Best way to use a 4% no-fee cash advance card?

[crystal626]

---

@Snook_on_the_Line wrote:

---

@FicoMike0 wrote:

Here's a 7% deal, if you don't mind some hoop jumping.

https://www.lascolinasfcu.com/premier-account

---

Those hoops seem really reasonable 

$25 min balance $25k max

and 15 debit purchases a months to get 7%apr on a savings account with no fees. 

what's the catch, @FicoMike0  ?

what are they geofenced to Guam or something?

---

Looks like anyone can join with a $10 donation. 

[crystal626]

---

@FicoMike0 wrote:

Wow, that's quite a deal. How did you get that deal, anyway?

If you had some high rate debt, you could transfer it and save. You could do cash advance, then invest it at a higher rate. The thing is, you'd have to have a high cl to really make anything. 

Example, you could advance $1000, invest in dcu savings at 6.17% apr. 

https://www.dcu.org/bank/savings/primary-savings.html

That would yield (6.17-4)=2.17%, X $1,000 = 21.70 a year.

That would be reduced slightly since you would have to make the min. monthly payments on the card. 

---

It appears to be an SCRA offer for active duty military Capital One cardholders. 

https://www.capitalone.com/military/#accordion-tabs

[FicoMike0]

Like @crystal626 said, pay $10. Or, you could claim to work for one of the listed employers. Who knows if they even check?

[FicoMike0]

Speaking of guam, did you know that if you catch a flight from Guam at one in the afternoon, you can arrive in Honolulu at one in the morning, the same day? You travel 12 hours back in time. They don't charge extra for the time travel, either.

[hdporter]

About the time you aggressivelt draw down the credit line and maintain the balance as outstanding, you risk being CLD'd.

The opportunity is far too slim to risk your credit standing.

[hdporter]

Follow up to write thst I assume that the 4% cap is coutesy of the Servicemembers Civil Relief Act.

I'll suggest given the rate benefit, C1 is vigilant for any sign funds were drawn as an "advantage play" vs actual cash need.

Just sayin' ...

[Tiggr]

Just realized that because of this 4% APR and no fees at all on the account, could I show heavy usage on two accounts just by using let's say an AMEX card a lot and then transferring it to my C1 card before paying it off? Both AMEX and C1 have been hesitant on offering me CLIs based on usage so by doing this could I show them both more usage at the same time without harming either of my relationships?

[Tiggr]

Sorry for the necro, but I just thought of a great loophole.

With no cash-advance fee, I believe I can just withdrawl money, deposit it, and pay off whatever card I want, essentially doing a fee-free balance transfer with no downside, as far as I can realize. This seems pretty cool because any leftover balance I would have a hard time paying off before interest kicks in on one card, I can just move it over.