Topic: Binance Card & Cashbacks (Read 114 times)
Suppose you were successful in doing this a few times. I'm pretty sure Binance would be notified of what's happening and may even try to block your account due to fraud and trying to game the system. They will notice any irregularities on your activities and will make sure that this will not go on. It is unwise of you to think that they haven't thought of this yet. Pretty sure all of the loopholes they've already patched, or some they already know but intentionally left open so that they can block your account the minute you did anything fancy.
So i was thinking...
The Binance card gives you a cashback in BNB whenever your purchase meets certain conditions. For example I received a cashback of about 40 cents when i bought a new TV.
So i was thinking... What if i would go buy a TV, receive my cash back in BNB, bring back the TV and do this over and over again. This would basically print me free money. Is there any system that prevents me from doing this? Is this even possible? I'm very curious as to how this is structured.
Please enlighten me.
They are supposed to have restrictions as well or else if the payments gets cancelled the rewards also will be taken so don't be too smart because spending 1000 dollars to get 40 cents as rewards is not really smart. The Binance card gives you a cashback in BNB whenever your purchase meets certain conditions. For example I received a cashback of about 40 cents when i bought a new TV.
So i was thinking... What if i would go buy a TV, receive my cash back in BNB, bring back the TV and do this over and over again. This would basically print me free money. Is there any system that prevents me from doing this? Is this even possible? I'm very curious as to how this is structured.
Please enlighten me.
Quite intriguing and would have been a good chance to get free bnb. Too bad though, that such things can only be labelled as something that is impossible. I mean, think about it, the minds behind the idea itself, brilliant as there are, would they miss such an obvious thing? I highly doubt it. So despite not being able to have the card itself because of some restrictions here where I currently reside, I am pretty sure that what you are thinking is not worth the hassle to try. Don't look for a rock to drop on your own foot. 
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Let’s say there’s a way to cheat the system, and manage to get 40 cents and your money back - have you thought about the cost of going to the store and coming back after a while to return the TV? Even if you could do it 10 times a day, you would earn only $4, and you would certainly spend a lot more on fuel and some other expenses.
There's a chance he may have been thinking on buying from store near to him (no need for car) or online and things different than TVs.
That's why I thought I better take more time in explaining that it cannot work.
However, your conclusion is very nicely said and I couldn't agree more:
The sooner you realize that there is no free money, the better for you - the system is set up in such a way that it can protect itself from such rather naive attempts at fraud.
There are so many that naively think that they can cheat here and there a little for some pennies and they actually lose money or even get scammed big time...
So i was thinking... What if i would go buy a TV, receive my cash back in BNB, bring back the TV and do this over and over again. This would basically print me free money.
Let’s say there’s a way to cheat the system, and manage to get 40 cents and your money back - have you thought about the cost of going to the store and coming back after a while to return the TV? Even if you could do it 10 times a day, you would earn only $4, and you would certainly spend a lot more on fuel and some other expenses.
The sooner you realize that there is no free money, the better for you - the system is set up in such a way that it can protect itself from such rather naive attempts at fraud.
What if i would go buy a TV, receive my cash back in BNB, bring back the TV and do this over and over again.
It takes a couple of days for the payment get settled (may be even 30 days). Afterwards it takes more 2 days for those BNB to get credited.
If you give the product back after so many days - in case it's accepted - the merchant will try to replace it or give you the money in hand, not back on the card.
So I don't think that the cashback will even get to get credited. It will simply display crossed out telling "qualified 0%".
Is there any system that prevents me from doing this? Is this even possible? I'm very curious as to how this is structured.
Please enlighten me.
Please enlighten me.
It's pretty simple when you return it your payment gets refunded and the cashback bonus is erased as the payment was never actually completed.
https://www.binance.com/en/support/faq/9b73c3e857b449b6a41762a4c3b27632
Quote
In case of a refund, Binance has a right to deduct the cashback that was given to the user after the initial settled transaction. For more details, please refer to Binance Card Cashback.
Crypto.com has the same policies so does every single card issuer there.
You could bypass this if you manage to convince some seller to refund your payment in cash claiming you've lost the card or you've closed the account or something like that but it's a slim chance for this to happen, and for sure not multiple times.
So i was thinking...
The Binance card gives you a cashback in BNB whenever your purchase meets certain conditions. For example I received a cashback of about 40 cents when i bought a new TV.
So i was thinking... What if i would go buy a TV, receive my cash back in BNB, bring back the TV and do this over and over again. This would basically print me free money. Is there any system that prevents me from doing this? Is this even possible? I'm very curious as to how this is structured.
Please enlighten me.
The Binance card gives you a cashback in BNB whenever your purchase meets certain conditions. For example I received a cashback of about 40 cents when i bought a new TV.
So i was thinking... What if i would go buy a TV, receive my cash back in BNB, bring back the TV and do this over and over again. This would basically print me free money. Is there any system that prevents me from doing this? Is this even possible? I'm very curious as to how this is structured.
Please enlighten me.
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