back when people were suggesting having the thread closed/hidden and I said that I thought that was a ridiculous idea, and would be upset if my thread was closed for that reason? I know you were part of the conversation back then :)

Ah, no, I missed the sarcasm, I just remembered people asking it to be closed, and assumed you had been one of them.

If I had bothered to go back and look up your comment, the followup one would have obviously been sarcastic, but I didn't remember that you were someone arguing for it staying open, rather than vice versa.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
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wtjbatman

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #314 on: May 10, 2014, 09:10:43 PM »
Yeah- i feel like on the forums my sarcasm doesn't always come across the way I intend it.  I think I probably need to start posting disclaimers whenever i'm about to make a smartass comment.  Something like this: 

WARNING: SARCASTIC COMMENT BELOW. PLEASE DO NOT INTERPRET LITERALLY

.. various sarcastic comment. 

SARCASTIC COMMENT HAS NOW ENDED. THANK YOU FOR NOT TAKING LITERALLY

Or, as my mom says, I could just stop being a smartass.

Downside of not actually being as funny as I imagine I am. Sometimes a comment will get a laugh, usually it's ignored, and occasionally I piss someone off. And I've come to realize that me and arebelspy definitely don't share the same sense of humor. Which probably reflects more positively on him than if we did ;)

arebelspy

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #315 on: May 10, 2014, 09:16:04 PM »
And I've come to realize that me and arebelspy definitely don't share the same sense of humor.

Oh?  How would you describe your sense of humor?

I'm a big fan of satire.  Steven Colbert is my favorite comedian.

I used to be really sarcastic, now I almost never am.  That was probably not sarcastic.

I think Kriegsspiel is the funniest MMM poster.  That was also probably not sarcastic.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

wtjbatman

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #316 on: May 10, 2014, 09:34:19 PM »
(btw I don't mind derailing the shit out of this thread, since the main driver behind it, large scale CC churning with Loyal3, is likely dead)

I have seen some posts from Kriegsspiel that lead me to believe he may be the bestest MMM poster. As someone who works overnights and gets bored on occasion, I enjoy his random posts in the middle of the night. For instance, I'll never forget this gem...

chess.com, WesternWatch. Money, where your... mouth is... But not...

Ok, so imagine your teeth are. bills...... Ok, no, just, if you go there, it's all free.. Alright, it's like you DO have chess teeth, and you can chew up other stuff. As in, imagine the chess-bill-teeth are VERY STRONG, like a mineral.  And you just do, because FUCK ALL THOSE OTHER KIDS THAT MADE FUN OF YOU AT RECESS! NOW WHO LIVES IN A TRAILER!

dragoncar

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #317 on: May 10, 2014, 11:01:37 PM »
(btw I don't mind derailing the shit out of this thread, since the main driver behind it, large scale CC churning with Loyal3, is likely dead)

I have seen some posts from Kriegsspiel that lead me to believe he may be the bestest MMM poster. As someone who works overnights and gets bored on occasion, I enjoy his random posts in the middle of the night. For instance, I'll never forget this gem...

chess.com, WesternWatch. Money, where your... mouth is... But not...

Ok, so imagine your teeth are. bills...... Ok, no, just, if you go there, it's all free.. Alright, it's like you DO have chess teeth, and you can chew up other stuff. As in, imagine the chess-bill-teeth are VERY STRONG, like a mineral.  And you just do, because FUCK ALL THOSE OTHER KIDS THAT MADE FUN OF YOU AT RECESS! NOW WHO LIVES IN A TRAILER!

Can someone please delete this thread before the sarcasm police find it?

tomq04

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #318 on: May 12, 2014, 09:37:49 AM »
whoop whooop, the 'casm po-po have arrived!

tskzes

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #319 on: May 22, 2014, 01:59:30 PM »
I bought some stocks on loyal3 just to try it out, in spite of the fact they imposed a 50$ transaction limit on cc purchases. I am using the capital one quicksilver card with the 100$ bonus for spending 500$ and 1.5% back on everything.

I put in some purchase orders on Monday before 2pm and they didn't even update as having gone through until Thursday afternoon. I don't think they even show what time and day they were executed, but it wasn't on Monday. I don't like that you basically have no way of knowing what share price you are getting. Edit: actually i looked closer and found that on unilever stock they charged me an execution price at least one dollar above the maximum price that the stock has been since i placed the order. I will investigate why this is but if this is typical of the service i will defintely not continue to use the service.

