Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: Credit card 0% cash advances
Old 11-28-2005, 03:18 PM   #21
Recycles dryer sheets
 
Join Date: Jun 2005
Posts: 223
Re: Credit card 0% cash advances

Quote:
Originally Posted by smooch
How does one get this offer? I looked on the Discover website, but I don't see it.
I got it by telling them I wanted to cancel my card.
__________________

__________________
SLC Tortfeasor 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: Credit card 0% cash advances
Old 11-29-2005, 09:57 AM   #22
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Houston
Posts: 1,435
Re: Credit card 0% cash advances

I deposited the checks in my local bank and then transferred to Emigrant Direct. Now my ED account is linked to the credit cards "e-payment" feature so I can make the minimum payments right out of the savings account. Left pocket-right pocket, and I get the 4% spread.

I love this phony 0% money!
__________________

__________________
soupcxan is offline   Reply With Quote
Re: Credit card 0% cash advances
Old 11-29-2005, 11:47 AM   #23
Recycles dryer sheets
 
Join Date: Jun 2005
Posts: 223
Re: Credit card 0% cash advances

That is awesome. Did you have to pay a fee for using the CC's cash access checks? Usually balance transfers are free, but writing yourself a check with the CC's money entails the payment of some fee.
__________________
SLC Tortfeasor is offline   Reply With Quote
Re: Credit card 0% cash advances
Old 11-29-2005, 10:47 PM   #24
Thinks s/he gets paid by the post
Lakewood90712's Avatar
 
Join Date: Jul 2005
Posts: 1,316
Re: Credit card 0% cash advances

If used as a cash advance, a 3% fee applies , but the fee has a cap of $75.

John.

__________________
“The finance industry is 5% rational people and 95% shamans and faith healers.” - Charlie Munger
Lakewood90712 is offline   Reply With Quote
Re: Credit card 0% cash advances
Old 11-30-2005, 08:14 AM   #25
Recycles dryer sheets
 
Join Date: Oct 2005
Posts: 55
Re: Credit card 0% cash advances

Some of the better 0% offers have the balance transfer and check fees waived.
__________________
dt123 is online now   Reply With Quote
Re: Credit card 0% cash advances
Old 11-30-2005, 09:57 AM   #26
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Houston
Posts: 1,435
Re: Credit card 0% cash advances

The check deposits were treated as a BT, not a cash advance, but you should check and make sure. Chase charged me a 3% fee capped at $75, no big deal on the volume I was depositing, and Citi had no fee at all!
__________________
soupcxan is offline   Reply With Quote
Re: Credit card 0% cash advances
Old 11-30-2005, 10:04 AM   #27
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: Credit card 0% cash advances

I'll let everyone in on a little secret of mine. Citicards apparently has no limit on the amount of credit they will extend to cardholders. I get a new credit card from them weekly. Do the free $100 gift card offer, then balance transfer for a year at 0%, no transfer fees. It ends up being $400 profit or so per card on the amounts we're getting. All the cards are in a spreadsheet for accounts payable control and keeping track of expiration of zero percent offers. I've decided to experiment with the credit card companies. I'll keep doing these offers till I get $1,000,000 in credit from them. Shouldn't take too long at the current rate. I'm curious if there is a limit on how long they will offer me these cards. One would think a rational card company would see me with $50,000 or $100,000 or $500,000 in unsecured CC debt and eventually determine I'm a poor credit risk. We'll see. As long as they keep mailing us "preapproved" offers, I'll keep signing them and mailing them back.
__________________
justin is offline   Reply With Quote
Re: Credit card 0% cash advances
Old 11-30-2005, 10:53 AM   #28
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,083
Re: Credit card 0% cash advances

Quote:
Originally Posted by justin
I'll let everyone in on a little secret of mine. Citicards apparently has no limit on the amount of credit they will extend to cardholders. I get a new credit card from them weekly. Do the free $100 gift card offer, then balance transfer for a year at 0%, no transfer fees. It ends up being $400 profit or so per card on the amounts we're getting. All the cards are in a spreadsheet for accounts payable control and keeping track of expiration of zero percent offers. I've decided to experiment with the credit card companies. I'll keep doing these offers till I get $1,000,000 in credit from them. Shouldn't take too long at the current rate. I'm curious if there is a limit on how long they will offer me these cards. One would think a rational card company would see me with $50,000 or $100,000 or $500,000 in unsecured CC debt and eventually determine I'm a poor credit risk. We'll see. As long as they keep mailing us "preapproved" offers, I'll keep signing them and mailing them back.
I have been using citi CC forever, the only offer I get is for for 1.99% on my existing card which I use and therefore would not do a balance transfer to. Are you doing something proactive to get these offers?

