Buying Groups 101 with Eunice from @ciao.eunice | Ep 228

About this Video

• Video Title: Buying Groups 101 with Eunice from @ciao.eunice | Ep 228
• Channel: Geobreeze Travel
• Speakers: Julie, Eunice Chow
• Duration: 00:23:32

Introduction

This Geobreeze Travel podcast episode (Ep 228) interviews Eunice Chow, a points and miles enthusiast, about buying groups. The discussion covers how to get started, strategies for maximizing returns, risks and mitigation, managing multiple groups, tax and accounting considerations, scaling up, avoiding scams, and final tips for success.

Key Takeaways

• Understanding Buying Groups: Buying groups offer a way to purchase items (merchandise or gift cards) in bulk at a discount, which can then be resold for profit to earn points for travel rewards programs. Two main types exist: merchandise and digital gift cards.
• Getting Started: Begin by determining your risk tolerance (how much you're willing to lose). Maintain meticulous records (spreadsheet recommended) tracking purchases, reimbursements, and shipping information. Buy For Me Retail (BFMR) is suggested as a beginner-friendly platform.
• Strategies and Risks: Merchandise buying groups involve a longer lead time for reimbursement and risks of damaged or stolen goods. Gift card buying groups offer faster payouts and less risk. Diversifying across multiple groups mitigates risk.
• Scaling Up: Scaling involves challenges like order cancellations from merchants wary of bulk purchases and quantity limits per item. To mitigate this, use separate accounts for buying group activities and split large orders into smaller, multiple transactions across different groups.
• Avoiding Scams: Be wary of unsolicited DMs on Discord, especially those claiming to be admins and directing you to use addresses other than the official group addresses.