Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays.
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).
- How to Become a Millionaire
- How to Get Out of Debt
- The Best Dollars I've Ever Spent
- How Our Estate Plan is Structured
- How We Paid Our Mortgage In Less than 10 Years
- Money Making Ideas
- How to Manage Your Asset Allocation with Multiple Accounts
- Consumption Smoothing - Save While the Saving's Good
- How to Save on Groceries
- How Much Life Insurance Do You Need?
- Eleven Great Books About Money
- Dave Ramsey is Bad at Math (693)
- Dish Network Customer Service SUCKS (537)
- $8,000 Homebuyer Tax Credit (429)
- Pay Off Mortgage Early or Invest? (424)
- How to Claim the First-Time Homebuyer Tax Credit (352)
- Termite Control: Sentricon vs. Termidor (330)
- How Much Should You Pay a Babysitter? (291)
- Ethanol Blended Gas = Lower Mileage? (273)
- Reduced Credit Limits? Share Your Experience (256)
- $15,000 Homebuyer Tax Credit (242)
- Buying Furniture off the Back of a Truck (237)
- Will Mac OS X Lion Kill Quicken 2007? (191)