Debt-Free..Again!

[MRGALT2U]

Originally Posted by MRGALT2U

"loyal" ?* We're talking money and business here.* I might be loyal to my
cousin who sells insurance, or my daughter the stockbroker.* The credit
card companies have to compete constantly for my business.* As long as
I am a desirable customer they either give me what I want or I drop them like
a hot rock.

JG

And another thing...............
Today I got an offer from one of my credit cards to draw 100% of my credit
line at -0-% for 6 months with NO FEES. A real no-brainer! Anyway,
I knew I had 2 cards from this particular bank and was not using either.
I called and asked them to combine the cards into the one offering
the -0-%. They did and thus tripled my availability. Good deal.

JG

[dory36]

Originally Posted by MRGALT2U

And another thing...............
Today I got an offer from one of my credit cards to draw 100% of my credit
line at -0-% for 6 months with NO FEES.* A real no-brainer! Anyway,
I knew I had 2 cards from this particular bank and was not using either.
I called and asked them to combine the cards into the one offering
the -0-%.* They did and thus tripled my availability.* Good deal.

JG

I have received a handful of these, and always find fine print saying that there would be a 3% (or so) "cash advance fee". More fodder for the shredder.

[daxm]

Somewhere along this thread someone said that they know a way to use this "free money" to invest.* Could they go into more detail?

I am very consciencious about my debt and the use of CCs (In fact I don't have any revolving credit right now).* I don't need the use of CCs for daily life but would consider using the money to invest.

[maddythebeagle]

I dont know if you want to use it to invest. I think JG puts the money in a liquid savings account and makes money on the interest. I think the key is to have the money available to pay back if the cc decides to up the rate and they can if they want to. I have used these for short term loans and have a small balance on a couple of cards at 0% right now, but could pay back if needed. JG has over 100k but he is retired, lol.

[daxm]

Would you advise this as an investment opportunity?* With my credit score I could probably get all the CCs I would ever want to have.* (Not that I would go that crazy right off but just looking at a way to make an buck easier than trying to track down renters.)

[maddythebeagle]

If you miss one payment on one of your cards, they can up the rate on ALL of your cards (called universal default). You can be careful and some have been able to do it, but you are taking on risk if you dont have the money liquid. Some card companies have even "held" payments so that people are late (less likely now that a lot offer online bill pay and email confrimations of payments posted, but like everything else, read up and make your own decisions.

The average person will not be able to balance this out or else the cc's wouldnt be offering. Just know where you sit. Several of my coworkers havent been able to make this work (mainly because they buy "stuff") are dumb and put purchases on the cards, or dont transfer before the intro. period.

[MRGALT2U]

Originally Posted by maddythebeagle

If you miss one payment on one of your cards, they can up the rate on ALL of your cards (called universal default). You can be careful and some have been able to do it, but you are taking on risk if you dont have the money liquid. Some card companies have even "held" payments so that people are late (less likely now that a lot offer online bill pay and email confrimations of payments posted, but like everything else, read up and make your own decisions.*

The average person will not be able to balance this out or else the cc's wouldnt be offering. Just know where you sit. Several of my coworkers havent been able to make this work (mainly because they buy "stuff") are dumb and put purchases on the cards, or dont transfer before the intro. period.

Anyone with average math skills can make this work. Of course, if you
have no self control...................

JG

[Nords]

Originally Posted by daxm

Would you advise this as an investment opportunity?

No.

But get a card with those features, try it for a while, and see how you like it. I suspect you'll conclude that JohnGalt is an exceptional case.

[maddythebeagle]

I was thinking that putting the money in a high yielding savings account and take the interest and invest that. JG's yields could almost be enough for a year's Roth contribution.

http://www.cardratings.com/lowintere...ardoffers.html

There is a guy on this board, Polonious, that used multiple cards (as many as 5 from one issuer, chase) and paid his mortgage off and had 160k on cc cards. He indicated that chase reviewed his file and wasnt pleased and closed some of the cards. It appears a lot of these cards are finding ways around these guys. I think he said that he just took out a HELOC to pay some of it (although I dont know how easy that would be with all of that debt, but maybe not as hard as I think).

[BUM]

Like the thread title says Debt-Free..Again! Thats the key. Lets add, and all together now, and this time I mean it.