Warning: A bit of bragging here.
As the title says, the check has been deposited. What check? Oh right. That is, a check with cash from my credit card at 0% through my March 2008 statement (a balance transfer to another CC). A $6k amount I should be able to set up with a CD at 5.35%. Yumm, another $25+/mo. free cash.
My latest credit card endeavour is from Shell gas, where I am supposed to get $40 back if I make 3 fill ups in 2 months. If I only do the three purchases, that is $13 off a tank of gas. I normally do 3 tanks every 5 weeks, so no problem there. If I get this card (I'm waiting to hear from them), with prices of gas dropping, a fill-up for my hatchback is currently about $30, so I could fill up 3 times for a net of $17 each time. Yep, that sounds like a winner to me.
The latest check has been deposited.
September 7th, 2006 at 03:06 am
September 7th, 2006 at 03:16 am 1157595406
September 7th, 2006 at 03:31 am 1157596299
http://www.credit-land.com/index.php
Tell me, SGHIS, how is that you are getting cash out of these deals? Do you actually have a balance on a credit card that you are transferring? Do you have an explanation somewhere in your blog on how you are working these deals? Thanks.
September 7th, 2006 at 03:58 am 1157597916
As for how many, I currently have eight credit cards that I could use if I wanted, but I really only use one, occassionally a second one if I can't use the main card. They're the only ones I carry. The others are locked up at home, never to see the light of day. I most certainly do not fall prey to buying extra because I have them. Last month's total credit card purchases totalled less than $400, and that included about $75 of gas, $200 for dental work, $40 for internet/phone, and $25 for groceries (I usually pay for groceries with cash - think Aldi's). My main card gives me 5% back on gas, groceries, and drug stores. BTW - this is great for buying rebate specials at drug stores where the item is free - this card ends up paying the sales tax!
I make enough money to pay the minimum payments on my 0% cards with my day-to-days expenses accounted for. If I were to have any issues, over 50% of the cc money is currently socked away in online savings accounts (over 5%). I could get all of that money if needed within a week, so I keep an eye on my cash flow to make sure there are no problems. Plus I keep a $1000 buffer in my checking to play it safe.
Finally, I love the question. I get the same from a co-worker. He is amazed at the money I'm making doing this, but is scared to try it. I don't blame him, he's got a family to worry about, and it would be too easy for something to get messed up for him.
September 8th, 2006 at 04:24 am 1157685840
There are ways to get the cash out. The most common is to transfer to another card, and get them to send you the cash. A warning though is that some will, some won't. Best bet if you go that route is to research what others have been able to do. I learned at www.fatwallet.com in the finance forum. I spend two months reading and waiting, then I tried it, and everything has worked just fine so far.
As you read on fatwallet, you will find there are people (well, a few anyway) that have over $100K from 0% credit cards parked in CDs. I tell ya, that's downright amazing (and scary too).