Man Buys $65 Million Skyscraper With A Credit Card, Earns $1.3 Million


PREMO Member
A man claims he purchased a skyscraper using his credit card. He points out that the card he was using offers a 1% discount on purchases, and gives him 30 days to pay “which is worth 1%.”

For these calculations to be right, this would have to have taken place in the late 1980s – when interest rates were still high, but after cash back cards were first introduced. While interest rates in the U.S. haven’t hit 12% since 1979, they hit 12% last in Canada in the early 1990s shortly after cash back cards were introduced there.

What’s remarkable is,

  • The seller was willing to take a credit card. While card acceptance for many retail businesses is cheaper than cash, a funds transfer for a single large transaction is going to be less expensive than credit cards – by a lot.

  • This likely means that he could have just as easily negotiated a lower sales price. That is not always more advantageous.

  • Today he could have earned 2% back plus the float!



Well-Known Member
I do remember once - I think I was in high school and it was on my morning radio - that someone once made a huge purchase on either jewelry or a diamond - and the announcer said “and he CHARGED it”.

Maybe I could look it up.


Well-Known Member
It is also an unsecured debt, so if he defaulted could he have just kept the skyscraper and had a shitty credit rating?


New Member
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