Using 0% balance transfer offers to make easy cash
An interesting post at Dogberry Patch on using 0% credit card balance transfer offers to make easy money. The idea is based off a post at FatWallet.com. The gist of it is borrowing a certain amount of money on credit cards that offer sign up bonuses and 12 month (or more) interest free payback offers. Lets say you run up $100,000 worth of credit card loans. Well, if you just put that in a high interest savings account like ING or Citibank you can make ~$5000 in a year with no risk. Simply withdraw and repay the credit cards before the 12 months. And there are many ways to get additional rebates and loans too. Sounds like an interesting idea – the biggest worry being the impact on your credit score.
Source: Dogberry Patch