Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
0% FOR LIFE!! BT credit card games
Old 01-24-2007, 10:19 PM   #1
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
0% FOR LIFE!! BT credit card games

Yowzers! I found ANOTHER 0% for LIFE offer

Citi Diamond Card, offer F1K7, apply online only

0% on BTs til 05/07, then make two purchases ($1 will suffice) and get 0% for that month, ongoing forever if you wish

I just got about 12k in credit, so I will be taking 12k from an investment property HELOC, and moving it to the cc


THEN, I will pay the minimum pymts each month with the HELOC, minus the couple bucks I normally pay...I have to knock down the principal somewhat!!

THEN I will set up a subscripton paypal transfer of $1 from this card to my old lady's paypal account, 3 times/month, making it a breeze to keep the 0%


That'll save me almost 1000 bucks in the next year alone! (9% current heloc rate)
__________________

__________________
thefed is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: 0% FOR LIFE!! BT credit card games
Old 01-25-2007, 08:39 PM   #2
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Re: 0% FOR LIFE!! BT credit card games

i can imagine that someone here could make a LOT of money with a nice 20-30k line, BT to your checking acct, deposit in a MM at 5+% and pay the loan back from there....


__________________

__________________
thefed is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-25-2007, 09:33 PM   #3
Full time employment: Posting here.
 
Join Date: Dec 2006
Posts: 509
Re: 0% FOR LIFE!! BT credit card games

Do you have a link to this one?

I was checking out Citi's site and it shows 0% for 12 months on the Diamond / Diamond Preferred AMEX / Diamond Preferred Rewards.

I figure my credit is good enough that I could take advantage of something like this and do some serious floating.
__________________
Peaceful_Warrior is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-25-2007, 09:48 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: 0% FOR LIFE!! BT credit card games

Here's the link:

www.apply.citicards.com, then enter f1k7.

The deal is for 0% through 5/1/2007, and then as long as you make 2 purchases each month, the 0% remains on the card.

I might have to get a couple of these cards as well...

I just applied for eight other citicards in the last week - that could make me ineligible for this new card

Gotta love the free money. Based on my tax statements I just got, I made somewhere north of $4000 last year. Most of that free from my 7% state tax! I get to cheat the credit card company, then cheat the govt!
__________________
justin is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-25-2007, 11:15 PM   #5
Full time employment: Posting here.
 
Join Date: Sep 2006
Posts: 608
Re: 0% FOR LIFE!! BT credit card games

Quote:
Originally Posted by justin
The deal is for 0% through 5/1/2007, and then as long as you make 2 purchases each month, the 0% remains on the card.
So the real question becomes (for those of us without significant debts), is there
a way to convert a "balance transfer" into cash, which could be used to purchase
T'Bills, or (dare I say) Penfed 6.25% CDs ? I guess the latter would be risky,
since Citibank can change their terms at any time, and you'd be forced to redeem
the CD prematurely ...



__________________
JohnEyles is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-26-2007, 08:28 AM   #6
Full time employment: Posting here.
 
Join Date: Nov 2003
Posts: 926
Re: 0% FOR LIFE!! BT credit card games

Quote:
Originally Posted by thefed
i can imagine that someone here could make a LOT of money with a nice 20-30k line, BT to your checking acct, deposit in a MM at 5+% and pay the loan back from there....


Been doing this for years. This "system" actually provided 100% of
my personal income for quite a few months. FYI - I currently
hold 17 cards with high limits. If I don't have high limits, then,
obviously the card is of no use.

An aside. This seems to me to be the biggest no-brainer ever;
yet when I have explained it, many people just don't seem to
get it. I have an opinion (of course) but will let you draw your
own conclusions.

JG
__________________
Some of us have pretty stories, about good friends, good times and noodle salad.
Mr._johngalt is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-26-2007, 09:35 AM   #7
Full time employment: Posting here.
CCdaCE's Avatar
 
Join Date: Apr 2006
Posts: 887
Re: 0% FOR LIFE!! BT credit card games

What is the balance transfer fee?

How do you transfer $$ from this CC to a checking account? Don't you usually have to provide a CC number that you're transfering from (to this new CC)?

