credit card bankroll buffer

[ramalamadingdong 0]

Credit cards have the worst rake known to man :wink:

I was going to come up with my own response, but it wouldn't be better than 50k's.

[Socko669 0]

OP: thanks for the laughs!

[Dynon07 0]

Do You use Your customers' rakeback at rakebackheros as a buffer too?

I donate it to charity. I need more customers to save more lives.

[finztotheleft 0]

Again, how would you make the minimum payments on a credit card while grinding it out at 1-2 NL? You would be paying an additional $2000 per year in interest charges. Good luck with your plan. But you won't be able to post when you go broke. You will have already pawned your computer to make your credit card payment.You aren't paying any interest you card has no interest charges you pay it off in full every single month. In fact the money you have set aside for real life will suffice while you use your fully free credit roll. Then you make sure you responsibly play low limits and make a comeback.

What bank is your credit card through that you do not get a cash advance fee the second you take the cash ?Financially stable normal people do not have trouble with their credit rating or available credit. You make inconsistent statements, sometimes saying you have a credit card for a backup and sometimes suggesting to take a cash advance each month and then pay it off. Why is option A needed if you play decently and have a job ? Why is option B needed....paying the associated fees for the cash advance is - ev. If you are not using that money to gamble (which you say you are not) you are just paying them fees for the privilege of having them up your credit line, which they will do for free if you ask them and you have a job.You need to show this thread to your parents so they can teach you more about finances, cut up your credit card, and take away your computer for punishment.

[Dynon07 0]

What bank is your credit card through that you do not get a cash advance fee the second you take the cash ?Financially stable normal people do not have trouble with their credit rating or available credit. You make inconsistent statements, sometimes saying you have a credit card for a backup and sometimes suggesting to take a cash advance each month and then pay it off. Why is option A needed if you play decently and have a job ? Why is option B needed....paying the associated fees for the cash advance is - ev. If you are not using that money to gamble (which you say you are not) you are just paying them fees for the privilege of having them up your credit line, which they will do for free if you ask them and you have a job.You need to show this thread to your parents so they can teach you more about finances, cut up your credit card, and take away your computer for punishment.

Sigh again no one listens I am going to lay this out step by step so everyone understands. There are no feesJoe is our example.He has 5,000 dollars to use for real life needs, rent, etc.He has 10,000 dollars to use for Gambling, poker onlyHe has 10,000 dollar Credit line with currently has no balance.The way Joe got credit this high was buying in chips on an online poker site, cashing them out immediately, transferring the money to his bank account and paying off the full balance on the card.The balance on the card never exceeds 0. There is no interest fees, there is no fee of any kind.He also could have got the credit by buying in the site with his card even though he has real money. Then as soon as he wins, cash out the buyin amount and paid the card immediately. This is more dangerous however because you could lose the credut buyin, and then by using your real money lose the real money buyin and leave yourself with a debt unpaid.This is the riskier of the latter but even if things do go bad you still have the gambling money to pay off the card. The Extreme Situation is Joe loses his 10,000K he has for gambling.He then has 5K to live, and no money for poker. He could use his 10 K credit and buy in really really small and try to grind back his roll. If he feels this is getting on the dangerous side. he takes a dip into his real to pay off the card money .In the end Joe had a chance to salvage his roll he failed. He left paying off his credit successfully giving him more credit and no balance and no fees.The card is the buffer how far you take it is up to you. I don't recommend it to non responsible people and you have to use good judgment. If you have a good bankroll you may never need it, but its always there just in case.I don't have credit problems at all. I have good credit and good bankroll and I feel comfortable that way. I can use the card if my gambling money is ever diminished and to live off and get better credit for the future. I'm sorry if I confused anyone, I don't advocate unskilled players to only gamble with credit if they dont have any money. I also think you should have money on the side to do this, a lot of it.Anyway anymore questions let me know.I should have known this idea was going to be hit hard. This is an overly cautious place as it and gambling with credit is a serious matter. I'm sorry if I offended anyone by telling inexperienced players to trust their skills to pay off debts they can't afford. I meant this as a way for financial stable players to give themselves a backup buffer in the future and increase their credit.

[Rags4Me 0]

TP/UCC

TP/UCC/OM

TP/UCC/OM/FB

[MikeJohnson724 0]

TP/UCC

TP/UCC/OM

TP/UCC/OM/FB

FB?

[finztotheleft 0]

What bank is your credit card through that you do not get a cash advance fee the second you take the cash ?Financially stable normal people do not have trouble with their credit rating or available credit. You make inconsistent statements, sometimes saying you have a credit card for a backup and sometimes suggesting to take a cash advance each month and then pay it off. Why is option A needed if you play decently and have a job ? Why is option B needed....paying the associated fees for the cash advance is - ev. If you are not using that money to gamble (which you say you are not) you are just paying them fees for the privilege of having them up your credit line, which they will do for free if you ask them and you have a job.You need to show this thread to your parents so they can teach you more about finances, cut up your credit card, and take away your computer for punishment.

