wrote:You are braver than me to try this, haha. I would most definitely NOT put the money in an unguaranteed investment. Actually, I wouldn't do this at all, in any way, for investment or buying a car.
Seems REALLY risky for a very small return.
The terms are very clear, they'll loan you cash at %0 for a short period of time, but if you don't give it back to them after the 0% period wears off, you pay extreme interest.
Lots of things can go wrong during that 0% period that cause you to not be able to pay it back. That is the whole reason BT cards exist, financial plans gone awry.
Apparently it used to be a thing when interest rates on savings accounts were much higher (remember the days of 5% interest?). Just google "credit card arbitrage" or "stoozing".
When the money involved is large enough, even 1.5% makes a difference. So in the simplest and safest scenario, just stash that money away into a savings account for a risk-free guaranteed return. But yes you're right, probably not worth the risk or hassle for most people unless the sum involved is large enough, and you have excellent financial discipline (so you don't go blow that $35K+ "free money" on a jet ski or something lol)
wrote:I don't think the banks allow balance transfer checks to be written to oneself. I think the banks' computers would quickly realize that the payee is not another bank and would treat the check as a cash advance check, triggering the cash advance interest rate rather than the balance transfer interest rate.
I wrote a Capital One BT check to myself a few months ago. $20 fee for a $2000 "balance transfer" 
The sales pitch that came with the checks even said to make it out to yourself and use it to pay other bills.
wrote:
wrote:Another thought: just realized this could be a perfect way to have your cake and eat it too when it comes to buying cars.
Cut yourself a BT check to make up whatever amount you need to buy a car in cash (so you get the cash rebate). Then take advantage of the 12/15/18 month 0% APR to effectively receive 0% APR financing AND buy the car at the cash rebate price.
I feel like I'm definitely missing something here... 🤔🤔
There really is no discount for paying cash for a car anymore -that's a myth that needs to stop being perpetuated. Dealers make back-end dollars on financing deals, so they have zero incentive to offer you a discount for cash purchase when they can offer a discount if you finance.
Well sure even the "invoice price" is fake because of the kickbacks and back end deals. But you're not tapping into those unless the dealership was absolutely desperate to meet some kinda quota.
@Anonymous I meant was if they offer you price X @ 0% for whatever term, and give you the option to do price (X-discount) if you pay cash, take the "cash price", and then use the BT checks for "0% financing".
Btw if I were to be 100% honest, part of this train of thought is figuring out way to turn the credit system on its head and exploit it as much as possible to one's advantage. (within legal boundaries of course)
After all, who wouldn't cheer for the "little guy" who gets even with the "big bad banks"?
@Anonymous Curiousity wrote:
wrote:I don't think the banks allow balance transfer checks to be written to oneself. I think the banks' computers would quickly realize that the payee is not another bank and would treat the check as a cash advance check, triggering the cash advance interest rate rather than the balance transfer interest rate.
Many CC issuers do allow this and treated as same terms as a BT. I have never personally done this, but have read many people that have done this all depends on issuer and terms I would assume
^ This.
DW and I have a local CU that encloses a blank check with every statement. We can pay a bill, transfer a balance, or write ourselves a check and deposit it in any bank and pay "normal" interest... currently 9.9%.
During December, they offer 5.9% and we OFTEN use those checks for BTs at the end of the year....but we COULD just write ourselves a check. 