« Last Edit: May 22, 2014, 04:40:12 PM by tskzes »

cowstash

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #320 on: May 23, 2014, 01:02:22 PM »
I put in some purchase orders on Monday before 2pm and they didn't even update as having gone through until Thursday afternoon. I don't think they even show what time and day they were executed, but it wasn't on Monday. I don't like that you basically have no way of knowing what share price you are getting. Edit: actually i looked closer and found that on unilever stock they charged me an execution price at least one dollar above the maximum price that the stock has been since i placed the order. I will investigate why this is but if this is typical of the service i will defintely not continue to use the service.

The timing is tough, but from the 10 or so trades that I've made with Loyal3 (before the credit card max change), they were all to-the-penny the price around 12:30-12:40 PM ET on the day the trade was executed. Maybe things have changed, but I don't think that's been the experience for others of us here previously. I'll come back again in a few days with some final thoughts after I sell the last of my holdings with them -- if it goes as planned, I'll have made over $1500 in card rewards + actual stock earnings.

wealthviahealth

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #321 on: May 25, 2014, 07:02:03 AM »
I am still an active user of loyal3 but I wonder if the Robinhood platform will make loyal3 irrelevant for me.
It hasn't been released for public access yet but Robinhood will allow users to trade commission free but unlike loyal3, you can invest in
any company like you would if you were on td ameritrade, vanguard, etc..

You can join the waiting list at- [MOD EDIT: Spam link removed.]
I am still on the waiting list but if a few of you use the link I should be on the platform in a day or two. : )
I do not know if you are able to purchase via credit card or buy fractional shares like loyal3 but I will report back as soon as I find out.

« Last Edit: June 24, 2014, 06:08:06 PM by arebelspy »

tskzes

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #322 on: May 26, 2014, 11:32:19 AM »
I put in some purchase orders on Monday before 2pm and they didn't even update as having gone through until Thursday afternoon. I don't think they even show what time and day they were executed, but it wasn't on Monday. I don't like that you basically have no way of knowing what share price you are getting. Edit: actually i looked closer and found that on unilever stock they charged me an execution price at least one dollar above the maximum price that the stock has been since i placed the order. I will investigate why this is but if this is typical of the service i will defintely not continue to use the service.

The timing is tough, but from the 10 or so trades that I've made with Loyal3 (before the credit card max change), they were all to-the-penny the price around 12:30-12:40 PM ET on the day the trade was executed. Maybe things have changed, but I don't think that's been the experience for others of us here previously. I'll come back again in a few days with some final thoughts after I sell the last of my holdings with them -- if it goes as planned, I'll have made over $1500 in card rewards + actual stock earnings.

it turned out I was looking at Unilever stock on a different exchange, UN  versus UL which have a difference of about a dollar or two so it was a stupid mistake on my part. The trade time does take a few days to go through but it does indeed have no fees. Support was really quick and helpful.

I think I will continue to buy more shares of a few higher dividend stocks on there and buy more on dips in 50$ increments just to mess around. I typically use tradeking which is 5$ to buy or sell. So usually I buy 2k$ blocks of stock so 10$/2000$=0.5% cost just to buy and sell. Using the capital one quicksilver card and loyal3 I will save 0.5%on trades and will get 1.5% just for buying the stock. Aside from the time factor and having to buy in 50$ blocks seems like a win/win.
« Last Edit: May 26, 2014, 11:58:57 AM by tskzes »

medinaj2160

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #323 on: June 11, 2014, 06:59:17 AM »
Is anyone investing in the Gopro IPO through Loyal3?

jfLip

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #324 on: June 11, 2014, 11:42:28 AM »
Is anyone investing in the Gopro IPO through Loyal3?

I'm curious as well; wondering about buying GoPro to tryout Loyal3.

milesdividendmd

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #325 on: June 11, 2014, 10:39:23 PM »

Is anyone investing in the Gopro IPO through Loyal3?

I'm in for  $3500.

It's pure speculation, but I do get a guaranteed 2% return at the point-of-sale because of the credit card points.

And any losses will be harvested to offset my previous gains.

Minus the credit card angle, I would have no interest in any IPO. It is not investment, it's gambling.

And I wouldn't recommend investing at all with any money that you can't  afford to lose forever.



k-vette

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #326 on: June 13, 2014, 06:51:14 AM »
Yep, cc works for the IPO.

sheepstache

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #327 on: June 15, 2014, 05:56:23 PM »
Oo, small thing that just came up for me. 

If you have dividends deposited into your account and then have an automated buy order, it uses the dividends first.  I didn't realize I had gotten dividends on the 13th and the automated purchase was scheduled for the 15th.  So now a purchase went in that I didn't get the max credit card benefit for.

