If anyone has read here before, you might have caught how I was getting money from credit cards at their 0% promo rates, and investing the money. Well that is still going on for me, and doing well (almost $200 a month). About a month ago I got another card, and I called to transfer credit lines from other cards that had been sitting around and quietly had their credit lines increased.
With this card could you not only do a credit card balance transfer at 0%, but you could get a check sent to you as well. There was a 3% fee tacked on, but still, if you get the numbers large enough, the difference between CD rates and 3% is worth the trouble. (That plus I think I was bored and missing the thrill of getting money for free that week.) So I got the check sent to me, and as I was finishing the representative on the phone asked if I would like to tranfer balances from other credit cards. I said no, not with the transfer fee (remember, 3%, no max). I was told I could transfer the same amount I had already done, and do it with no transfer fee at all. After thinking for a minute, I realized I had a card coming due next April, and with this new card the money would not be due until Dec. 2007. OK, 8 extra months of the money for no cost. Yep, that sounded good to me!
After this latest transfer all the money I have from the credit cards (except for a few thousand) is now due next December 2007 at the earliest, and some not until mid 2008. The best short term rate I can get is 5.5%, which is doing good for me.
As a follow up, I just got another one (card that is), not for tranferring money, but for another $100 sign up bonus. Ok, maybe I am crazy with this stuff, but free money with little to no work involved is just too sexy to pass up.
Sometimes things work in your favor
December 2nd, 2006 at 04:09 am