About a month ago I wrote an article about Loyal3 a site where you could buy and sell stocks with no fees. I thought it was a pretty cool idea and decided to try it out. You can read how it works here: Loyal3 Review.
I bought $50 of Kellog stock with my credit card. As far as I know this is the only place you can actually buy with your credit card. My goal was to make a purchase, then sell the stock and pay off my credit card avoiding any fees or interest.
So I purchased the $50 of kellog stock, sold it a couple of weeks later for $50.54. Cool I made 1%! I also received 50 points on my credit card. When I sold the stock it took a couple of days to process so you don’t get the exact price you see when you place the order. As an added bonus, I didn’t realize that I had owned the stock during a time when dividends were paid and received and extra 34 cents on top of it all. I know it isn’t much but this was just a test run so I was pleasantly surprised.
After the stock sold I requested a transfer. You have to set up a checking account for this. I transferred the money to my checking and then sent it on to the credit card. It worked pretty good. From start to finish, I made 88 cents and 50 rewards points on the deal.
I thought it was pretty cool so I decided to make a second purchase. This time with a little more volatile stock. Twitter. We’ll see how it goes. As of this posting my last $50 purchase of twitter is valued at $60.84, pretty good so far.