-CC
__________________
"There's those thinkin' more or less, less is more, but if less is more, how you keepin' score?
It means for every point you make, your level drops. Kinda like you're startin' from the top..." "Society" - Eddie Vedder
CCdaCE is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-26-2007, 09:46 AM   #8
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: 0% FOR LIFE!! BT credit card games

BT fees vary from $0 to $250 on citicards. Most other cards are $75. There are a handful of citicards (7 at my last count) that have the BT fee waived on their 0% introductory offer.

Citicards is easy to get the BT amount in cash form. You request a check in your name and put it in your bank account.

Other balance transfers from other companies can be transferred to any citicard (even with a zero balance), and then you can request a credit refund from the citicard that you transferred a balance to.
__________________
justin is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-26-2007, 10:49 AM   #9
Thinks s/he gets paid by the post
maddythebeagle's Avatar
 
Join Date: Jun 2005
Posts: 2,450
Re: 0% FOR LIFE!! BT credit card games

I have ramped up to getting quite a nice income from these offers (signup bonuses and interest)...I wouldnt advise most people do these things unless you can read and understand terms...most people apparently cant...
__________________
- Hurry! to the cliffs of insanity!
maddythebeagle is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-26-2007, 01:25 PM   #10
Thinks s/he gets paid by the post
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 2,406
Re: 0% FOR LIFE!! BT credit card games

Quote:
Originally Posted by justin
BT fees vary from $0 to $250 on citicards. Most other cards are $75. There are a handful of citicards (7 at my last count) that have the BT fee waived on their 0% introductory offer.

Citicards is easy to get the BT amount in cash form. You request a check in your name and put it in your bank account.

Other balance transfers from other companies can be transferred to any citicard (even with a zero balance), and then you can request a credit refund from the citicard that you transferred a balance to.
Yet a third way is possible if you have a Visa debit card associated with your checking account. Just do a BT to your checking account by giving them the Visa debit card number as the target. I am fairly sure that they can't tell the difference between this kind of Visa card and a "real" Visa credit card -- I think because the Visa debit card is a real Visa credit card.

2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-26-2007, 01:38 PM   #11
Full time employment: Posting here.
 
Join Date: Sep 2006
Posts: 608
Re: 0% FOR LIFE!! BT credit card games


Hardly seems worth it (for the turn the BT into cash earning money-mkt
rates scam) unless your credit line is at least $20,000 or so. Is there a
way to figure out what credit line they're gonna let you have without
going ahead with the application process ?

__________________
JohnEyles is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-26-2007, 02:21 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: 0% FOR LIFE!! BT credit card games

I usually have a dozen or so credit cards at a time with a balance transfer on them. Typical credit limits from $3500-15000.
__________________
justin is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-26-2007, 02:26 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: 0% FOR LIFE!! BT credit card games

Sigh...the big gotcha here may be that you have to make 2 purchases each month, and usually the full high interest rate applies to THOSE purchases, and they're stuck on the "back end" of the debt, so you pay that high fee on those accumulating purchases as long as you're holding the "0%" balance.

Sure, you can buy a pack of gum twice a month at the gas station, providing they dont have a minimum purchase limit for credit cards and/or the credit card offer doesnt have a minimum purchase figure and you'd make out. But if you forget one of the two purchases, most of the time they put the full interest rate on the whole balance.

Read ALL of the fine print carefully. I've yet to see one that didnt have the potential for being way more costly than the measly benefits of floating a balance.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-26-2007, 04:43 PM   #14
Full time employment: Posting here.
 
Join Date: Sep 2006
Posts: 608
Re: 0% FOR LIFE!! BT credit card games

Quote:
Originally Posted by Cute Fuzzy Bunny
I've yet to see one that didnt have the potential for being way more costly than the measly benefits of floating a balance.
Yes. But, on the other hand, if one could get a $50,000 credit limit and keep the
0% balance in perpetuity, you'd earn $2500-3000/year. I was thinking of SPIA'ing a
$70K "after-tax annuity" account, for about $3000/yr. Kinda puts it in perspective.