As far as I can tell, there's not a way to automatically get dividends sent to you bank account.

mrgrump

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #328 on: June 22, 2014, 01:10:31 AM »
Sheep Stache, not sure how to fix this problem but I am having the same one. I was hoping the dividend would be added to my monthly contribution however it was deducted. So instead of a $100 being deposited only $98.50 was last month.

milesdividendmd

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Using a credit card to purchase stocks at Loyal3
« Reply #329 on: June 22, 2014, 09:24:38 AM »
Loyal3 actively (and understandably) tries to make their site user-unfriendly for churners. You've got to do everything manually yourself, including transferring dividends.
« Last Edit: June 22, 2014, 10:02:24 AM by milesdividendmd »

wholeinone04

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #330 on: June 23, 2014, 12:24:31 PM »
Follow up article to the one posted at the beginning of this thread:  http://yourpfpro.com/racking-miles-points-loyal3/

Looks like it works alright :)

tj

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #331 on: November 07, 2014, 06:30:14 PM »
Game over.
Quote
Hi Waffles,
We've had an amazing 2014, introducing more IPOs to the general public than ever before - with brands such as Santander Consumer USA, GoPro and Dave & Buster's. And we've added many new stocks, including most recently, Kraft Foods.

Through the success, we've also learned a lot about how people use LOYAL3. Credit cards have become a common method for people "gaming" LOYAL3 to gain credit card points and not for the purpose of investing. This increases our costs and subtracts from our mission of making it easy, affordable and fee-free for people to invest in the brands they love.

In order to put an end to the "gaming" of LOYAL3, and to maintain fee-free investing, on Tuesday, 11/18/2014, we will be removing credit and debit cards from the LOYAL3 platform. Automatic Monthly Plans (monthly recurring investments) using credit and debit cards will continue to be active until Thursday, 12/11/2014, to allow time to switch over to ACH (checking account transfers).

GGNoob

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #332 on: November 07, 2014, 06:42:44 PM »
Yup, sad day!


Sent from my iPhone using Tapatalk

BEN_BANNED

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #333 on: November 08, 2014, 01:30:41 PM »
I received the same email.

I learn about Loyal3 and "gaming" the system by lurking on these forums.

Thanks, Guys. Thanks a lot.

I hope you're happy now.

« Last Edit: November 08, 2014, 01:53:56 PM by BEN_BANNED »

arebelspy

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #334 on: November 08, 2014, 01:54:19 PM »
I got received the same email.

I learn about Loyal3 and "gaming" the system by lurking on these forums.

Thanks, Guys. Thanks a lot.

I hope you're happy now.

So you're mad we left this discussion up so people could benefit from it when you are one of those people?

/eyeroll
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dragoncar

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #335 on: November 10, 2014, 12:47:11 AM »
Loyal3 was a great bunny.  So cuddly.  Such credit card churning.  But you couldn't resist, could you?  You just had to hug the crap out of that bunny?  Well guess what?  You killed the bunny.

massmustache

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #336 on: November 10, 2014, 08:35:01 AM »
I chuckled when I read the "gaming" email...

Good times... good times.

Water

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #337 on: November 10, 2014, 09:49:29 AM »
it was fun while it last, i actually found a thread on FT'r and i have to say i really abused loyal3.

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #338 on: November 10, 2014, 10:55:54 AM »
I chuckled when I read the "gaming" email...

Good times... good times.
I'm surprised it took them this long to realize people would use it for this purpose. Should have been obvious before they launched. When i got the email I immediate bought $400 of stocks trying to spend the $5k minimum for my latest rewards card. Still have 8 more days, maybe I should buy some more..

Kevin Aster Tin Obin

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #339 on: November 10, 2014, 11:25:18 AM »
it was fun while it last, i actually found a thread on FT'r and i have to say i really abused loyal3.

curious.. what is "FT'r"?


tj

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #340 on: November 10, 2014, 08:11:29 PM »
I chuckled when I read the "gaming" email...

Good times... good times.
I'm surprised it took them this long to realize people would use it for this purpose. Should have been obvious before they launched. When i got the email I immediate bought $400 of stocks trying to spend the $5k minimum for my latest rewards card. Still have 8 more days, maybe I should buy some more..

They knew full well that it was going on, they most likely needed the volume for investors. They don't need it anymore.

Water

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Re: Using a credit card to purchase stocks at Loyal3
« Reply #341 on: November 11, 2014, 11:59:40 AM »
I chuckled when I read the "gaming" email...

Good times... good times.
I'm surprised it took them this long to realize people would use it for this purpose. Should have been obvious before they launched. When i got the email I immediate bought $400 of stocks trying to spend the $5k minimum for my latest rewards card. Still have 8 more days, maybe I should buy some more..

They knew full well that it was going on, they most likely needed the volume for investors. They don't need it anymore.

i hope robinhood make the same decision once they open their platform :D