Question:
My limit is $26,000 w/ a $90 fee for the advance. So at 5% for 10 months in my savings account, I'd easily make that $90 back plus more. And all I'd have to do is move the ballance back to the card before the 10 months is up and keep the interest. I don't trust credit card companies, but this sounds like I could benefit. What do you think?
Answer:
Yes, I've been doing this for several years now. It's not a way to earn vast sums of money, but you can earn a nice profit without too much risk. Just make sure to make the minimum payments on time and repay in full before the 10 months are up.
One reason to avoid these 0% offers is that your credit score will take a hit until you repay the loan. If you plan on a big purchase in the next 10 months and need immaculate credit to qualify for the best loan, you should avoid things like this that hurt your credit score.
It sounds good in theory. will the credit card bank allow you to advance the entire amount on your limit and where do you know of a bank who is paying 5% on a regular savings account (or is this on a Certificate of Deposit?).
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