Sigh again no one listens I am going to lay this out step by step so everyone understands. There are no feesJoe is our example.He has 5,000 dollars to use for real life needs, rent, etc.He has 10,000 dollars to use for Gambling, poker onlyHe has 10,000 dollar Credit line with currently has no balance.The way Joe got credit this high was buying in chips on an online poker site, cashing them out immediately, transferring the money to his bank account and paying off the full balance on the card.The balance on the card never exceeds 0. There is no interest fees, there is no fee of any kind.He also could have got the credit by buying in the site with his card even though he has real money. Then as soon as he wins, cash out the buyin amount and paid the card immediately. This is more dangerous however because you could lose the credut buyin, and then by using your real money lose the real money buyin and leave yourself with a debt unpaid.This is the riskier of the latter but even if things do go bad you still have the gambling money to pay off the card. The Extreme Situation is Joe loses his 10,000K he has for gambling.He then has 5K to live, and no money for poker. He could use his 10 K credit and buy in really really small and try to grind back his roll. If he feels this is getting on the dangerous side. he takes a dip into his real to pay off the card money .In the end Joe had a chance to salvage his roll he failed. He left paying off his credit successfully giving him more credit and no balance and no fees.The card is the buffer how far you take it is up to you. I don't recommend it to non responsible people and you have to use good judgment. If you have a good bankroll you may never need it, but its always there just in case.I don't have credit problems at all. I have good credit and good bankroll and I feel comfortable that way. I can use the card if my gambling money is ever diminished and to live off and get better credit for the future. I'm sorry if I confused anyone, I don't advocate unskilled players to only gamble with credit if they dont have any money. I also think you should have money on the side to do this, a lot of it.Anyway anymore questions let me know.I should have known this idea was going to be hit hard. This is an overly cautious place as it and gambling with credit is a serious matter. I'm sorry if I offended anyone by telling inexperienced players to trust their skills to pay off debts they can't afford. I meant this as a way for financial stable players to give themselves a backup buffer in the future and increase their credit.

Sigh....I'll type this s-l-o-w-l-y so you can read it. What bank/cc do you use that would not charge a cash advance fee the second you charge chips on it ?

[dimseven 0]

How about take the 10k You have for poker, and set aside 5k as an emergency fund, instead of having 10k credit and 10k as a bankroll. Oh, of course, this is the opposite of "get rich quick". You wouldn't want to move down from 5-10 NL

[Rags4Me 0]

TP/UCC

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FB?

File Bankruptcy

[jayboogie 0]

What responsible poker player gets themselves into credit trouble by borrowing money at a rediculous interest rate to gamble? You might have a point here by saying that you use your credit card to make deposits and immediately withdraw the money to pay off your credit card, which would allow you to increase your credit. Using credit as a clutch is pretty stupid though, it's not your money period. It's no wonder the majority of people have credit trouble when you have people like yourself with this type of mentality.

[MikeJohnson724 0]

TP/UCC

TP/UCC/OM

TP/UCC/OM/FB

FB?

File Bankruptcy

HAHAHA. Great.

[vonteego3 0]

Here's what I'm thinking...Say you buy in with your 11K every month, and then pay it off a month later. This, to me, looks like you have 132K in income to pay off these credit cards, and I'm fairly certain the IRS is gonna expect you to pay taxes on that 132K. Someone should start a poll question... What will happen first a) bankruptcy B) prison time for tax evasion?

[dimseven 0]

Someone should start a poll question... What will happen first a) bankruptcy B) prison time for tax evasion?

I think C) rakeback scandal ala JWeb

[spikymarv99 0]

Most credit cards will not authorize a charge onto an online gaming site due to high levels of fraud and people getting busted and claiming that they never made those charges. What site do you play at that gets around the credit card companies?

[goose 0]

use neteller

[ToddFuller 0]

as a 24 year old, I really do feel bad for the OP. I go to school full time and work full time. I have zero credit cards. I have a savings account, a checking account, a ROTH IRAand a $5000 poker bankroll. Instead of thinking of the future, the OP shows my generation's ways of thinking...I want it and I want it right now. And if I have it now I want more of it. also his post proves how the majority of young people think they are right and everyone else is wrong. As if everyone on FCP who has stated the obvious about using credit cards to fund your poker, is wrong. If his idea is as good as he says, wouldn't there be people who agree, or example of people who use his system? It just makes me question the future of my generation, i feel bad for the majority who got caught up in the poker craze as the same time they start getting all those credit card offers in the mail, that is probably what happened to this poor bastard. Oh well, I guess I can't worry about other people, just myself, that is the american way now a days.

