Word: flyering
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...seems this particular set of checks came from Joey's Pan Am-affiliated MasterCard. It's one of the many airline-affiliated Visas or MasterCards that give you a frequent-flyer mile free for every dollar you charge, even if you pay your balance in full within the grace period. To a frequent-flyer junkie, these cards are irresistible...
...First," said Joey, "I called to be sure I'd really get frequent-flyer mileage if I used these checks. ((Usually with the checks you don't.)) They | said yes. Then I made sure my account balance was zero: I paid all my outstanding charges and quit using the card. ((He switched to his United Airlines Visa.)) Then I took one of the checks they sent me, made it out to myself for $10,000 and deposited it in my bank. So I was borrowing $10,000 from MasterCard. ((He has a big credit line.)) But at the same time...
...MasterCard's computer awarded Joey 10,000 Pan Am frequent-flyer miles...
Cost to Joey: nothing. Cost to MasterCard: 10,000 frequent-flyer miles. (The bank that issues Joey's MasterCard pays Pan Am a penny or so for each mile awarded -- about $100 in this case.) Lessons for us: Resist those tempting blank checks your credit-card company sometimes sends (unless you're really looking for a way to borrow money at 19.8%). Switch to a credit card that offers frequent-flyer miles. (If you're charging things, you might as well get a free trip once in a while.) Don't mess with my pal Joey...
Whew! And I thought I was going to have to give up my frequent flyer miles...