This afternoon, many of us will try our hand at scoring a super rare coin with the hopes of flipping it for a small fortune with a few clicks of the mouse while also picking up a couple grand in easy credit card spend. That particular deal has hit every corner of the miles-and-points blogosphere because some popular buyers clubs are offering to commit in advance to buy it from you for $1,000 to $2,000 in profit if you promise to sell it to them (if you’re lucky enough to get it in the first place). Comments on Greg’s post about this deal indicated that many readers may wonder about buyers clubs, so I wanted to share some basics for those new to the concept, my first-hand experience with the club Greg wrote about, and some general warnings in order to shed some balanced light on this avenue for earning miles and points.
What is a buyers club?
A buyers club is a company that pays its members a pre-determined commission to buy specific products from specific stores (usually at specific times). If you commit to buy a product for the buyers club (i.e. on behalf of the buyers club), you will purchase the product and send it to the buyers club and then the club will pay you back for the product, typically with a previously agreed-upon commission/profit added. You essentially lock in a known level of profit before you purchase an item (and the buyers club offers this because they know they can resell that item for even more than they pay you to buy it).
For example, let’s say a TV goes on sale at Amazon for $200. The buyers club offers to pay you $250 for that TV. You order the TV from Amazon for $200 and ship it to the buyers club (either directly from Amazon or perhaps after you receive the product) and then you get paid $250.
This type of model can be profitable and it can also represent an opportunity to pick up easy credit card spend that can increase your rewards or make it easier to meet minimum spending requirements.
Why does a buyers club exist?
First a foremost, a buyers club exists for the owner to make a profit. At the base level, the owner of the club is locking in the price of inventory that they presumably know they can resell for a higher price. In some cases, they likely have purchase orders locked in ahead of time to buy the products from them and they use those purchase orders to determine how much they can offer you to buy the product on behalf of the club. In other cases, they may be speculating what they expect to be able to earn, but they offer you a set commission in advance (taking on the risk of price volatility for themselves).
In many cases, deals on popular items are limited to one per customer or one per household, etc. Therefore, even if you recognize that a product will be offered at a price low enough that you can earn a profit by purchasing it to resell, you may be limited by quantity restrictions. It is impossible to scale that kind of deal working as an individual.
A buyers club gives the owner the chance to order a mass quantity of an item that would otherwise be quantity-restricted.
Let’s imagine for example that the newest Apple iPhone model costs $1,000 at full retail and that Apple announced that it was going to sell a limited-edition lime green version of the phone autographed by a popular celebrity for the same $1,000 price with a limited quantity of 2,000 phones. Each customer is limited to purchasing one phone per billing address / household. It wouldn’t take a psychic to guess that there will be high demand and that many people who want the phone will be unable to buy it directly from Apple. Therefore, the secondary/resale market will likely be high (maybe $1500 or $2,000 or more). A buyers club offers to pay $1300 to any interested member who commits in advance to sell to the club if they are able to buy it (a $300 profit for the member). This helps the owner of the club lock in a price and quantity.
With an idea as to how many people have committed to sell to the buyers club, the buyers club owner can now negotiate with several electronics shop owners in advance to sell those phones for even more (ideally getting purchase order commitments in advance and filling them with the phones purchased by club members). The buyers club members earn a profit with very little effort and the buyers club owner makes a profit by being able to offer a useful quantity to stores that would otherwise be unable to stock this product.
What are the advantages of joining and selling to a buyers club?
The key advantages of selling to a buyers club are that you eliminate the risk of price volatility and eliminate the time and effort that would otherwise need to be invested in finding a buyer. You also eliminate a lot of risk on the sales end. Let’s break those each down.
As an individual, part of the appeal of a buyers club is that you don’t need to worry about whether the price of the item in question goes up or down after the deal goes live because you have already locked in an agreed-upon price. In the theoretical example of the iPhones above, perhaps the celebrity turns out to be less popular than expected or perhaps Apple decides that since it was so popular they could keep producing more and they flood the market with lime-green celebrity-autographed phones and thus the resale price plummets. Eliminating the risk of the price dropping by locking in a known profit is especially appealing to the risk-averse among us who would rather earn a guaranteed return than chance a sharp decrease in value. You know in advance that you’re making $300 in profit and you’re getting $1,000 in reimbursed spend.
