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Re: Earning interest on 0% CC cash advance checks
Old 03-26-2007, 12:32 AM   #41
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Re: Earning interest on 0% CC cash advance checks

This is the card I recently got. And I already have received the cash, so I know it works.

1) Sign up for card
2) *If* you have another card with Citi, have Citicards transfer a significant portion of your old credit limit over to the new one to increase your credit limit.
3) Request Balance Transfer for full credit limit. Specify for them to send the check to YOU.
4) Go to bank and cash check. (In my case, I had the bank manager clear the check immediately for funds to be available)
5) Do with funds as you please.

If you read the fine print, "cash advance" only applies if you take the money out of an ATM directly or use a "Cash Advance" check. In this case, because you are specifically using a "Balance Transfer" agreement, you are able to take advantage of this situation fully even though to you it is the same.

Quote:
Originally Posted by RustyShackleford
The Citibank Professional card seems to have zero balance-transfer fee
on their 12-month 0% offer. But I'm still not clear on how I can easily
turn the BT into cash. They explicitly state that the 0% APR introductory
offer does NOT apply to cash advances, so it's hard to believe they don't
somehow keep you from effectively doing this (by applying a negative
balance to another card from which you then request a cash refund, or
whatever).

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Re: Earning interest on 0% CC cash advance checks
Old 03-26-2007, 02:46 PM   #42
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Re: Earning interest on 0% CC cash advance checks

Quote:
Originally Posted by Peaceful_Warrior
This is the card I recently got. And I already have received the cash, so I know it works.

1) Sign up for card
2) *If* you have another card with Citi, have Citicards transfer a significant portion of your old credit limit over to the new one to increase your credit limit.
3) Request Balance Transfer for full credit limit. Specify for them to send the check to YOU.
4) Go to bank and cash check. (In my case, I had the bank manager clear the check immediately for funds to be available)
5) Do with funds as you please.

If you read the fine print, "cash advance" only applies if you take the money out of an ATM directly or use a "Cash Advance" check. In this case, because you are specifically using a "Balance Transfer" agreement, you are able to take advantage of this situation fully even though to you it is the same.
Ok, thanks, sounds good.

Another snafu, I just applied online and got instant approval for a whopping $4000.
I guess it's 'cause I put "retired" and annual income of $30K. I called and they said
they really can't look at increasing credit limit 'til I get the card (and have an acc't #)
in two weeks, and that even then, I'd probably have to wait 6 months. I have a
credit score above 800 and good net worth, but at least the latter does not seem to
be taken into account.

So how do you guys manage to establish a credit line, right off the bat, which is high
enough to make this scan worth pursuing ?


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Re: Earning interest on 0% CC cash advance checks
Old 03-26-2007, 03:24 PM   #43
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Re: Earning interest on 0% CC cash advance checks

That's brutal. In my case, I've had a card with Citi in one form or another for a few years now. When you get the card, ask them to increase the credit limit immediately.

What I've done is every few months I request another credit limit increase on every one of my credit cards. I just keep doing this regardless of whether I ever intend to use the credit or not.

I believe that up to about $20k-$25k, they don't require verification of income. After that point, they have asked me on more than one occasion. So just keep pushing them and when you get the card push them some more.

Also, if you read the terms on this card then you'll find the following: The balance transfer period is good for up to 12 months after the first balance transfer, *AND* the first balance transfer must be within 12 months from the date of the account opening.

So in theory, you could open the account and use it minimally (& pay off balances) and keep asking for increases. Then after about 10 months, make a small balance transfer (or a significant one if you have more credit). Then keep requesting more credit line increases until about 1 month before the 0% BT expires, pay off the old BT and then make your sizeable BT for the full credit limit.

Quote:
Originally Posted by RustyShackleford
Ok, thanks, sounds good.

