Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays Bank.
Well, it looks like the 0% balance transfer game (see also my list of 0% balance transfer credit cards) has now officially hit the mainstream, as MSN/Money had a story about it last week. In the story, they describe 0% balance transfer ‘daredevils’ who use these transfers to borrow a ton of money and stick the proceeds in the bank, thereby pocketing a bunch of interest without having to pay anything in return.
While the article outlines a number of potential gotchas, including interest and fees for missing a minimum payment and possible negative effects on your credit score, they correctly point out that:
“There’s no denying that smart, careful, savvy consumers have been making money using credit card arbitrage.”
So… Have you ever played the balance transfer game? If so, how much 0% money have you gotten your hands on? And how much did you end up making
For details on how to pull it off, check out my guide on how to profit from 0% balance transfer offers. As I noted above, I also have a list of fifty 0% balance transfer credit card offers (note that I recently updated the list with a bunch of new balance transfer offers).
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