Using a buyers club also eliminates the time spent trying to sell your item: you don’t need to waste time creating listings on eBay, Amazon, Craigslist, etc. Eliminating this step can be especially appealing when you don’t know the product in question well. For example, I’ve sold many pellet stoves and wood stoves over the years, but when I first started I knew nothing about those products. I spent a lot of time looking up max BTUs and how many square feet a stove could heat and the size of the venting, etc. Potential buyers always had questions I didn’t understand and I had to take time looking up the answers. Figuring that stuff out takes time.
Furthermore, many selling avenues include significant risk. If I were going to sell an iPhone on Craigslist, I’d want to meet at the police station. It is just far too likely that the phone may attract a scammer / thief interested in robbing me to resell the phone themselves. Perhaps you would instead opt for eBay — that has its own set of similar scammy risks. I have made many successful eBay sales over the years, but I have also had instances where a buyer requested a return and sent me an empty box or where they returned a counterfeit item. When dealing with expensive products, I have often gone so far as to Google the buyer’s name and address to try to determine if they are a legitimate customer. More than once I’ve kind of held my breath and crossed my fingers as the post office clerk took my package. The buyers club eliminates a lot of this risk.
What are the disadvantages of selling to a buyers club?
The first key disadvantage of a buyers club is that you sacrifice some potential profit in exchange for a “sure thing”. The other downside is the risk of the buyers club not holding up their end of the bargain.
Given that buyers clubs exist to earn a profit, the items that they offer to buy from you are obviously things that they expect to sell for more than they are paying you (and enough more to as to make an attractive profit from you). If they are right (and they wouldn’t be in the business if they weren’t good at being right on this), then you are giving up the opportunity to get whatever that higher price is. In cases where the item is only worth a small premium over what they pay you, it may certainly be worth the time savings to you not to have to deal with selling the product on your own. However, in the rare instance where an item skyrockets in value, this could be a huge drawback.
For instance, last year there was a coin that initially sold for about $70 and buyers clubs were offering a couple hundred bucks at first. A family member who did not commit to a buyers club scored a $70 coin without having committed to a buyers club. They ended up selling it for about $1250. I got $300 from the buyers club for my coin as I had committed to sell it for that price in advance. The profit I gave up there was huge. That was an extremely rare situation, but it illustrates the fact that the spread can be significant. Was it worth giving up $900+ in profit in exchange for eliminating the risk of losing some of my initial $70 investment? Probably not in hindsight — but nobody knew it would go up that high and that fast.
The risk of the buyers club not holding up their end of the bargain is multi-faceted. What if the buyer’s club’s customers (the people who pay the club to buy your products) back out? Will the buyers club still have the cash on hand to pay you for the product you purchased for the club? What if the item unexpectedly tanks in value: will the buyers club still have the cash on hand to pay you for the product you purchased for the club / will they be willing to take the big hit financially to make right on the deal? What guarantee do you have that the buyers club owner won’t sell your product and then disappear to a small island in the Caribbean to enjoy drinks with frilly umbrellas in anonymous seclusion for the rest of their time on earth, failing to ever pay you?
That last point, though intentionally hyperbole, is one that you can’t ignore: there is some risk of getting ripped off. You don’t want to jump in the deep end without knowing that there is some risk in this game and that someone else’s positive experience doesn’t guarantee that you’ll have the same.
A final risk associated with buyers clubs is the risk of getting banned by merchants. Stores don’t typically like the idea of people buying their products for resale. In some cases, either buying too much too often and/or having items shipped to a known buyers club warehouse address could be red flags that get you banned from buying at websites. I was banned from Walmart.com for years because of things I was buying to resell (thankfully they seem to have forgiven me at some point). I had a similar issue with Kohls for a while where I could only use my store card or gift cards, none of my personal credit cards.
