I guess this is the hat trick of churning:
I spent exactly $5,004.70 at BGASC on 4 Krugerrands and cases ahead of the FOMC meeting with hopes of a pop in gold to complete my Brad Wilson Churn. With spending on professional dues, gifts, new furniture and repairs on my car I think I can organically spend on the rest of the $10,000 in 90 days. Reason number one for just $5k is I don’t have the balls to buy $15,000 in gold just to meet spend. Also I am wary of the RAT or the Rewards Abuse Team that have been shutting down the MPX as well as clawing back points for those people that closed their AmEx Pt cards once they got their 100k points.
The hat trick came because I spent the $5k on the coins, which triggered the 1.5 points per dollar for any charges over $5k in spend, as well as the first tranche of 50k points for $5k spend. This totaled 57,507 MR points for my one $5,004.70 spend. I then booked a flight with the points and got half back by using the Business Platinum. All in a days work!
Right now BGASC is buying back the Krugerrands at $1,156.95 or $4,627.80 for 4 one ounce coins. Unfortunately, I paid $4,982.24 for the coins at a $354.44 loss. So yes I may be a complete sucker here, but now I’m sitting on 57,507 MR points worth $575.07 in cash back or $1,150.14 in flights. In a weird way, I guess I am up in terms of value. Now I positioned myself at a huge risk of losing more money, because of course I will hold on to them and hope gold jumps due to interest rates rising next week.
Wish me luck! Don’t try this at home, or if you can’t stand potentaly losing money.