__________________
JohnEyles is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-26-2007, 04:59 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,291
Re: 0% FOR LIFE!! BT credit card games

Let's see... a 3% balance transfer fee.... it does not look like you can take it in cash..

But, for the purchases... go to the 'red box' and rent DVDs for $1 twice a month... not that hard to do.
__________________
Texas Proud is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-26-2007, 05:00 PM   #16
Thinks s/he gets paid by the post
bright eyed's Avatar
 
Join Date: Jan 2007
Posts: 1,891
Re: 0% FOR LIFE!! BT credit card games

Quote:
Originally Posted by justin

Citicards is easy to get the BT amount in cash form. You request a check in your name and put it in your bank account.

Other balance transfers from other companies can be transferred to any citicard (even with a zero balance), and then you can request a credit refund from the citicard that you transferred a balance to.
that's not considered a cash advance? i thought those didn't apply for the same rules - higher interest etc.?

and on your second comment - you're saying that you request a transfer from Card A (which has $0 but you still request for say $1000?) to the new card, and then the Card A folks give you a refund check for that amount?
__________________
If i think of something clever to say, i'll put it here...
bright eyed is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-26-2007, 05:07 PM   #17
Thinks s/he gets paid by the post
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 2,406
Re: 0% FOR LIFE!! BT credit card games

Quote:
Originally Posted by bright eyed
that's not considered a cash advance? i thought those didn't apply for the same rules - higher interest etc.?

and on your second comment - you're saying that you request a transfer from Card A (which has $0 but you still request for say $1000?) to the new card, and then the Card A folks give you a refund check for that amount?
It depends on the check. Some are considered BT checks and some are considered CA checks. You need to read the fine print and make sure of what you are doing. You're right, there are different rules for CA's vs. BT's.

As to your second question, I would have worded it differently, but if you have Card A and Card B which both have a zero balance, and Card B has a 0% BT offer, you can BT $1000 from Card B to Card A and have Card A send you a $1000 refund check. I think that's what you were saying.

Also, to someone earlier in the thread, 3% BT fees pretty much make the game not worth playing. If you know where to look, there are 0% BT offers with less than 3% fees, especially true for large credit lines. This game is played by lots of folks over on www.fatwallet.com/c/52.

2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-26-2007, 05:32 PM   #18
Full time employment: Posting here.
 
Join Date: Sep 2006
Posts: 608
Re: 0% FOR LIFE!! BT credit card games

Quote:
Originally Posted by SecondCor521
... 3% BT fees pretty much make the game not worth playing
No. At least for the Citi F1K7 offer, the 3% BT fee tops out at $75. So you'll
pay WAY less than 3% for any amount which makes this game worth playing.

__________________
JohnEyles is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-26-2007, 05:35 PM   #19
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: 0% FOR LIFE!! BT credit card games

The only time I play is if the BT fee is $0 to $75. Citicards has some cards that charge 3% up to $250, which makes the game not worth playing.

__________________
justin is offline   Reply With Quote
Re: 0% FOR LIFE!! BT credit card games
Old 01-26-2007, 05:56 PM   #20
Thinks s/he gets paid by the post
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 2,406
Re: 0% FOR LIFE!! BT credit card games

Quote:
Originally Posted by RustyShackleford
No. At least for the Citi F1K7 offer, the 3% BT fee tops out at $75. So you'll
pay WAY less than 3% for any amount which makes this game worth playing.
Yup, I know about these. If you look even harder, you can still find no-fee no-interest BT's, which are even better. I was referring to uncapped 3% fees, which have become more common lately.

2Cor521
__________________

__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Your unsecured (credit card) debt dies when you die (usually) JustCurious FIRE and Money 77 11-22-2010 10:05 PM
Credit Card conundrum. CCdaCE FIRE and Money 21 08-25-2006 07:33 PM
Fraudulent credit card usage after phonedog, Pioneer Telephone free4now FIRE and Money 1 05-02-2006 06:50 PM
Credit card selection Skylark Young Dreamers 27 03-12-2004 02:10 PM
Credit card games wabmester Other topics 2 12-17-2003 07:04 AM

 

 
All times are GMT -6. The time now is 05:06 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.