My experience with PFS Buyers Club
Greg wrote about today’s coin deal noting the payout from PFS Buyers Club (which got updated to $1,005 in profit per coin on the gold coin). He shared the PFS deal likely because he knows that Stephen and I have previously written about PFS Buyers Club deals and that Stephen and I have both sold to PFS Buyers Club without an issue. We’ve also had many readers who have sold items to PFS Buyers Club that have reported positive experiences.
The main reason we’ve listed PFS Buyers Club deals and prices rather than other buyers clubs is because PFS is the one with which we have first-hand experience. I’ve heard about some other buyers clubs, but I haven’t personally tried them and thus don’t have personal experience to share (also: because I’ve sold to PFS before, I receive their emails advertising new deals whereas I don’t receive those emails from buyers clubs I’ve never joined). I have read this time around that another club is paying about $2,000 in profit, but I’ve never done business with them and thus don’t know first-hand what it’s like.
While I can’t speak to the experience with other buys clubs, my experience with PFS has been smooth. I’ve been doing PFS Buyers Club deals since before I worked for Frequent Miler and I’ve sold 5-figures worth of products to PFS without any issue.
For those curious about how the process works, here it is in a nutshell:
- PFS finds an opportunity to buy a product and determines what they will pay. They send an email to members outlining the opportunity and commission they will pay. Members must then opt-in if they would like to participate.
- After opting in through your account, you receive an email confirmation confirming opt-in along with detailed instructions for how to prepare for the sale and (hopefully) successfully buy the product.
- PFS typically sends a reminder the day of the sale.
- After successfully purchasing the product, you typically need to enter your order number / email address on the PFS website within a few hours of purchase to confirm that you have bought the product (and so that PFS can track the progress of your order).
- PFS then typically emails updates as your order status changes (for example, with US Mint deals, an order may go from “Confirmed” to “Processing” to “Shipped”. PFS tracks your order progress and keeps you updated. At least on US Mint deals, they even email you the tracking number from the Mint after your order ships.
- PFS Sends a shipping label and detailed shipping instructions. Follow these instructions to a T. One of the key details on US Mint purchases is that you can not open the box from the Mint (this is obviously to reduce the risk of PFS receiving a counterfeit product). You want to read and follow the directions exactly.
- PFS sends another email when they receive your shipment and they have credited the agreed-upon amount to your “payments account”. This is within your PFS account. You then need to request a cash-out/payment fulfillment. PFS has long said that it could take up to 7 business days to receive payment after requesting a cash-out.
- A final email comes when payment has been processed (I’ve always been paid via PayPal; I’m not sure if there is an option to receive a paper check instead).
I just went back through old deals and in every case, payment has been received 4, 5, 6, or 7 calendar days from the day that PFS received my shipment and cash out request. In each case, they have provided an estimated payment date and I’ve been paid within the expected timeframe. I actually found one case in 2016 where I forgot to request the cash out (the deal was relatively small) and they followed up emailing me 3 times to remind me to cash out (presumably they didn’t know what email address I wanted to use for PayPal without me choosing to cash out).
It is worth noting that a couple of readers commented on Greg’s post to say that they had read negative things about PFS on other sites, though no specific examples of people not being paid for their products. I know that the aforementioned coin deal last year that skyrocketed in value upset many people who felt like they were being taken advantage of by PFS since the coin went up so much in value so quickly. PFS claimed to have locked in purchase orders with their buyers before the prices skyrocketed and therefore didn’t have room to negotiate wildly higher payouts and they made the argument that members committed before anyone knew where the price would end up. While I understood the disappointment of having committed to a lesser profit than one could have gotten elsewhere, I don’t blame PFS for the fact that the market took off after customers had committed. This is just the way the game works.
PFS has since instituted a written agreement that basically locks you into selling the item to them or face potential legal action and a couple of readers took issue with the terms of the agreement. Personally, I am not concerned with the wording — but I recommend that if you choose to opt in to a buyers club you read the full terms and decide whether or not you are comfortable with those terms.
To be clear, I have written about the PFS deals and this section of this post solely because it is the one with which I have experience. I do not have a personal connection with any buyers club and I recommend buys do their own due diligence in deciding who to do business with.
