Easy money
| Yesterday I received a $14,100 balance transfer check from my Citi Platinum Plus card, with 0% interest for one year and no balance transfer fees. I plan to deposit the check into my Emigrant Direct account where it can earn a generous 3.25% interest. I also set up the card for online payments directly from my Emigrant Direct account, so I won't have to shuffle money back and forth for the monthly payments of 1.5% of the balance. I figured I will make slightly over $400 in interest over the course of the year! When I got this particular card, it only had a credit line of $4,600, but I had an available credit line on another Citi card (the one with the free $100 gift card for opening the account), which the Citi customer service rep gladly transferred to my new card, and included in the 0% APR, no fee balance transfer check. CitiCards has been very generous lately! |
posted by savvy at 4/01/2005 07:10:00 AM
Comments on "Easy money"
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Kato said ... (9:04 AM) :
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savvy saver said ... (9:47 AM) :
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Kato said ... (10:54 AM) :
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Jonathan said ... (1:43 PM) :
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savvy saver said ... (1:55 PM) :
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Ducky said ... (7:36 PM) :
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Wealthy from the internet said ... (6:14 PM) :
post a commentI hope $400 is worth the risk of Citibank failing to post a payment you made on time properly, costing you your 0% and charging you a late fee. Of course, you can fight them, costing time and money, but it's still quite a risk.
I've never had a credit card incorrectly charge me a late fee for an on time payment. I plan to use Citi's online payment service.
The money will be in a regular savings account, not a CD. So if, for some reason, I do lose my 0%, I will just immediately pay off the balance. Also, almost all credit card companies will waive the first late payment fee.
Justify it however you want - It's not a risk I would take. Not for that little return.
Ever.
I was actually hoping it was an April Fool's posting!
Good job! I'm only jealous that Citibank gave you twice the credit line I did! (although Chase did give me a $14k line). I have never had any problems with Citi either. If you pay online the payment even posts the same day. I personally just auto-pay a day or two early to be extra-super-duper-safe. I also pay $1 over the minimum since I hear that helps your credit score, although that may be a myth.
For those that are interested, I compiled a list of the best 0% APR offers that I could find in a previous post here.
Jonathan@MyMoneyBlog
Jonathan -
thanks for the link to more credit card deals! I might try another one.
Kato-
There's no risk. If I lose the 0% APR, I just pay the loan back. If you pay your bills on time, it isn't even an issue.
Just be sure to NEVER charge anything to the card. All payments will be applied to the lowest APR balance first (the 0% part). That means if you charge a pizza the first day you get it, that charge will sit there accruing interest at the regular rate until the 0% advance is paid in full. That could be a very expensive pizza!
THat little of a return? Who said that. You know how long it takes to make a $400 return on any investment. I think this is free money. Good deal. For those worried about citibank failing to post a payment, I say you need to manage your finances better and pay the bill well in advance so your never in that situation.
I'm playing the 0% carry-trade game now also, and have done so a few times previously. I've used Citibank and Chase accounts, and by utilizing online payment systems of each, I've never had a single problem.
If you know the rules, you can play the game, and do it successfully.
Easy money is easy money, period.
And it won't be around forever.
>I also set up the card for online > >payments directly from my Emigrant > >Direct account, so I won't have to >shuffle money back and forth for the >monthly payments of 1.5% of the >balance.
I didn't know Emigrant Direct allows ACH payments to third parties. I thought you could only transfer back and forth between your linked checking account.
Does ING Direct allow this?
This idea is totally new to me, so I'm wondering about a few things. How is a balance transfer different from a cash advance? Do the credit card companies care that it's going directly to a bank account? Initially I think this sounds like a great idea, but my husband is not so easily convinced... I need ammo! :)
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