Well I told you guys last month that this wouldn’t last until the end of the year. Wells Fargo is sending out warning letters to essentially all of us to STOP or they will shut us down and forfeit our rewards. I for one will stop since I have quite a bit of pending rewards.
“To manage risk in our banking operations, we regularly review customer relationships. We want to let you know that we recently reviewed your credit card account and found an unusual volume of purchases and/or payments made using this card. This type of activity may indicate misuse of the Wells Fargo credit card rewards program, and if it continues beyond receipt of this notice we will close your account and your rewards balance will be forfeited.
While we’re not able to share our specific risk evaluation processes, we evaluated your account based on a combination of the following:
*High volume and dollar amount of purchases you’ve made, which may include the number and amount of purchases made at merchants that sell cash equivalents such as prepaid cards
*Frequency and dollar amount of payments made in a short period of time”
So how much volume did I do?
Remember, I mentioned that this was taking up 3 hours of my life every day that helped cause me to lose weight. Well, here are my numbers from 4/8 to 5/16, which is about 5.5 weeks. This is NOT a brag & moan or a ‘who has a bigger eggplant’ data point because I know of people who were running nearly $1M a month on the card, so my numbers pale in comparison to theirs. I’m just letting you know what the time and effort it takes to run these types of numbers.
|SUM of Total Spend||SUM of Total Spend Points||SUM of Purchase Fee||SUM of Liquidation Cost|
So what next?
Well, a part of me is actually happy this ended. While those 3 hours every day were great $$$, it took away time from the wife as well as work. I’ll go back to doing lower volume with a different method and get my private labeling thing restarted again. Oh, and what’s that stupid saying – “pigs get fat..hogs get slaughtered…” well clearly you should have been the HOG with this card. Not only did the hogs get so fat they became whales, they procreated little hogs who ran around gathering food for them.