Another snafu, I just applied online and got instant approval for a whopping $4000.
I guess it's 'cause I put "retired" and annual income of $30K. I called and they said
they really can't look at increasing credit limit 'til I get the card (and have an acc't #)
in two weeks, and that even then, I'd probably have to wait 6 months. I have a
credit score above 800 and good net worth, but at least the latter does not seem to
be taken into account.

So how do you guys manage to establish a credit line, right off the bat, which is high
enough to make this scan worth pursuing ?
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Re: Earning interest on 0% CC cash advance checks
Old 03-26-2007, 05:10 PM   #44
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Re: Earning interest on 0% CC cash advance checks

One other suggestion is to not max out the credit line when doing BTs. It's by no means an exact science, but maxing out cards can lead to negative consequences with some lenders (closing cards or lowering credit lines). It's something to avoid if you want to keep doing BTs year after year. I've had Chase close two of my cards after I BT'd two others to the max -- fortunately the two closed ones already had low credit lines and weren't important to me.

FWF common wisdom suggests keeping any one individual card under 90% utilization and keeping overall utilization across all cards as low as possible (under 50% being goal). This is where having high credit lines on many/all cards helps -- it keeps your overall utilization lower, even if you max out some of the cards.

Different people seem to have different luck with maxed out credit lines, but it's something to keep in mind...
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Re: Earning interest on 0% CC cash advance checks
Old 03-26-2007, 05:27 PM   #45
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Re: Earning interest on 0% CC cash advance checks

Good to know. Didn't really think/know about this before, but I guess once I make my first payment then I'll be below the max.

I only have 3 cards... two of which are with Citi, and I don't plan on doing more than one card BT offer right now since I will want my credit back in about a year.

However, when I start doing this more regularly (assuming the system still is viable) in a couple of years, I'll keep this in mind.

Quote:
Originally Posted by fluffy
One other suggestion is to not max out the credit line when doing BTs. It's by no means an exact science, but maxing out cards can lead to negative consequences with some lenders (closing cards or lowering credit lines). It's something to avoid if you want to keep doing BTs year after year. I've had Chase close two of my cards after I BT'd two others to the max -- fortunately the two closed ones already had low credit lines and weren't important to me.

FWF common wisdom suggests keeping any one individual card under 90% utilization and keeping overall utilization across all cards as low as possible (under 50% being goal). This is where having high credit lines on many/all cards helps -- it keeps your overall utilization lower, even if you max out some of the cards.

Different people seem to have different luck with maxed out credit lines, but it's something to keep in mind...
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Re: Earning interest on 0% CC cash advance checks
Old 03-26-2007, 05:53 PM   #46
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Re: Earning interest on 0% CC cash advance checks

Sounds good, good luck with your stoozing
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Re: Earning interest on 0% CC cash advance checks
Old 04-26-2007, 02:51 AM   #47
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Re: Earning interest on 0% CC cash advance checks

Quote:
Originally Posted by fluffy
Sounds good, good luck with your stoozing
Going well so far. I recently made a payment, and was able to immediately request another balance transfer for the amount of my payment.

Because my card has 0% BT and $0 fees on BT, this seems like a phenomenal deal. I just keep recycling the same payment so I don't actually have to make any minimum payments!
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Re: Earning interest on 0% CC cash advance checks
Old 04-26-2007, 10:32 AM   #48
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Re: Earning interest on 0% CC cash advance checks

I need to re-up my stash soon - anyone seen any good deals lately?
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Re: Earning interest on 0% CC cash advance checks
Old 04-26-2007, 11:26 AM   #49
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Re: Earning interest on 0% CC cash advance checks

Quote:
Originally Posted by justin
I need to re-up my stash soon - anyone seen any good deals lately?
I found the best way is to look at cardoffers.com and the recent AOR thread at fatwallet.com. A third choice is to go to the major issuers' websites and poke around there.

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Re: Earning interest on 0% CC cash advance checks
Old 04-27-2007, 01:33 AM   #50
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Re: Earning interest on 0% CC cash advance checks

1) Anybody doing BT with Chase cards, and if so, what kind of max credit limits to they typically issue to customers with excellent credit?

