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SCB XtraSaver Account Hack?
I came across this hack some days ago.
The SCB XtraSaver Account gives a 1% cashback (capped at $200 a month) for all mastercard transactions. This account provides a mastercard debit card.
So if I take on a credit facility (e.g. POSB cashline at 0.06% a day) for $20,000 and return it within one day (payable via Mastercard on AXS), there is a potential of making the difference of 1% - 0.06% - any misc fees every month.
Can someone look at this and let me know if this is legit? Thanks!
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Kelly Trinh
20 Nov 2019
Backoffice technical at financial services firm
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Pang Zhe Liang
20 Nov 2019
Lead of Research & Solutions at Havend Pte Ltd
You have to be sure of the terms and conditions associated with each facility before you decide if this works for you. Mathematically it seems to work, but you have to fully understand if the monetary returns outweigh the potential issues.
Additionally, your credit rating may suffer for the short term. As a result, you may face issues with high or long term loans, e.g. car loan
Therefore, evaluate first before making a move.
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Mathematically true but the pattern of transactions looks very much like money laundering (money deposited in swiftly taken out; money moving around without an obvious economic purpose).
No crime as you aren't doing anything strictly illegal but if flags get raised at SCB/POSB compliance departments and they investigate/work out what you are doing they will probably put a stop to it pretty quick.