Making interest from the CCC

[Anonymous]

Just talked to a guy who told me the other day that he has been getting his credit card offers(YOU KNOW THE ONES) where they give you 0% interest for 1 year. He said he has been taking his card and some how using the credit limit to some how withdraw money and put it into a cd and make 5.25 percent a year then takes the money out of the bank and pay his credit card off. Well then he tell me that he keeps on doing this with multiple Cards then he starts switching over his balances and what not. Sounds intriguing. Only thing I don't know is how can you take out money to invest if you get charged an a leg to do a cash withdrawal. Is there any other way to get cash? To bad you can just go to the bank with the card swipe and invest...hahaha. Last thing is even if you did do this his idea seems flawed because how would you pay the ccc back if you still had the money in the bank because you take the money from the ccc and from there you have a year well then you invest it in the bank and that will take a year plus a day or two...It just didn't add up... It was a great idea. Free money!

[Anonymous]

Be sure to read the fine print. BTs and cashing a convenience check may not carry the 0% APR.

[Anonymous]

Convivence check huh? I just figured if I used one my apr would be very high. Is there any other way to get cash from your credit card so you can invest there 0%apr and invest it into a bank CD (hsbc is great) and make money off these loser CCC?

[Anonymous]

If you FICOs are kickin', a lot of folks report getting 0% BT offers. As I say, the convenience checks may or may not also carry a 0% APR intro rate.

It's possible a bank would let one fund a CD with a CC. If so, and if you could also get a 0% APR on purchases, you could take advantage of the CCC's money.

However, your FICOs would accordingly suffer for that period of time depending on how much you charged.