General warnings about buyers clubs
Many readers will remember a prevalent gift card reselling site called The Plastic Merchant. For those unfamiliar, the Plastic Merchant was a company seemingly created for the frequent flyer community. They would send out alerts to let members know when there was an opportunity to get a deal on merchant gift cards and they would then sometimes be able to pay a small profit or near break-even price for those store gift cards. For example, imagine an Amex Offer came out for $20 back on $100 at Macy’s: The Plastic Merchant would send out a notice that they were paying $81 for a $100 Macy’s Gift Card. If you had the Amex Offer, you could potentially buy a $100 Macy’s gift card for $80 after the offer cash back and sell it to The Plastic Merchant (“TPM” for short) for $81 — netting $1 profit plus the rewards earned on your credit card. In some cases, it was possible to scale deals to buy many, many gift cards at once and resell them for the same amount you paid or even a small profit at times.
Presumably, TPM had large bulk customers placing orders with them for specific merchant cards and TPM was then offering to buy cards for which they already had purchase orders. At least, that’s what I think many of us assumed. And things were great for a while: it seemed to be a long-running gravy train of pajama points. At some point, I wondered what would happen if one of TPM’s customers collapsed: if TPM didn’t get paid for the gift cards, how could they possibly pay all of these miles enthusiasts selling cards? I met the owner at an in-person Frequent Flyer event and I recalled a conversation I had with him about a specific gift card deal where he had said that he had $1.2 million in capacity to buy that merchant’s cards on that single day. That seemed insane: there were dozens of merchants whose cards he was buying at any given time; I couldn’t imagine how much money he must have been floating on gift cards if he had capacity for $1.2mil on a single merchant.
And yet still I got deeper into selling gift cards to TPM. Then one day I asked myself if what I was doing was wise. As is the case with any buyers club, I was essentially buying something of value and handing it over to someone I don’t personally know under the promise that they will pay me for it later. One reader would later note that what I was doing was akin to extending my personal credit line to a stranger.
One day, when I realized that I had a very large sum of outstanding gift cards with TPM — a 5-figure sum that didn’t start with the number one — I asked myself how many friends or family members I knew well enough to loan them that much money under the promise that I’d get paid back in a couple of weeks. When I realized that my short list to answer that question was pretty much empty, I pulled way back and stopped selling gift cards for a while. To this day, I feel grateful beyond description that I had that epiphany because it was less than two months later that the first round of bounced checks went out from TPM. After eventually making good on those and getting back on track for a few months, one day TPM disappeared out of thin air — leaving many people completely unpaid for thousands of dollars worth of gift cards. When I reviewed TPM’s bankruptcy filings sometime in this past year, I saw that one woman was owed more than $98,000 that she will presumably never see. Can you imagine? Gosh, it gives me a pit in my stomach writing about it even though I stopped selling to TPM in the nick of time because I know that a couple months sooner I’d have lost what would have been a devastating sum for my family.
All of that is to reiterate that this can be risky business. I don’t know what went wrong for TPM and I am not at all suggesting that whatever it is that went wrong with TPM will repeat with any buyers club. I certainly hope not to see anything similar happen ever again and indeed most of us have never seen another instance on similar scale to TPM. But it illustrates the point that everything is perfect until the moment when it isn’t and you have to consider how hurt you’ll be if you’re left empty-handed at the moment when it isn’t. Some people can afford to lose a few hundred bucks if things go wrong, others may be willing to risk a few thousand. To each his own in determining their risk tolerance, but you should think about it before dipping your toes in the buyers club realm (or the resale realm in general).
I have opted in for the PFS deal today and I likely would again in the future based on my positive experience with them. I probably wouldn’t opt in for five figures worth of product on a single deal with a single buyers club based on the risk that we know exists.