2) To answer the question... Citi Diamond Preferred is solid - 12 months 0% at 3% transfer max of $250

However, if you can get the Citi Professional then that one cannot be beat by ANYBODY right now. I applied for the Diamond Preferred and Citi called me and coerced convinced me into getting the Professional.

0% for 12 months, $0 fees during the initial period.

It's insane, to say the least. I just plan to keep paying my $450 min payment and then doing another BT to get the money right back out of there... so I don't even have to ever make a minimum payment (in effect). It keeps my money working for me more and more.

Quote:
Originally Posted by justin
I need to re-up my stash soon - anyone seen any good deals lately?
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Re: Earning interest on 0% CC cash advance checks
Old 04-27-2007, 03:26 AM   #51
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Re: Earning interest on 0% CC cash advance checks

When I see this sort of thing (and it is not derided as a joke), it leaves a lingering question in my mind as to who is sharing info on the board.

I have not looked into it closely (tried to work the numbers). I would not be suprised that one can borrow the money and make a spread. But it comes at a high risk. To make enough money to make it worthwhile, you will need to put a large amount of money in play. Anytime one borrows money to make money, they have a large risk. It may seem like the CD is a riskless investment, but the overall approach has alot of risk.

My sober advice: If you are on this board looking for sound investment advice, this thread is one to avoid. This is a suckers bet. You might be able to navigate it technically. But a very small mistake can wipe out any earning and then some. Not to mention that your losses could mount quickly if you did experience the 24%+ interest rate if you make a mistake. If this were such a fantastic way to make money via an investment... don't you think eveyone would be doing it!

I do not want to sound too harsh... but whoever is offering this as sage advice is leading some lesser savvy people down the wrong road! Keep the crackpot schemes to yourself!

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Re: Earning interest on 0% CC cash advance checks
Old 04-27-2007, 06:50 AM   #52
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Re: Earning interest on 0% CC cash advance checks

Quote:
Originally Posted by chinaco
I do not want to sound too harsh... but whoever is offering this as sage advice is leading some lesser savvy people down the wrong road! Keep the crackpot schemes to yourself!
You mean like investing in the stock market?

Butt out, chinaco.
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Re: Earning interest on 0% CC cash advance checks
Old 04-27-2007, 07:25 AM   #53
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Re: Earning interest on 0% CC cash advance checks

I've had good success with Chase Sony Visa card -- NEVER get turned down for it, always get 0% for 12 months ($75 capped BT fee), get $100 bonus after first purchase (pay the balance before doing BT) and had above average credit lines. Best credit lines for me came from Citi Business PremierPass (1yr annual fee waived, 0% for 12 months, no BT fee). Overall, Citi and Chase are the best for the BT game from my experience. BoA, Discover, and especially HSBC have been stingy with credit lines. Having said that, credit lines approved can vary quite a bit from person to person and from card to card for a given issuer.

As far as the crackpot scheme comment... if the person is responsible, organized, and has done his/her homework on how the process works, this is about as close to free AND risk-free money as it gets. And the amounts earned can be significant.

If you are not responsible enough to park all the 0% money in a safe investment (I would only do FDIC-insured high-yield savings or maybe CDs) or not organized/knowledgeable enough to keep track of required payments, then I agree, you should stay away from this.
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Re: Earning interest on 0% CC cash advance checks
Old 04-27-2007, 07:49 AM   #54
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Re: Earning interest on 0% CC cash advance checks

Check your sunday paper...citibank usually has some no fee bt offer with 10k thank you points....

Also, like the citi biz cards and there are offers for 15k thank you points....

