Well yeah- thats one idea that is a little high risk and not worth the effort if you are moving say $10k.
but I was referring to gaming for points that you could redeem for gift cards/airline miles etc. For example: A simple idea for guys who want to maximize their points on their cards, if you have a card that rewards you well for using it in the grocery store but you want to, say, make some big purchases at Lowe's- then go to the grocery store and buy gift cards to Lowe's- you will end up getting the points for the purchase at the grocery store. This will be great if you need to spend some big $'s there.
But to expand on your idea Rhyme and if anyone is really interested- If you have well established credit, you could really game the system
IF you are careful. The basic idea to maximize this is something along these lines:
1. make sure you consolidate your current cards with one issuer. This will enable you to have large credit lines. For ex: if you have a 10k and 15k limit with bank A, then you could re-allocate them to have 24k and 1k on each.
2. Do some research and find out the various offers that are out there. You will find most companies give you a 12 to 18 month 0% offer. Make a list of these.
3. One fine saturday morning, apply to all these cards at ONE go. The idea is that you will apply at roughly the same time to about 20-30 cards (I know, it is not for the faint of heart).
4. You will rack up free points/cash/junk through the sign up offers as well.
5. Now you will receive approx, say $100k-$200k in no interest money.
6. Deposit them in a fluid savings account, earning ~5% interest.
7. Make minimum payments.
8. End of the term. Pay off. You make $5-$10k/year for about an hours work every month.
DISCLAIMER: I do not recommend any do this as it is a pain to make those payments. I thought about giving it a shot- but then I knew one missed payment will be expensive.
rhyme wrote:
dosa_don wrote:
you need to know how to game the credit card companies
you can make a lot of money if you know what you are doing
I havent bought a flight ticket in 2 years- and this includes trips to maui and india and have not paid a single cent out of my pocket in terms of fees or interest. And oh- I am not a consultant, so dont travel for work
How so? I assume you are talking about the traditional shell game of transferring balances from one 0% card to another, racking up incentives, etc, and paying it off 12 or 18 months later with cash you had since day one but sat in an interest bearing account?