Buyers clubs can be profitable and they can earn you a lot of points. In general, I recommend starting small and getting experience with a particular club before you dive in head first. This can be where making connections in the game can be helpful as it helps to get first hand experience from other buyers club members so you know what to expect. But don’t assume that the positive experience of others is a guarantee: indeed, a month or two before things went south with TPM you would have found plenty of people in this game who had positive experiences to share. I feel comfortable enough with the buyers club model to participate, but it isn’t for everybody — and just like any other risk/reward proposition, whether it be gambling in Las Vegas or investing in the stock market or reselling products, I recommend not playing with more than you can afford to lose. And just like all of those other risk/reward propositions, there is plenty to be gained from a buyers club – but buyer beware.
I’ve been using maxoutdeals and they pay higher then every group.
Been using maxoutdeals.com very good
[…] releases to buying groups is a way to generate credit card spend, and often make a bit of a profit. Buying groups take the price uncertainty out of the equation. They quote a price prior to coin release, and take […]
[…] is why I urge caution on resale. When writing about buyers clubs recently, I wrote about what happened with The Plastic Merchant and how that influences the risks I’m […]
@Nick Reyes or @greg
I am going to sign up, I don’t see a referral link to help you guys out, am I missing something?
Thanks! Here’s the blog’s referral link: https://pfsbuyersclub.com/Account/Register?referral=3VCA3N59
This is not about Buyers club, but Bask bank which pays AA miles.
It is a totally online bank. Do you know if this is legit and will not vanish suddenly one day.
It says it is a subsidiary of Texas Capital bank, but since they are ONLY in cyberspace , it is wise to send money there
[…] Is a buyers club a good idea for you? […]
[…] been very unlikely to have known about this coin were it not for PFS Buyers Club. As I noted in my post earlier today, I don’t have direct experience with other buyers clubs who were offering to buy this coin, […]
I’ve bought for PFS for years, but on a very small scale and never had a problem. I also found the owner very responsive when I had an issue once that wasn’t discovered in time. Didn’t get it this time despite a number of refreshes. Even though I managed to put the gold coin in my basket eventually, it was gone before I had a chance to check out. Wasted an hour of my life, but it wasn’t unexpected.
[…] you ever thought joining one of these: Is a buyers club a good idea for you? Caution is suggested, be very careful. Many in this hobby/business got burned by The Plastic […]
Thank you for the thoughtful, detailed write up. I’ve dabbled a little bit and can also vouch for PFS. However I’m worried about taxes and how to do that. I haven’t consulted an accountant yet but I don’t understand how reselling works tax wise and I’d love to hear more if you can elaborate.
If you do something that earns a profit, you pay taxes on it. I’m not an accountant, but when I earn a profit on reselling something I claim that profit and pay tax on it. You’ll probably want to make sure you keep a copy of the receipt from the mint and record of your payment.
Definitely. I’m more curious about how it works with sales tax and who should pay that/how to keep track of that (I know it doesn’t apply luckily with Mint purchases!).
Badly research and buying clubs and TPM situation not even closely related. Mike at TPM was horrible at record keeping and lost his databases a few times and used bulk upload and missed many cards. It was poor business practices but you left most of that out.
I didn’t “leave that out” — I didn’t know the guy apart from shaking his hand at an event once or twice. I have no idea what his problems were, just that they obviously spiraled out of control whatever they were. Not sure how you think that a business buying resale items to resell them again isn’t relevant here….
Thanks for the write-up Nick. It is long and thorough.
I have been using PFS Buyers Club deals for some time without a problem. The problem is when you blab this deal to everyone and reduce my chances of getting it (I did not get it). If you are going to tell us about this MS deal, may be you can tell us about how you spend thousands on credit cards without really spending the money.
This whole process sucked I had the gold coin in my cart and the site crashed over and over. I finally got the silver coin but decided i’ll hold on to it and give it to my grandson for the holidays.
I think the silver coin is not that hot – I just went on & it’s still available. Mintage was: gold-1945 & silver-75,000
I tried to buy the coin and got locked out when the payment was made with the message “this product is sold out”. I went in exactly at 12:00 p.m. This has happened to me before with hot coins at the mint. It seems like it’s an internet signals lottery.
