Please Help Me Refine My Get Rich Quick Scheme Involving Credit Cards.

Factual Questions
1

Here’s my get rich quick scheme. I need any and all financial people and mathematicians to help me work out the bugs.

So, like any other red-blooded American, the wife and I get a good amount of credit card offers in the mail. A few of them I had actually taken them up on, in the hopes that I wouldn’t get any more offers from that company. Not so. I only got more offers for the Gold and Platinum editions of the same card. I guess the credit card companies don’t care if you are carrying more active card of theirs.

Anyway, this got me to thinking. Here’s the scam. What if I were to collect as many credit cards as possible, this is theoretically an infinite amount. And then when I got a said amount, say 10,000 credit cards each with 5,000 dollars worth of credit, I cash out all of them at the same time.

Within two weeks, as the checks arrive, I would be sitting on 50,000,000 dollars, and one huge collection of credit card bills.

At that point I could skip the country, never to come back. Or I could try to use this new wealth in order to become even more wealthy, and try to beat the interest charges. What are my chances of either situation?

2

Well, I don’t know how “quick” it is to cash 10,000 checks…

3

For your second scenario, in order to beat the interest charges, you’d need to make a lot of money very quickly. Maybe if you bought 50,000,000 lottery tickets.

As for skipping the country, it’s not as easy as you might think. You’d have to stick to third-world nations, as all industrialized countries will be on the lookout for you and be happy to extradite you for credit fraud.

4

Credit card companies will limit credit lines, or more commonly not approve cards, if you have too many potential lines of credit out and especially newly generated lines of credit. You might get from a few to potentially a dozen credit cards or so this way depending on your credit and income, but in most cases that would be about it.

5

We are not in the business of facilitating fraud. This thread is closed.

bibliophage
moderator GQ