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Re: Earning interest on 0% CC cash advance checks
Old 04-27-2007, 09:41 AM   #55
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Re: Earning interest on 0% CC cash advance checks

Well, I have done this on a very small scale, and it's pretty much a no-brainer. When I bought my house, I used an 80/15/5 loan (the 15% loan was a HELOC). I got one of these 0%, no balance transfer offers, so I transferred the last $12000 or so of my HELOC to the 0% card. If I screw up, I'll pay a late fee and one month's interest at a very high rate until I can just put it back on the HELOC. No big deal.

I wouldn't recommend doing this with a dozen cards and 100k, but one card for 10k is still worth doing. Figure you can make $500 with 10k in safe investments over a year. I think that is worth doing.

Note-- I don't get many of the no balance transfer offers anymore, so the absolutely free money has gotten harder to come by.



Quote:
Originally Posted by chinaco
When I see this sort of thing (and it is not derided as a joke), it leaves a lingering question in my mind as to who is sharing info on the board.

I have not looked into it closely (tried to work the numbers). I would not be suprised that one can borrow the money and make a spread. But it comes at a high risk. To make enough money to make it worthwhile, you will need to put a large amount of money in play. Anytime one borrows money to make money, they have a large risk. It may seem like the CD is a riskless investment, but the overall approach has alot of risk.

My sober advice: If you are on this board looking for sound investment advice, this thread is one to avoid. This is a suckers bet. You might be able to navigate it technically. But a very small mistake can wipe out any earning and then some. Not to mention that your losses could mount quickly if you did experience the 24%+ interest rate if you make a mistake. If this were such a fantastic way to make money via an investment... don't you think eveyone would be doing it!

I do not want to sound too harsh... but whoever is offering this as sage advice is leading some lesser savvy people down the wrong road! Keep the crackpot schemes to yourself!

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Re: Earning interest on 0% CC cash advance checks
Old 04-27-2007, 09:47 AM   #56
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Re: Earning interest on 0% CC cash advance checks

Please stay on topic and dont feed that [moderator edit] troll....this only takes a little discipline and half a brain...even JG could do it
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Re: Earning interest on 0% CC cash advance checks
Old 04-27-2007, 11:17 AM   #57
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Re: Earning interest on 0% CC cash advance checks

Quote:
Originally Posted by Peaceful_Warrior
1) Anybody doing BT with Chase cards, and if so, what kind of max credit limits to they typically issue to customers with excellent credit?
I am doing three different BT's with Chase right now (one business, two personal). Their max CL's probably depend on your income as well as your credit, but it wasn't that hard for me to get several in the $30K range through good credit, reasonably high income, an AOR and reallocation.

2Cor521
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Re: Earning interest on 0% CC cash advance checks
Old 04-27-2007, 02:42 PM   #58
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Re: Earning interest on 0% CC cash advance checks

How has this affected your credit rating, as a whole? I noticed that merely getting the card dropped my FICO by 20 points... so I'm guessing I'll take another 80-100 hit when the new balance registers.

But that's just one card....

Quote:
Originally Posted by SecondCor521
I am doing three different BT's with Chase right now (one business, two personal). Their max CL's probably depend on your income as well as your credit, but it wasn't that hard for me to get several in the $30K range through good credit, reasonably high income, an AOR and reallocation.

2Cor521
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Re: Earning interest on 0% CC cash advance checks
Old 04-27-2007, 11:02 PM   #59
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Re: Earning interest on 0% CC cash advance checks

Im curious how you guys are getting the balance transfers from the credit cards to the mm fund. Ive been researching this some and it seems you cant directly credit it to a debit card. Are you using a heloc to fund the mm then bt to the heloc?
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Re: Earning interest on 0% CC cash advance checks
Old 04-27-2007, 11:47 PM   #60
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Re: Earning interest on 0% CC cash advance checks

Citi gives the option to write a check out in my name (basically no different than a cash advance).

Quote:
Originally Posted by trixs
Im curious how you guys are getting the balance transfers from the credit cards to the mm fund. Ive been researching this some and it seems you cant directly credit it to a debit card. Are you using a heloc to fund the mm then bt to the heloc?
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