Developing: Square Cash

I spend a lot of time talking about the Bank of America Alaska Airlines debit card. It's not the only rewards debit card available, but it is - in my opinion - the best (low annual fee, earns miles on PIN transactions, earns super-valuable Alaska miles). I get a lot of questions about whether the card is still available to new applications, and I can't give a straight answer, since I already have the card. However, this link still takes you to a working website, so I have no reason to believe it's not available.

The occasion for this observation is that there's a new, free method of manufacturing up to $10,000 per month using debit cards: Square Cash .

The very first thing you should do if you're interested in this technique is read this entire FlyerTalk thread and this terrific Wall Street Journal article.

Now you know everything I know. Some observations:

  • People are reporting only occasional success with gift cards. If you're a gift card churner, for now you'll have to see for yourself whether the cards you have available will work with Square Cash.
  • There's one report of failure using a MyVanilla Debit card. That's a shame, since this would be a terrific way to unload $2,500 per week.
  • Any rewards-earning debit card should work and earn rewards (Suntrust Delta Skymiles World Check Card, Bankoh Hawaiian Airlines Visa Check Card, ufb direct Airlines Rewards Checking).
  • As long as you have 2 e-mail addresses and 2 different debit cards (one to send and one to receive) , you should be able to send money to yourself. Make a small test payment to make sure it goes through.

It's still early days, so don't be surprised if the details of this deal change as we go forward. But if you've been looking for a new hack that you can get in on the ground floor of and, most importantly, share your experiences with the community, here's your chance!