A friend recently shared this idea with me, and it seems like it might be free money. Take a look yourself.
Right now I am holding a letter from AAA offering to sign me up for their credit card.
the offer is:
credit line as high as 100k
Fixed 0% APR for cash advance checks and balance transfers until Nov 2008
So the idea is this:
Sign up, take (hypothetically) 100k and then put it into a CD earning 5% for a year.
In a year, pay off the balance and keep the 5,000 you've made.
Anybody see any holes in this?
edit, for clarification: you get a credit card that offers 0% fixed APR on cash advances for a year, then put that money somewhere where it'll earn %.
Right now I am holding a letter from AAA offering to sign me up for their credit card.
the offer is:
credit line as high as 100k
Fixed 0% APR for cash advance checks and balance transfers until Nov 2008
So the idea is this:
Sign up, take (hypothetically) 100k and then put it into a CD earning 5% for a year.
In a year, pay off the balance and keep the 5,000 you've made.
Anybody see any holes in this?
edit, for clarification: you get a credit card that offers 0% fixed APR on cash advances for a year, then put that money somewhere where it'll earn %.
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.