“Don’t get credit cards!”
You must have heard this statement at some point in life. It could be when you were sitting with people who are venting about their credit card bills. Or it could be when you told your parents about your plans if signing up for the cards.
Credit cards make you rich
Point is, not many people encourage getting credit cards because the idea behind it is, you will get wrapped into debts. And if you do not use it intelligently, it does happen. But have you ever heard of someone getting richer by using them? If you haven’t, you have come to the right place.
A physicist in the US came across this technique where you could use credit cards to earn money, and not just any money, but millionaire money.
How does he do that?
The US physicist, Konstantin Anikeev, discovered the formula of cashback. When you make a purchase through a credit card, you earn a reward cashback. Using that formula, Anikeev bought gift cards through his credit card. He would then get his gift card exchanged for money which he would use to pay back the credit card. In the meantime, he would also get the cashback deposited on his credit card.
Let’s explain this to you with an example.
Anikeev bought a $500 gift card. He got a cashback of $25. When he went to encash the gift card, he had to pay a fee of $6. This way, he earned $19.
Now, he discovered this process in 2009. So from then on, he started doing this religiously. By now, he has made PKR 4.6 crore (USD 300,000). Someone noticed it by seeing an exponential increase in wealth (well, haters gon’ hate, I guess), and reported it to the Tax department.
He defended himself by showing tons of gift cards. The tax department has to work out the tax they will be receiving from him.
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