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Exacting but effective free money strategy?
rubuhoeikanaika
Posts: 262 Forumite
in Credit cards
Any downsides I'm missing?
Figures are simplified, in particular don't take account of BT limits or doing the minimum monthly payment on card B.
(1) Open credit card A.
(2) Open credit card B.
(3) Get cash advance on card A for $1000.
(4) Transfer card A balance to card B, swallowing 3% charge ($30).
(5) Put cash advance in high interest savings account, earning say 6% ($60).
(6) Free $60-$30=$30 over year?
Sorry if this is an old trick, I've been wondering about it for awhile.
rubuoe
Figures are simplified, in particular don't take account of BT limits or doing the minimum monthly payment on card B.
(1) Open credit card A.
(2) Open credit card B.
(3) Get cash advance on card A for $1000.
(4) Transfer card A balance to card B, swallowing 3% charge ($30).
(5) Put cash advance in high interest savings account, earning say 6% ($60).
(6) Free $60-$30=$30 over year?
Sorry if this is an old trick, I've been wondering about it for awhile.
rubuoe
0
Comments
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It's called Stoozing, and there is an entire section dedicated to it
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rubuhoe0
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