[mosley 0]

firstly, i think i understand what the OP is trying to say. build your credit, pay it off and then you have it in case of life emergency. in my low limit credit card days, i would often sign up for a department store credit card, and make the purchases that i needed with that card instead of using the cash in my pocket. i would then, immediately go to the customer service desk and pay off the balance with my pocket cash.building a credit rating is a good idea. that's where the good ideas stop in the original post.once you have busted, you are done! do not gamble on credit! do not advise anyone else to gamble on credit! more bad than good will come from this. everybody would like to think they are responsible, but many are not and simply don't know it yet.not only was it irresponsible to give out this advice, but it was also irresponsible to word the advise so poorly that it may be misinterpreted.if you think you can handle credit cards and gambling with money that is not yours, that is your life, feel free to roll the dice but keep it to yourself.

[Loismustdie 0]

Why use a Credit Card? I just call up the Italian Mafia and borrow about 10k from them and pay them off at the end of every month. :shock: Are you a moron?

Really, that is alot worse, and I know that your just joking but you added nothing to this thread. NOTHING. I personally don't really have a problem with this, to each his own, but he did say whilst he was talking about how resposible he is that he doesn't manage his limits to well, so I would say a fall is in the near future. I suppose if you wanted to do this and stick to only 1-2 NL games I wouldnt have a problem with it, you have a ton of buy ins behind you and have an advantage on variance. Move up in limits, though, and the potential for a butt whooping is there. Seriously, though, is this really any worse than Daniel borrowing 60,000 from a friend when he is broke, or any Poker Pro doing that? I know, credit rating, but other than that it's essentially the same thing.

[Dynon07 0]

as a 24 year old, I really do feel bad for the OP. I go to school full time and work full time. I have zero credit cards. I have a savings account, a checking account, a ROTH IRAand a $5000 poker bankroll. Instead of thinking of the future, the OP shows my generation's ways of thinking...I want it and I want it right now. And if I have it now I want more of it. also his post proves how the majority of young people think they are right and everyone else is wrong. As if everyone on FCP who has stated the obvious about using credit cards to fund your poker, is wrong. If his idea is as good as he says, wouldn't there be people who agree, or example of people who use his system? It just makes me question the future of my generation, i feel bad for the majority who got caught up in the poker craze as the same time they start getting all those credit card offers in the mail, that is probably what happened to this poor censored. Oh well, I guess I can't worry about other people, just myself, that is the american way now a days.

Todd I guess I'm supposed to be offended by your statement? Why do you feel sorry for me? I got to school full time as well, I work full time, I have a checking and savings account just like you.... All I did was responsibly use my credit. I am in no bind or trouble of any sorts yet people are predicting my inevitable downfall. They might not agree with this idea but I am a winning player and I am not suddenly going to go bust. I have a correct bankroll I just have enough confidence in myself that if I busted I could use my credit comfortable to make a comeback. Even if I didn't I still have enough money to pay it off and try again at some later point.The personal insults really make no sense here. I can understand people hating because the fact I advised gambling with credit cards, which actually was pretty irresponsible of me. Not many people will be responsible as I have been with it. Sorry I recommended that most people can not handle this. I said in my original post I advise it only to the most responsible and financially secure PLUS people with a low variance strategy like myself.No fees are charged to my card when I buy in for sites, the site pays for all the fees. No -EV lol. This isn't a tax problem either for whoever said that, I looked into it.

[goose 0]

There's nothing wrong with the way the op uses his credit card.To come onto a forum, however, and tell people it's a good idea to use credit cards to fund poker bankrolls - that's another issue. Even though his system works if you have dicipline, he has to know that there is a very real and very dangerous connection between credit and gambling (especially amongst students), and that promoting using credit to gamble on a public forum, frequented by many people who probably have borderline gambling problems, is not overly intelligent, nor responsible.Of course he can post what he'd like, but I think it's a bonehead move, and I won't be getting rakeback from someone who obviously makes and defends posts like this without thinking it through.edit : he posted acknowledging it was kind of bonehead. enough said.

[Actuary 3]

hi.good thread.OP is getting a bad rub.I think I read all of his stuff and enough responsesDynaudio:are you suggesting playing with a below standard bankroll as long as you have a Credit Line sufficnet to back you up? (that's called leverage, and it's higher risk)Or are you saying you still need a cash BR sufficient to play and the Credit Card is just cushion, and a means to build up Credit Line ? (that's just called an interesting way to build your credit, and probably over-valuing a big credit line.)thanks.you take an a lot of criticsm pretty well.

