If you’ve paid attention to the CC churning space at all you know that the holy grail is a service which allows for “purchase” transactions (as opposed to cash advance) while not charging anyone fees. Essentially they represent free points with minimal work. Frequent Miler has a pretty good explanation of the latest entrant into the game, Google Wallet.
It isn’t that Google Wallet is new, really, but the ability to send small amounts of money directly to someone else in a peer-to-peer manner is. And, as part of introducing that feature, CC-based transactions are fee-free, at least for now. The catch is that you have to be eligible to send or receive the money and not everyone is initially. But once someone sends you money – even as little as a penny – you’re in.
I’ve spent a couple hours this morning sending pennies to people, and I haven’t blown my budget yet. Who else wants in?? Note that your Google Wallet account must be domiciled in the USA for this feature to work.
Make sure to use an email address for the comment which can receive the penny via Google Wallet. And – arguably more important – read the post linked above so you understand what you’re getting in to and how to not screw yourself and get your account shut down.
Quick update (11:15am EDT 29 May 2013): I’m around 450 pennies sent now and fully caught up on the comments as of this point. If you think you requested one and haven’t received it yet let me know. Also, for those curious, I’m not churning through CCs on these pennies. I have a balance in my account which I’m working through. No sense getting banned from the service for being greedy. Finally, for those who have asked, please don’t feel a need to send the penny back; pay it forward instead.
Update 2 (10:30am EDT 30 May 2013): Phew…I’m done. That was a lot of fun for 48 hours but I need to get back to other stuff vaguely related to real life now. Hopefully the 700+ pennies distributed will help others to seed the program as well.
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