Can I get my hands on 10K cash from 1 credit card and then transfer balance to a 0% card for 1 year?
Whats the loop hole. I got a card that I can cash out for 10K cash.. Then, I was thinking do a balance transfer to the Discover Card 0% interest for 1 year. Anyone ever done this? How will I get stuck or whats the loop-hole? Thanks
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It’s possible but know (I’m speaking from experience) that balance transfers like this hurt your credit score.
The loophole is that they bank charges you an upfront fee. If you transfer enough, you’ll come out on top. Just make sure that you pay off the debt in full or transfer it to another card before your 0% rate hops up to 19%. I just did something similar and will be tracking my personal progress on my website. I also provide the math to figure out if it is an ideal deal or not.
there is usually a cap on how much you can withdraw a day and withdrawing money adds interest charges….don’t do discover! no one will accept balance transfers from discover so if you have one and want to change cards you are screwed! like me!
I have done the same thing. Normally those can be very good ideas. Always read the fine print though. There may be certain requirements you need to meet. Discover card is banking on the hope that you will end up giving them business over time because it will take you alot longer then 1 year to pay the balance off. But either way, you are going to be saving yourself hundreds in interest by doing that balance transer.
Read the fine print.
Interest at the normal rate(not 0%) is charged from the day of the cash advance.
Cash advances are not covered under 0% provision of new card
And there are transfer fees
And 0% is probably not for a year anyway.
The card companies are aware of all the tricks, they don’t want you staying for free interest and leaving for some other free interest card when the time period is up.
Credit card debt is an inevitable reality for most of us. Unless born with a silver spoon in the mouth, we find it pretty much difficult to keep up with the credit card repayment schedule, and the result is a good hefty credit card debt. Things go worse if the credit card debt is attracting high interest rates and causing further burden. Paying the monthly minimum is one of the options which we all find shelter in and this makes things even more disastrous. Is there a way out? Definitely yes. If you haven’t already heard of credit card balance transfers, read on.
Credit card balance transfer is a process by which we can transfer our outstanding balances on a credit card (which are generally at high interest rates) to a low interest rate credit card.
Balance transfer has some good advantages let us look at a few of them.
Balance transfer is one of the best methods to get rid of that credit card debt. When you transfer balances all your outstanding balances are wiped out and transferred to new credit card.
Depending on what deal you get on the balance transfers the new interest rates on transferred balances could be 0% or a low rate for a particular period. The ideal situation should be to get all the balances cleared within this low interest rate period. Read more from: http://www.credit-card-gallery.com/credit_card_balance_transfer.html