[Dynon07 0]

hi.good thread.OP is getting a bad rub.I think I read all of his stuff and enough responsesDynaudio:are you suggesting playing with a below standard bankroll as long as you have a Credit Line sufficnet to back you up? (that's called leverage, and it's higher risk)Or are you saying you still need a cash BR sufficient to play and the Credit Card is just cushion, and a means to build up Credit Line ? (that's just called an interesting way to build your credit, and probably over-valuing a big credit line.)thanks.you take an a lot of criticsm pretty well.

I still recommend proper bankroll management. I have not always practiced it and it made my early gambling career relatively stressful. I have practiced leverage before and it worked for me , but I would recommend that to no one. Sorry Goose I realize the error of my ways, I guess I shouldn't have shared this at all. In reality it was kind of how I played out my bankroll successfully for a long time. Only about a year ago I abandoned my dangerous practice and decided to start playing more carefully. Just been times when my credit card saved my ass, but that was a long time ago. Luckily it never went the other way. I feel really dumb now that I realize that you won't get rakeback just cause I shared some idea you disagree with. I actually really tried to justify my rebuttles, however its hard to defend a 40 on 1.I was sharing the safer side of the strat, using it to boost credit levels, and making sure you have a lot of money on the side.

[ToddFuller 0]

It was not meant to offend you, trust me. It was more of a rant on how vulnerable the majority of our generation can be with credit cards and the use of them for gambling. especially at your age, just into college, that is the time when people start getting credit cards.and yes you have every right todo what you want with your finances, I just don't understand the point of your post. What is you reason for telling people your credit card idea?im not being a dick just trying to understand this seriouslyi have a bankroll of 5K for poker, so explain to me why I would need to use a credit card for a "backup" bankroll. let me see if i get it right...............I open a credit card,ok. Now I still use my bankrollof 5K, are you saying touse the card instead of the bankroll?? then use the bankroll to pay off the card? and if so why??? just to build credit? seems to me its a big financial circle. that is if I understandit right, which I probably do not.but seriously, sum it up for my situation, I have a 5k bankroll, explain why I should use a credit card. Thanxi

[Dynon07 0]

It was not meant to offend you, trust me. It was more of a rant on how vulnerable the majority of our generation can be with credit cards and the use of them for gambling. especially at your age, just into college, that is the time when people start getting credit cards.and yes you have every right todo what you want with your finances, I just don't understand the point of your post. What is you reason for telling people your credit card idea?im not being a dick just trying to understand this seriouslyi have a bankroll of 5K for poker, so explain to me why I would need to use a credit card for a "backup" bankroll. let me see if i get it right...............I open a credit card,ok. Now I still use my bankrollof 5K, are you saying touse the card instead of the bankroll?? then use the bankroll to pay off the card? and if so why??? just to build credit? seems to me its a big financial circle. that is if I understandit right, which I probably do not.but seriously, sum it up for my situation, I have a 5k bankroll, explain why I should use a credit card. Thanxi

Your right Todd a few posts in after I posted I realized it was a giant mistake and I was going to receive a lot of flack for it. Anyway I just wanted to say I didn't think its a terrible idea to have a credit card with a high limit incase things go wrong. Basically in the past when I didn't practice the best bankroll management I decided that on the side I would start trying to get a high credit limit in case things went wrong.I bought chips with it and paid it off every month and got a pretty good cushion of credit in a short period of time. It was enough I could be happy with. I kept upping it month after month till I finally got an amount where I decided if I wanted to play 100 NL I wouldn't have to worry. I was kind of playing out of my means and I few times I got low with my real money and dipped into my credit card. I bought in 100 at a time playing carefully and as soon as I got my buyin I paid the card immediately. It might not have been the most ideal situation but it definetly kept me from going broke, I rebounded swiftly and I haven't found myself in the same situation since. This is the low situation you guys are speaking of , and yeah I found myself there, but I was super confident in myself and knew that I would rebound everytime. I got low on funds a few times cause I lent people money that I shouldn't have.So for you Todd it certainly might not be the best way to boost your credit and you seem like a guy who already has everything on the right track. I just think its a good idea to have the credit thing on the side. I play 400 NL with my money and I know if I ever ran out of my poker money I would play low stacks with my high credit limit. With a limit that high it's almost certain I can come back every single time, cause I am a winning player. Hopefully I'll never have to do that again. I also have money on the side to pay that off if I can't comeback.I guess to sum it all up, it is just a personal preference of mine and it makes me a lot more comfortable having it then not. I personally have no problem playing low stakes even with CREDIT cause I know I am going to win eventually and no way I could lose that large sum of money.