20k BT Just For The Hell Of It?

[Anonymous]

Ive seen targeted ones for way higher than $175.

[Anonymous]

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@Anonymous wrote:
Ive seen targeted ones for way higher than $175.

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Really.. Then I must have been duped then.  No biggie...  I will find a way to get them back..

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Ive seen targeted ones for way higher than $175.

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Really.. Then I must have been duped then.  No biggie...  I will find a way to get them back..

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It prob just depends on where you are located. They likely have different offers for different areas

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:
Ive seen targeted ones for way higher than $175.

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Really.. Then I must have been duped then.  No biggie...  I will find a way to get them back..

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It prob just depends on where you are located. They likely have different offers for different areas

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Probably.. I have been a chase customer for a long time so maybe just for new people?  I hate when banks do that..  Oh well..  

[longtimelurker]

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@Runitup wrote:

Cap 1 is offering a BT at my purchase rate of 13.99% with no fee.  So I figured I'd take a check from them and deposit it in my checking account and at the same time get Chase/Discover to pay it off with the 0% no fee BT.  Figure worst case scenario, park it in a high yielding savings account/CD for 12 months.  Or, I could throw a 1990's style Tyco party, lol.

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I must be missing something!   Why involve Cap One at all?   Cant you take a check from Discover and do the same thing?

[Runitup]

No I don't have access checks. Neither Chase nor Discover will do a direct deposit.

[Runitup]

I have .99% with Ally and 6 allowable transactions per month. That would be my worst case scenario.

[dethkultur]

This might be worth it if you can open up a Lending Club account (as an investor.)

There are several links out there to get a $50-100 bonus to open the account

You can make 5-7% in a year super-safely, and a little less safely if you fund some riskier loans (and with the diversification $20k gives you, chances are excellent.)

At the end of 12 months you have to take a 1% hit to sell the loans early. Or you can roll the CC balance over to another BT while the loans continue to pay.

With my total credit, I wouldn't be comfortable with it, but if my util wouldn't get hit badly, I would seriously consider doing this.

[Runitup]

That's what I'm talking about. The banks want to give me essentially free money I'm just trying to find ways to take advantage. I was thinking about potentially doing the Lending Club thing and some other things.

[IWOL]

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@Runitup wrote:
That's what I'm talking about. The banks want to give me essentially free money I'm just trying to find ways to take advantage. I was thinking about potentially doing the Lending Club thing and some other things.

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Lending Club investing is not without risk. You will potentially be putting a strain on your relationship with your creditors. Its just not worth it for the small return.

If you could scale it up to say a million dollars borrowed at 0% with no risk on the pricniple and a 1% return that might be worth it but why mess with your creditors for $200?