MJ
__________________
I look to the present moment because that's where I live my life.
MJ is offline   Reply With Quote
Re: Credit card 0% cash advances
Old 11-30-2005, 11:22 AM   #29
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: Credit card 0% cash advances

Quote:
Originally Posted by MJ
I have been using citi CC forever, the only offer I get is for for 1.99% on my existing card which I use and therefore would not do a balance transfer to. Are you doing something proactive to get these offers?

MJ
Other than waiting by the mailbox? No. I did sign up for a few CC's online through citibank (www.citicards.com). But since then, I realized they send a preapproved offer about once a week for either me or my wife. It takes about 5 minutes to fill out the form, sign and drop in the mail. We do have an unblemished credit history (barring the frequent credit card applications, credit history inquiries and large outstanding balances, monthly payments and high debt owed to available debt), so I'm sure the CC companies have us on their "mail these guys every week" list.

You'll probably have to sign up for a new citicard to get the 0% interest for a year with no bal xfer fee.

__________________
justin is offline   Reply With Quote
Re: Credit card 0% cash advances
Old 11-30-2005, 01:11 PM   #30
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Credit card 0% cash advances

The other day, I combined the credit limits
on 2 cards I held issued by the same company. Then, I took
a cash advance (no fee) into my bank account (-0-% APR into 2007).
The girl asked me how much I was taking. I told all but $100
of the credit limit. She says, "Oh, you know about this stuff!"
Damn straight!

JG
__________________
MRGALT2U is offline   Reply With Quote
Re: Credit card 0% cash advances
Old 11-30-2005, 02:21 PM   #31
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: Credit card 0% cash advances

JG,

What company(ies) do you typically use? Do you search them out on the internet? Or get the pre-approved offers in the mail?
__________________
justin is offline   Reply With Quote
Re: Credit card 0% cash advances
Old 11-30-2005, 02:49 PM   #32
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Houston
Posts: 1,435
Re: Credit card 0% cash advances

Be aware that there is a cost to having all this credit utilization on your credit report...if you are maxing out multiple lines...companies do look at your total credit utilization as a percentage of the total. For example, my auto insurance premium went up $100/6 months for no other reason than because my underwriter uses my credit score as a factor. Am I a greater accident risk now? Of course not, but that's their metric. I would change companies but no one will give me a better deal even with the rate increase. If you are applying for a lease, many apartments pull a CR these days and they may ask for a larger deposit (again, stupid, but what can you do).

Also, you can forget about qualifying for the best car/home loan rate while you have all this debt out there. I would not do it if I was going to be applying for a mortgage or buying a car on credit in the near future. Even when you pay off the loans, it may take 6 months for your credit score to recover.
__________________
soupcxan is offline   Reply With Quote
Re: Credit card 0% cash advances
Old 11-30-2005, 02:51 PM   #33
Full time employment: Posting here.
 
Join Date: Aug 2004
Posts: 909
Send a message via ICQ to Marshac Send a message via AIM to Marshac Send a message via Yahoo to Marshac
Re: Credit card 0% cash advances

Quote:
Originally Posted by soupcxan
my auto insurance premium went up $100/6 months for no other reason than because my underwriter uses my credit score as a factor. Am I a greater accident risk now than I was before I had $40k in 0% money? Of course not, but that's their metric. I would change companies but no one will give me a better deal even with the rate increase.
Pemco?
__________________
Marshac is offline   Reply With Quote
Re: Credit card 0% cash advances
Old 11-30-2005, 02:57 PM   #34
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Houston
Posts: 1,435
Re: Credit card 0% cash advances

No, not Pemco, but another national company.
__________________
soupcxan is offline   Reply With Quote
Re: Credit card 0% cash advances
Old 11-30-2005, 03:15 PM   #35
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: Credit card 0% cash advances

It's funny how mechanical banks are. I had a single 0% offer outstanding for $10,000 when I got my mortgage 1.5 years ago. I told them I'm keeping the free money till it is due so that I can earn interest on it. The bank said no deal - paying off the zero percent CC was a condition of extending the loan. Now, the day after I signed the loan docs, I went out and got the same zero % offer for free money. Nothing in the terms of the loan agreement prevented that.

I'm guessing banks would do the same thing again were I to apply for a loan. Luckily I don't anticipate needing credit any time soon. Worse case, I can pay off all zero percent offers.

