I understand it can be risky with all the APR fluctuations and what not, but I consider myself pretty responsible. So there is no need to lecture me about the risk/rewards factor. I’ve just been offered a 0% cash advance on 10K and am curious if anyone has ever used this to their advantage.
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Posted in cash advance payday loan - March 23rd, 2010.
Tags: advance, anyone, APR, bond/savings/CD, cash, Cash Advance, ever, factor, fluctuations, heard, high, risk, taking, towards, yield
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23 de March, 2010 at 2:17 pm
Yes, I have done this in the past and it works just fine. The key as you have already pointed out is that you must be responsible enough to pay off the credit card before it starts accruing interest. When I have done it in the past I have made sure to pay off the credit card one month ahead of time so that I didn’t cut it close.
You can do the same thing with a credit card with 0% but without the cash advance but it doesn’t work out quite as well. Simply charge all of your normal expenses to the credit card and when the monthly bill comes, pay the minimum and put the rest in your money market account instead paying off the balance.
When I did it my interest rate on the money market was around 5% and the I netted about $450 out of it. That is not enough to make you rich, but it sure buys a lot of beer! And it truly was free money.
23 de March, 2010 at 2:36 pm
I use to work for a credit company that use and many clients use to take the 0% offers. When I asked what they were used for, they said they were setting up a cd.
If you put it in a cd. you can make a return. Just make sure there are no tranaction fees associated with the cash advance.
23 de March, 2010 at 3:22 pm
I guarantee the zero% doesn’t last long – and when it adjusts, it will be a lot higher than what you are investing it in (like 12-20% – or more) and you’ll wind up losing money, especially since the credit card interest IS NOT deductible and the investment interest IS Taxable
23 de March, 2010 at 3:43 pm
Try using http://GimmeCash.info to get a cash advance up to $1500. They processed my loan very quickly.