Pretty much ditto for me. I was using my keyboard’s ‘F5’ with Chrome and it eventually gave me some sort of Authentication problem that would not go away (even in incognito) so I switched to Firefox and used the websites small ‘Refresh’ button without any further Authentication problems. The gold coin was of course gone, but I got the consolation prize of the silver coin ordered eventually.
Two things: they are not a company. I looked into PFS last year when looking to do a deal, they have no business license, and no real person’s name can be found. So if things go wrong, good luck figuring out who to sue. I backed out after realizing how shady they were, and then they send me an email threatening to sue. Laughable. You can’t make a legally binding contract with an anonymous non entity.
Second, they are not a buyers club. They are resellers. There’s no club. They call themselves that because it sounds more harmless. This is an anonymous internet cabal. When the music stops, a lot of suckers are going to be without a chair.
Ur trying very hard to save some peoples butts but their not listening.
Sister worked for UBID then the UPS Fraud department, one walked away with $250k after losing for 18 months .He was listed as a Nice Seller $$$$$.
A business license isn’t required for a sole proprietorship in NYS.
In terms of a real person’s name, I’ll admit that it isn’t necessarily straightforward to find, but with about 10 minutes of sleuthing I could tell you his full name, day job, wife’s name, year he was married, number and gender of his kids, his youngest son’s birthday, and that he has a Peloton in his very nicely finished basement. I’m not proud of all that – the Internet is a weird place – but my point here is that I do at least know who I’m dealing with. I owe that to you pushing me to look into it, so thank you for that.
Such a weak argument, how much you getting paid to write this crap? Love your stuff Nick but your credibility just lost a few notches
You’re entitled to your opinion, it’s just baseless.
Do you think PFS can sue an individual who committed to buy and then sold the coins elsewhere?
Thinking about doing this deal but the contract language says, “Buyer agrees to buy this coin” – it doesn’t say “Buyer will attempt to buy this coin”. What if the US Mint website crashes or won’t allow me to buy – according to the language it appears that I would be on the hook for the loss in profit to PFS? The legal language seems to hold me liable if I am unable to purchase. Does this raise red flags for anyone else?
Thanks for noting that since I didn’t see it. How can they l anyone who makes a best effort for a limited edition when their site states people may not be able to purchase the coin?
I can certainly see why you find that to be concerning and why you may choose not to opt in. That’s fair.
In my opinion, and I’m no lawyer, but I think it would be pretty impossible to enforce in a court of law a clause that you needed to buy something that wasn’t available for purchase in order to help someone subvert the US Mint’s ordering limits. I think it would be hard enough to enforce that if they could somehow prove that you actually got the coin and chose not to honor your commitment to sell it and nearly impossible to enforce if the item wasn’t available for purchase in the first place (particularly if you could then show that they opted in more people than could reasonably get the coin in the first place). My bet is that they just didn’t get a legal scholar to write the agreement and thus the language choice was poor.
Secondly, if their plan was to sue everyone who doesn’t get this coin, what’s the end game? To end up in court with a thousand different plaintiffs on separate cases (paying your legal representation for each one) hoping that you get the suits to stick? Then what? The buyers club business would be shot since nobody would ever opt in to a deal again. Unless you think the agreement was set up as an evil masterminded early retirement plan by hoping to get enough lawsuits to pay out, I just don’t see the end game for PFS.
I could be wrong about all that. Don’t take my argument here as the reason to opt in. Maybe I’ll be in court next week over the coin I couldn’t get and you’ll be happily popping some popcorn to await the outcome while the owner of PFS Buyers club shops private Caribbean island real estate options. But if you’re asking me if it is a red flag to me personally, it isn’t.
When they are ready to cash out, or if a particular deal loses big, then they will indeed close shop and take everyone’s money.
Like I posted, PFS has no business license and no real person’s name can be traced to them. You can’t make a binding contract with an anonymous non entity, and you also can’t sue one either.
Lol promises aren’t enforceable contracts, anyone can put shit in writing, that doesn’t make it enforceable
Everything is fine until it isn’t. They lost my package and wouldn’t pay me out, so I’m still disputing with my bank. On a long enough timeline your probability of getting screwed is a 100%.
The packages ship insured (the prepaid label they send includes insurance). Did they refuse to help you file an insurance claim?
