CompoundInterestFan
Recycles dryer sheets
- Joined
- Jan 20, 2007
- Messages
- 222
Of all the credit card offers I get in the mail, a few of them offer 0% interest on cash advance checks (though there is usually a fee to cash them). Recently someone told me about using these to put into a CD and earn interest off the money, as long as you pay it back before the 0% interest period expires. I've thought about doing this several times, but it's never seemed worth it. First off, the up-front fee is usually 3%, which means that I'm only making about 2-3% with most CDs. Second, there's the hit to my credit. Maybe if I could get a high enough limit, say above $30k, that might make it worth it. But otherwise, I can't really justify it.
So basically, I'm just curious if anyone else has tried this or does this regularly. Or if not, am I on the right track by avoiding this?
So basically, I'm just curious if anyone else has tried this or does this regularly. Or if not, am I on the right track by avoiding this?