Note: For my first series of posts I thought I would bring over all the reselling posts I made over on Portlandtraveltips.
I want to get into the reselling business because I think it will be a great way to earn frequent flier miles and pocket a little cash on the side. For the uninitiated, the gist of how you earn miles and points by reselling is that you buy a product using your miles earning credit card. You buy low and sell high. After you sell the product you pay off your card and pocket the profit. When you couple this strategy with meeting minimum spend requirements on a new card it can be a great way to earn miles and some cash.
Once I decided to take a crack at reselling I did a lot of research online. I found a pretty helpful reselling guide that does a good job of spelling out the basics over at frugalhack.me. The guide does a pretty good job of explaining the basics as far as looking for deals, where to buy, and how to resell.
As I am a rookie reseller, my strategy will continue to evolve. However, thus far my strategy is to watch slick deals and look for a good deal I think I can take advantage of. Finally yesterday, a deal came up that I thought was a good one to get started with. It looks like Best Buy has a pricing mistake on their Sony Bluetooth Noise Canceling Headphones. A price mistake sounds like a good resell opportunity to me. I also combined the purchase with 3 different cashback mechanisms. The first was that I bought the headphones through a shopping portal. I used Upromise which was 1% cashback. Next, I signed up for Best Buy Rewards which gave me 2% cashback. Finally, I used my arrival card to earn another 2% cashback.
The final tally looked like this:
My First Purchase: Sony Bluetooth Noise Canceling Headphones
- Purchase Price: $149.99
- My Best Buy Rewards Points: 149 ($3)
- Upromise Cashback Portal: $1.50
- Arrival Points: 300 ($3)
- I also got $5 for making my first purchase through Upromise
I hope to sell on Craigslist for a $50 profit.
I thought this was such a good deal that I wanted to buy two, but I opted to take it slow. I will report back on results.