0% Credit Card Offer  | | | 
May 24th, 2005, 09:33 AM
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#1 (permalink)
| | Light to Counter the Dim
Join Date: Oct 2001 Location: Long Island, NY, USA
Posts: 6,694
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Last week I got checks from one of my credit cards offering a 0% cash advance (except for a $65 fee) until January 2006. Since I have five credit cards with the same bank, I called them to ask if I could consolidate credit lines to this account. They said ‘sure’ and moved around credit so that I had a $101K credit line.
I then asked them to do a balance transfer into my checking account for $100K. On Monday, I searched around for the best 6 month CD rates. As it turned out, this same bank has the best CD rates. So, I opened an account for the CD with them. The CD will mature before the 0% offer expires and then I can pay it back.
The bottom line is that I’m using the bank's money – borrowed at 0% and investing it with them for six months and earning about $1,800 in interest.
$1,800 earned taking no risk and doing no work. America is a great place.
__________________
"The Bill of Rights is my Patriot Act."
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May 24th, 2005, 09:41 AM
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#2 (permalink)
| | I do Ouchy-Bleedy.
Join Date: Apr 2002 Location: Albany, Ga.
Posts: 10,636
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That sounds like a terrific deal MTA, I hope you are willing to share your windfall with us.
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They say technology slows down for no one. I know it outruns my wallet. I figure its because my wallet isn't light enough yet.
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May 24th, 2005, 09:53 AM
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#3 (permalink)
| | Light to Counter the Dim
Join Date: Oct 2001 Location: Long Island, NY, USA
Posts: 6,694
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Of course!
BTW, the kicker is that the last time I did this they raised my credit line! | |
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May 24th, 2005, 09:58 AM
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#4 (permalink)
| | Ultimate Member
Join Date: Oct 2001
Posts: 1,693
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sweet move MTA sweet move...
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You know dog spelled backwards is god.....
coincidence ..... i think not.
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May 24th, 2005, 10:09 AM
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#5 (permalink)
| | Pump you sucker! Pump!
Join Date: Oct 2001 Location: Sacto, Colliefornia
Posts: 8,637
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Typical Republican thinking!
Hurmmph! 
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Free pizza for everybody! And the rich kids are paying for it! Sign up here!
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May 24th, 2005, 10:30 AM
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#6 (permalink)
| | Ultimate Member
Join Date: Oct 2001
Posts: 1,693
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May 24th, 2005, 10:43 AM
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#7 (permalink)
| | Ultimate Member
Join Date: Jun 2004 Location: England
Posts: 1,407
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Question: Why isn't EVERYBODY doing the same? | |
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May 24th, 2005, 11:00 AM
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#8 (permalink)
| | Light to Counter the Dim
Join Date: Oct 2001 Location: Long Island, NY, USA
Posts: 6,694
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Originally Posted by 27 Question: Why isn't EVERYBODY doing the same? | I can only speculate.
To make this worthwhile, one needs to have a large enough credit line or else the even the $65 transaction fee isn't covered.
One also needs to be organized enough to remember when the promotion expires and payoff by then.
That credit card can't be used for purchases during that period. | |
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May 24th, 2005, 07:49 PM
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#9 (permalink)
| | It's the cheese guy! ¬_¬;
Join Date: Aug 2003 Location: Gateshead U.K.
Posts: 9,167
| Quote: |
Originally Posted by MTAtech Of course!
BTW, the kicker is that the last time I did this they raised my credit line! |  Nice work, if you can get it!  | |
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May 24th, 2005, 07:57 PM
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#10 (permalink)
| | Fact Checker
Join Date: Feb 2000 Location: MSU- E. Lansing, MI
Posts: 6,253
| Quote: |
Originally Posted by MTAtech then asked them to do a balance transfer into my checking account for $100K | Is this not the same as a cash advance? And is there not a percentage fee for a cash advance? | |
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