Time verses $$$$ I have 2 hrs on a UPS shipment ..
Are you saying the buyers club lost your package? If so, why would it be OK to dispute the charge with your bank? For example, if you bought something from Macy’s and they sent it to you, and then you slapped a new label on it and sent it to the buyers club address and the buyers club lost it. That’s not Macy’s fault so I don’t understand what basis you would have for disputing the charge with your bank
First off, I love reading Frequent Miler as well as listening to a podcast or two every month. I really dig your broad approach to M&P, the values and their detailed break downs.
However, due to the amount of work I have had to put in for one of the Nvidia GeForce 30 series cards since Sept (still don’t have one) or the efforts toward a Playston/ XBOX for the kids, I have a real sour taste for the bots, buyers clubs and resellers market right now. Limited inventories go online, scooped up in seconds like piranhas and then appear at more than doubled/ tripled in price on the reseller market.
I get it – I’m a capitalist at heart – and at the Buy/ Sell 101 level it’s all about supply and demand. Pretty soon, the manufacturers will keep hiking their own MSRP to meet what the resale market suggests and this rinse/ repeat cycle turns into massive inflation spinning out of control.
However I’ve seen what buyers clubs and reseller markets have done to the average customer and want no part of it.
“Run for the hills!”
Deals all over why play with this ??
Had my SW Flt changed 2x in one week !!
Totally understood. I originally intended to have a bit about this in this post, but it got long enough and I decided not to add more length. There is definitely some line-drawing to be done and each of us is likely to draw the line in a different place.
For example, personally, I won’t resell toys. I don’t judge people who do (like you said, I’m a capitalist at heart), but I am sensitive to that one because my parents had very little when I was first born and wouldn’t have had the resources to bid on holiday gifts. I just don’t feel right getting involved in that. But on the other hand, I’m not bothered by buying a $2600 coin to sell to a collector who is willing to pay $3600 as either way I imagine the person buying that isn’t struggling to be able to afford it but rather is looking at it as a longer-term investment than I am and/or is in a financial position to be able to get a “want” regardless of the cost. I’m sure someone can tell me why that perspective is wrong, and I will again say that I totally get that we all draw the line differently here. And I can understand why you may just categorically draw the line rather than getting into any of it. That’s fair.
Thanks for the reply. I almost jumped in on the reseller bandwagon a year or two ago when you posted a small how-to. I specifically remember you mentioning the B+O headsets at Macy’s or Bloomingdale’s with the sales and portal bonuses. Those strategies seemed like a great idea while chasing points and if I had a less demanding job l’d likely have tried my hand at it.
But now we’re seeing AI involved to the point where almost anything on a first run or limited edition available to the customer is scooped up within seconds.
And while that competitive technological trend was inevitable, that’s the part I don’t want to be part of. It takes luck and first come, first served out of play and into the hands of a select few.
I’m all about the hustle, the effort, the hours, the competition… let supply and demand dictate the market and get yours where you can. So, in theory, I’m cool with the buyers’ clubs. However technology (bots) are pushing the old schoolers out and manipulating the market unfairly.
So, on this one, I’m out.
GL out there… “get some!”
Agree to disagree.
I made $3k in 2 hours on Friday with a buyer’s club. No AI or bots needed. Let’s just say the Amex 10% off Dell was maxed out.
Just have to keep your eyes open.
Yes, I’m morally out on this kind of MS.
“Run for the Hills” I love that Iron Maiden song 🙂
Would you suggest we avoid using any Amex on this deal?
Personally, I’m avoiding using Amex. Even though Amex’s new rules about coins doesn’t go into effect until January, I prefer to err on the side of caution there.
And on the other hand, since they gave a date in January, I’d disagree with Greg and say that I think Amex is fine — though I’d probably avoid using a card loaded with the +3x referral bonus deal.
Personally based on their clawback history and impending rule changes, I’m using Chase Hyatt. I’m even in the middle of a sign up bonus on the Schwab Plat. Just don’t think it is worth the risk. https://youtu.be/4QHHGHve_N0