Intro 0% - Float to earn interest in bank account?

[Anonymous]

Okay, one of my new cards is a Visa Signature (Which may not report a credit limit making it not friendly to my utilization scoring). It also has 15 months @ 0% intro. Would floating all but the minimum payment that entire time have any affect on my credit scoring/report in a negative way? In about 6 months I could get the balance close to my credit line. In the meantime I could be earning 3.5% in my rewards checking account. Should make about $90 in 6 months. After that I could then just pay it off every month and keep the utilization much lower (doubt I'd want to keep floating all that money for the full 15 months, though I could earn another $160 or so doing that).

Any downsides to this approach?

[Guava]

In my opinion, it doesn't matter if you're not looking to acquire more credit in the span of time you're floating that balance. Once you start apping again, having a high balance  may work against you (I'm just assuming you floating a substantial amount, my bad if I'm wrong).

[ChesterPDexter]

Is it really worth all that just to make $90?

Now, my husband spent $4,548.04 of cash-advanced money on a BAC option in December and it's worth $6,650.00 now.  In that case, I believe the no-fee, reasonable-interest (12% APR) interest is worth the transaction.

[Wolf3]

I'd do it, since it does not affect your utilization.

[Finance805]

Where do you bank that they give you 3.5% interest on a checking account?

[Open123]

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@Finance805 wrote:

Where do you bank that they give you 3.5% interest on a checking account?

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I'm interested in this too.

I stand ready to be a new customer of any bank offering 3.5% CD, let alone in a checking account.

[Anonymous]

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@Open123 wrote:

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@Finance805 wrote:

Where do you bank that they give you 3.5% interest on a checking account?

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I'm interested in this too.

I stand ready to be a new customer of any bank offering 3.5% CD, let alone in a checking account.

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It's a rewards checking account at a local credit union. I have to jump thru a few hoops (12 debit card transactions in "credit" mode per month, 1 online login per month, paperless statements, and 1 direct deposit/ACH per month). These type of accounts only earn the higher APY on up to $10-25k, and a much lower rate on the amount above that limit. You can go here to search for nationally (and local - use the filters) available rewards checking accounts: http://www.depositaccounts.com/checking/reward-checking-accounts.html#P|26|10000|false,false,true,tr....

[Anonymous]

I missed the part as to how you'd do the BT and avoid the BT fee or get the money into your account ,  otherwise the BT fee would be more than any interest you'd earn.

I know it's not vogue to do these 0% loans to ones self anymore, but I made Crapital One pay  dearly for their 0% interest for life and a $50 fee offer a few years back ..

I wonder how much money that cost em' .

.

[Anonymous]

I wouldn't do a balance transfer. I would just put large monthly expenses on the card for 15 months or so while paying just the minimum payment.

[clocktick]

I'd take advantage of the 0% as long as you PIF before it expires.