| Can You Really Money With Credit Cards? |
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MookieWilson
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| Can You Really Money With Credit Cards? |
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I was looking at this site called freemoney4all.com and they claim you can take 0% balance transfers and invest them for a profit. Their directions are very thorough, but is this a safe thing to do financially? The last thing I'd want is to lose my money then owe it all to the credit card companies!
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Fri Apr 13, 2007 8:31 pm |
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oldguy
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I did it for about 3 years, made a few $1000s - it worked well, no tricks. You must follow their rules, don't make a late payment, and don't use the CC for anything else. In fact, I never initialized my 'zero' CCs.
Each year I would BT to a new CC, write a check for a few $1000 to get my balance back up to my starting point and put the money from the check into my checking account. Then I would make the payments for a year from my checking account. Then repeat a year later. I kept the money invested in SPY, made about 55% on it in 3 y. And, just as promised, my cost was absolutely zero - no interest, no transfer fee, no hidden fee.
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Sat Apr 14, 2007 5:33 pm |
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MookieWilson
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I wonder if credit card companies have a case against you if you are caught doing it. I worry that it somehow violates the terms of the credit card agreement. Then again if you have money advanced on a HELOC, it is really paying off debt.
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Sat Apr 14, 2007 7:00 pm |
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oldguy
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Location: arizona
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quote:
a case against you if you are caught doing it. I worry that it somehow violates the terms of the credit card agreement.
Nothing illegal or immoral going on - the CC company extended the offer to lend the money. Their basis is that many people will fail to make the payments on time, or they fail to repay the loan at the end, so they end up paying a high interest to the CC company, In my case, their bet didn't pay off - but that doesn't make it 'wrong', either on their part or on my part.
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Sat Apr 14, 2007 8:44 pm |
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dawsion
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i;ve tried them in the past. thankfully for me, there were no probs. not sure about it now.
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Tue May 01, 2007 6:49 pm |
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Mr.W
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Cash: $ 2.80
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Joined: 02 May 2007
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| Interesting idea. |
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Thatīs an interesting idea. I think that you donīt have too much risk, just make your numbers.
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Thu May 03, 2007 4:02 pm |
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Bid-Palace
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Joined: 17 Mar 2004
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| Interesting |
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That is very interesting.. I have actually thought of that myself to do but never did it. I'm glad someone or group has made something out of. Since I have too many CC"s as it is, and probably little too late to get the 0% offers, it may not be very beneficial. It seems the only guaranteed & safe way is to do CD's as already said which may not bring much return.. I think the best way may be by doing this early while you don't have many CC"s and the offers are rolling in. You may be able to build up a nice nest egg if done smart.
Take Care
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Tue May 08, 2007 1:00 am |
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Case-Face
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| cc |
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I guess you just have to be on top of your payments-- don't spend money you don't have basically!
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Wed Jul 11, 2007 5:14 pm |
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dstern
Contributing Member
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Joined: 18 Aug 2007
Location: UK
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quote:
Originally posted by oldguy
I did it for about 3 years, made a few $1000s - it worked well, no tricks. You must follow their rules, don't make a late payment, and don't use the CC for anything else. In fact, I never initialized my 'zero' CCs.
Each year I would BT to a new CC, write a check for a few $1000 to get my balance back up to my starting point and put the money from the check into my checking account. Then I would make the payments for a year from my checking account. Then repeat a year later. I kept the money invested in SPY, made about 55% on it in 3 y. And, just as promised, my cost was absolutely zero - no interest, no transfer fee, no hidden fee.
smart way to make moeny  so how come you stopped?
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Sat Sep 08, 2007 8:05 pm |
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rachel59
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Location: north carolina
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research something call "unviersal default" its a little hidden agenda of credit card companies
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Tue Jul 20, 2010 3:22 pm |
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ChrisLewis045
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Location: atl ga
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quote:
Originally posted by rachel59
research something call "unviersal default" its a little hidden agenda of credit card companies
I heard about that Universal default thing. Isnt that when the creditors ca raise your interst rates at any time to any amount with out consulting you about it first? Yea Im oretty sure thats what it is.
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Mon Jul 26, 2010 1:31 pm |
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Wystan
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Paying with a credit card leaves open the possibility that you might default on the debt. A money order, on the hand, is the same as cash, simply a more secure option than sending money through the mail.
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Fri Jul 30, 2010 9:27 am |
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whitebeach
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its depend upon the law of credit card company and also depend on state law of goveronment....
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Mon Aug 02, 2010 5:23 pm |
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creditcrack
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People, thanks for sharig the information.It is great and very useful for me!
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Sat Aug 21, 2010 3:13 pm |
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oldguy
Senior Member
Cash: $ 751.85
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Joined: 21 May 2006
Location: arizona
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quote:
smart way to make moeny so how come you stopped?
The 'zero' interest zero BT offers dried up, I haven't had an offer in a few years - they all seem to want about 3% for a BT - and I'm not willing to pop for $600 to get a $20k loan for a year.
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Sat Aug 21, 2010 7:51 pm |
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