I hadn't considered how doing these transactions might affect my insurance rates.

My wife works for an investment bank dealing with derivatives. I'm curious if the compliance department at the i-bank will pull her CR and flag her as a security risk due to her high debt load.
__________________
justin is offline   Reply With Quote
Re: Credit card 0% cash advances
Old 11-30-2005, 03:15 PM   #36
Thinks s/he gets paid by the post
Lakewood90712's Avatar
 
Join Date: Jul 2005
Posts: 1,316
Re: Credit card 0% cash advances

Quote:
Originally Posted by justin
I'll let everyone in on a little secret of mine.* Citicards apparently has no limit on the amount of credit they will extend to cardholders.* I get a new credit card from them weekly.** I've decided to experiment with the credit card companies.* I'll keep doing these offers till I get $1,000,000 in credit from them.* Shouldn't take too long at the current rate.* *
So in theory , with a million $ 0% apr unsecured credit line and funds in 4% money market, you can FIRE with a SWR of 4% or 40,000 per year , pretax. 8)

Just don't make a late payment , or the party is over.

Oh how I love America!
__________________
“The finance industry is 5% rational people and 95% shamans and faith healers.” - Charlie Munger
Lakewood90712 is offline   Reply With Quote
Re: Credit card 0% cash advances
Old 11-30-2005, 03:27 PM   #37
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: Credit card 0% cash advances

I should have clarified my $1,000,000 figure. I'm shooting for $1,000,000 in total CC credit available. Since most of the deals I'm participating in are 1 year deals, I won't have a $million outstanding at one time. I figure at the rate the CC companies are mailing me applications, I can get $200,000 to $400,000 per year at any one time on zero percent offers. I don't know what will happen when I have dozens or hundreds of CC's outstanding. The CC company may eventually stop issuing cards to me.
__________________
justin is offline   Reply With Quote
Re: Credit card 0% cash advances
Old 11-30-2005, 03:38 PM   #38
Full time employment: Posting here.
 
Join Date: Aug 2004
Posts: 909
Send a message via ICQ to Marshac Send a message via AIM to Marshac Send a message via Yahoo to Marshac
Re: Credit card 0% cash advances

Have you read any of the 'App-o-rama' threads on fatwallet before? Basically you apply to every deal you can find online during the same day....supposedly it takes a few days for your new accounts to show up on the 'ol credit report, so your chances are greater applying for the accounts all at once. Seems to work ok.
__________________
Marshac is offline   Reply With Quote
Re: Credit card 0% cash advances
Old 11-30-2005, 03:56 PM   #39
Thinks s/he gets paid by the post
greg's Avatar
 
Join Date: Jun 2005
Posts: 1,071
Re: Credit card 0% cash advances

Quote:
Originally Posted by justin
I should have clarified my $1,000,000 figure. I'm shooting for $1,000,000 in total CC credit available. Since most of the deals I'm participating in are 1 year deals, I won't have a $million outstanding at one time. I figure at the rate the CC companies are mailing me applications, I can get $200,000 to $400,000 per year at any one time on zero percent offers. I don't know what will happen when I have dozens or hundreds of CC's outstanding. The CC company may eventually stop issuing cards to me.
You go, Justin. We're all watching to see how it ends goes. Maybe you'll end up retired in Costa Rica in a year. Good Luck.

--Greg
__________________
Compounding: Never forget! Never not remember!
greg is offline   Reply With Quote
See ya, and Raise ya
Old 11-30-2005, 06:40 PM   #40
Recycles dryer sheets
Dogcliff's Avatar
 
Join Date: Feb 2004
Posts: 52
See ya, and Raise ya

Current Discover Platnum offer... 0% on purchases AND bal transfers for one year.. no bal transfer fee...Just renewed my relationship with Discover, bumped their $8000 limit to $20,000, just for the asking...bal transfer checks in the mail to me...

Now...

Who's got the best MM/CD rates?

dc
__________________

__________________
Dogcliff 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
Best credit card miles or cash Brit FIRE and Money 47 01-16-2007 02:31 PM
Fraudulent credit card usage after phonedog, Pioneer Telephone free4now FIRE and Money 1 05-02-2006 06:50 PM
Is there a 0% cash advance credit card? Olav23 FIRE and Money 3 10-15-2005 07:42 PM
Credit card selection Skylark Young Dreamers 27 03-12-2004 02:10 PM

 

 
All times are GMT -6. The time now is 01:19 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.