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Thursday, June 14, 2007

Making money off of balance transfer credit card offers

Fox News article discusses how many savvy credit card holders are making use of 0% APR balance transfer (BT) offers to earn free cash. How? By writing the check to themselves and depositing it in a high-yield bank account, and then paying off the entire balance, while keeping the interest. Ira Stoller, one of the persons profiled in the article, supposedly earned $900 in interest last year.

However, you also need to watch for some pitfalls: there may be transactional and cash advance fees. In addition, your true APR may be higher than 0% because of the way credit card companies apply your monthly payments. Also, not all credit card firms allow you to write check to yourself.

For complete article, check out:

FoxNews.com: Free Cash!

posted by Ruby @ 12:02 AM

1 Comments:

At 4:20 AM, Anonymous said…

not bad! earn on your credit up to 1000 bucks. just need to be careful with those pitfalls and you are a tycoon! to be serious, it's a great opportunity to save some money for keen-witted people.

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