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Re: Another way to profit from credit cards
04-30-2006, 08:09 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,450
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 Quote: rew. If you got an offer where you dont have to make payments every month, PM, I would love to sign up for that one. 
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- Hurry! to the cliffs of insanity!
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Re: Another way to profit from credit cards
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04-30-2006, 08:25 PM
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#2
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Administrator
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 16,480
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Quote:
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Originally Posted by Maddy the Turbo Beagle
rew. If you got an offer where you dont have to make payments every month, PM, I would love to sign up for that one. |
Maddy, sorry but you won't be getting a PM from me. I went back to my original documentation and it says "no transaction fees", not "no payments. Evidently I confused it with an offer for 0% financing on Sears appliances that I took advantage of about the same time (replaced the dishwasher). That one has no payments for 1 year...and I just confirmed to be sure.
I sit corrected. 
-------
Professor, see why I say you need to proceed carefully?
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Numbers is hard...
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Re: Another way to profit from credit cards
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04-30-2006, 11:03 PM
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#3
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Recycles dryer sheets
Join Date: Apr 2004
Posts: 159
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Thanks guys. The reason I asked was that 10years ago I bought a computer with a no interest deal where the amount was not due for 1 year. They were hoping I'd forget or fail to make the payment & were pissed off royally when I gave them the cash. Haven't done that since.
I'll get out my magnifying glass!!!!!!!!!!!!
The Professor
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Re: Another way to profit from credit cards
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05-01-2006, 10:05 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 1,466
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To REW's point in terms of reading the fine print, people need to consider utilization rates.* If the balanced transfered funds from card "A" is at the max credit limit and then you do the same for card "B" and card "C", chances are card that "B" can apply a universal default rate because card "A" and "C" are at the maximum if card "B" pulls your credit report.* Universal default could mean getting immediately slapped with interest rates at 27%, etc.
I simply do not trust credit card companies under any circumstances.* They CAN* change the rules at a whim and send you inocuous looking term change notices in 2 1/2 pt font*  in the mail.* For $600 extra bucks, it's simply not worth my time nor anxious energy to manage or worry about IMHO.
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fuzzy? cute?
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Re: Another way to profit from credit cards
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05-01-2006, 10:12 AM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Location: DFW
Posts: 6,334
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Nice avatar... :P
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Have Funds, Will Retire
"...but do feel free to assert your duly noted opinion on this subject again without benefit of reference or provision of additional information..."
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Re: Another way to profit from credit cards
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05-01-2006, 10:14 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 1,466
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Quote:
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Originally Posted by HFWR
Nice avatar...* :P |
It's pretty much how I feel about my job right now. I'd love to moon executive management, but unfortunately my paycheck (paycheck whore that I am) keeps me in check. 
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fuzzy? cute?
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Re: Another way to profit from credit cards
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05-01-2006, 10:38 AM
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#7
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Location: DFW
Posts: 6,334
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At least we're not cheap... 8)
__________________
Have Funds, Will Retire
"...but do feel free to assert your duly noted opinion on this subject again without benefit of reference or provision of additional information..."
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Re: Another way to profit from credit cards
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05-02-2006, 10:27 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Oct 2005
Posts: 1,793
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discover has 0% for life offers. Yes, FOR LIFE. I make 2 $1 purchases monthyl and I'm done. I have 20k on it now, and only pay the minimum. The 20k is in the bank earning 4%
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Re: Another way to profit from credit cards
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06-27-2006, 11:24 AM
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#9
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Recycles dryer sheets
Join Date: Mar 2006
Posts: 97
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I have a question for you regarding Emigrant Direct accounts. I have a savings account with them but I was wondering how often do you get the 4.8% interest? Is it monthly or yearly?
Thanks!
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Re: Another way to profit from credit cards
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06-27-2006, 12:19 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Jan 2004
Posts: 1,467
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Quote:
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Originally Posted by xmanz3
I have a question for you regarding Emigrant Direct accounts. I have a savings account with them but I was wondering how often do you get the 4.8% interest? Is it monthly or yearly?
Thanks!
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It's 4.8% yearly. It's paid monthly of course.
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Re: Another way to profit from credit cards
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06-27-2006, 07:42 PM
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#11
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Recycles dryer sheets
Join Date: Nov 2004
Posts: 123
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So the Citi Platinum Select card has 0% APR on balance transfers and purchases for 12 months. I could purchase a 50K six month CD on this card, pay it off in 6 months and pocket the interest?
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Re: Another way to profit from credit cards
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06-28-2006, 07:36 AM
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#12
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 9,993
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Quote:
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Originally Posted by smooch
So the Citi Platinum Select card has 0% APR on balance transfers and purchases for 12 months. I could purchase a 50K six month CD on this card, pay it off in 6 months and pocket the interest?
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Sort of. You would want to do a BT, since it is unlikely that you can actually purchase a CD with a credit card. You also will have to make minimum payments until the 0% is up or you pay off the advance. That typically amounts to 2% of the balance a month.
What I have done is take BTs and invest the money in a mixture of money market funds, short term CDs, and longer term bonds. If you want to be really super safe, the way to do it would be to stuff it in a MMF.
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"And Jesus spake, 'Become thou now fishers of adjustable rate mortgages'" - New Conservative Bible
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Re: Another way to profit from credit cards
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06-28-2006, 03:46 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 1,466
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Quote:
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Originally Posted by docbells
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Is this justin's blog?? 
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fuzzy? cute?
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Re: Another way to profit from credit cards
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06-28-2006, 03:59 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,009
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Quote:
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Originally Posted by cube_rat
Is this justin's blog?? |
No, but it might as well be. It looks pretty accurate.
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Re: Another way to profit from credit cards
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06-28-2006, 04:15 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,450
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Quote:
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No, but it might as well be. It looks pretty accurate.
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interesting site....looks like he is tracking his net worth...cant be justin's....since it has to be a lot higher
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- Hurry! to the cliffs of insanity!
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Re: Another way to profit from credit cards
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06-28-2006, 04:42 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,009
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Quote:
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Originally Posted by Maddy the Turbo Beagle
interesting site....looks like he is tracking his net worth...cant be justin's....since it has to be a lot higher |
Unfortunately not much higher. I don't have the June 30 2006 financial statement completed yet for obvious reasons, but my March 31, 2006 net worth value was not a whole lot higher than this guy's. It looks like I'm getting richer at a faster rate than this guy too. I'm on track to double the net worth again this year.
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Re: Another way to profit from credit cards
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06-29-2006, 09:50 AM
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#18
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Recycles dryer sheets
Join Date: Nov 2005
Posts: 73
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But how can you take cash out of CC without paying interest on cash advances?
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Re: Another way to profit from credit cards
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06-29-2006, 09:56 AM
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#19
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 9,993
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Quote:
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Originally Posted by maggieddd
But how can you take cash out of CC without paying interest on cash advances?
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Sometimes they will send you a check that they will treat as a balance transfer. If not, I just have them transfer the balance to my citi card (which has a zero balance). Citi then sends me a check.
__________________
"And Jesus spake, 'Become thou now fishers of adjustable rate mortgages'" - New Conservative Bible
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Re: Another way to profit from credit cards
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06-29-2006, 10:14 AM
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#20
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Recycles dryer sheets
Join Date: Nov 2005
Posts: 73
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Quote:
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Originally Posted by brewer12345
Sometimes they will send you a check that they will treat as a balance transfer.* If not, I just have them transfer the balance to my citi card (which has a zero balance).* Citi then sends me a check.
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I see, thanks
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