My $460/hour part time job

liz_hMarch 18, 2008

The only catch is that there's only about 2 hours worth of work involved.

I recently got one of those 0% credit card offers from BIG FRIENDLY BANK. There is no fee for balance transfers, and 0% interest through June 10 of next year. When I applied for the card, I asked for a $5,000 balance transfer from the card I actually use.

With one phone call, BIG FRIENDLY BANK raised my CR limit to $20,000, and sent another balance transfer payment to my regular credit card. Total amount is now $19,700.

I then called my credit card company and asked them to refund the credit balance on the account. Today I deposited the check in the bank. In one week I'll transfer it to my money market account at CountryWide, where it will earn 4.05% for 14 and a half months.

When I get my first statement, I'll set the bill up as an auto-payment each month. I won't have to fuss with it each month, nor risk losing the 0% rate.

Actually my earned rate will vary. It will probably be lower at some point, and I'll likely earn less than $920 interest. But even if it drops in half (which I don't expect) it will still be worth my time to do this. Since we're both retired and in poor health, the money will be much appreciated. But I _really_ get a kick out of playing the system to take advantage of a credit card company. They earned plenty of interest from me in my young and foolish days.

The surprising thing is that this is the 3rd time I've done this with the same bank!

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joyfulguy

Hi liz h,

I thought for a minute there that you'd been listening to one of those infomercials on TV ...

... or paying attention to one of the email messages that you've been getting!

Then I wondered if you were making the infomercial! Likely that'd pay even better.

On reading your message, I'm considering doing something similar ... only the rate I've been offered is 0.9%, and I'm not sure for how long ... into sometime next year, I think.

As it came in a few weeks ago, maybe if I call them I can get them to extend the cut-off date for a while.

I've thinking of buying some stocks down the road about three months using my line of credit, after cash kitty for (more or less monthly) investing is used up ... but then thought that maybe, instead of that, I should buy them using my regular credit card, then transfer the amount to the minimal interest card when it's issued.

But I guess that I don't need to do that - I can transfer from any location, so I can transfer from my line of credit loan.

The credit card loan rate is ... higher ... higher ... quite a lot higher. If I let it run over due date.

But ... if it's on the current card now, even if the new one may not be working by the due date of the current card ... I can pay off the card loan from the LOC before its due date, then transfer when the new card's working (working for [almost] free - where can you get a better deal than that?).

I'll have to call them to find out what credit limit they'll offer.

Good wishes for success in your financial finagling.

ole joyful

    Bookmark   March 18, 2008 at 11:46PM
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Chemocurl zn5b/6a Indiana

Well, good for you! Playing their game, and hopefully winning. You have sure set yourself up, with the automatic payments and all. (I've done that b4 too).

There is no fee for balance transfers, and 0% interest through June 10 of next year.
Are you positive there is no transfer fee? I've gotten several low interest or 0% offers for balance transfers, but for the past several months, there has always been the trick of 3% transfer right off the bat, in the fine print next to the *, with no max amount. It used to be something like 3% or $75, whichever was less.

I figured they got wise to the few of us who were playing them for some 'extra free' cash, at their expence.

Sue

    Bookmark   March 19, 2008 at 1:49PM
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farmer_and_the_belle

I have also know how the cc's play. I have turned it around on them. Dh and I bought some property owner financed. We were paying 12% interest on the amount. Well I was going to call and cut off a cc that had ticked me off previously. Well they told me they would lower my interest rate on purchases, give me a balance transfer check with no transfer fee, a 1.9% interest on the bt, and it would be 1.9% intill the interest was paid in full. I am not making any money with this little adventure, but I am saving about $100 per month in interest.(this is all that will stay on this card till pif)

I am in no hurry to pay this one off. I am able to concentrate on paying something with a higher interest.

I just can't beat that. I can't go to the bank and get 1.9% fixed unsecured loan.

This same co. previously gave me 0% for a year. I had it paid back off before that year was up. You definatly have to know how to get them and not the other way around.

Belle

    Bookmark   March 19, 2008 at 3:22PM
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hittlets

Farmer and others,

Can you cancel a cc before it is paid off? There is a card I have and I would like to get the interest rate lowered. However, I am afraid of opening a lot of 0% credit cards and having it negatively impact my credit score. I thought if I called to have a card closed, even if it had a balance, they would negotiate to keep me as a customer.

Thoughts?

    Bookmark   March 19, 2008 at 6:27PM
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farmer_and_the_belle

Hittlets,

I've read on a post that all you have to do is call a cc and ask and they will lower it. I've never tried this.

With my experience the had made me mad and they were tring to make it up to me.

I did not have a balance on the card for about a year before I decided to cut it off. I don't know about having a balance.

I do know that the longer you have an accout the better your credit score is. If it is the card that you have had the longest amount of time, it is better to just keep(don't use) it. Get another card with a lower interest rate and transfer the balance.

I have a good credit score and I have gone through a few cards. It is really better that I didn't close it because it is a card that I have had a long time, but if it were one that I only had a couple of years and I had one older, than I wouldn't hesitate to cut it off.

I don't think opening a cc would negatively impact your score. Paying late and missing payments is what hurts you. Just look out for yourself. They don't care about you, just your money. Read all of the fine print and think about things before jumping and doing them.

Belle

    Bookmark   March 20, 2008 at 10:41AM
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kframe19

I've gotten several 0% no transfer fee credit card offers in the past few weeks.

Many of the big players in the credit market are scrambling to attract new clients to help them cover losses in the mortgage division.

Yes, the programs they're offering won't start bearing fruit for some time, but chances are pretty good that they'll make coin from the people whom they attract.

Me? My credit cards are almost paid off. I'm just shredding the offers.

    Bookmark   March 21, 2008 at 11:47PM
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