Money Tips: Credit Card Offers with 0% APR

Posted On: August 13, 2006

Guest: Snuffy
Post subject: Credit Card Offers with 0% APR
Posted: Sun Aug 13, 2006 1:25 am

I have been thinking of signing up for one of the many 0% APR for 12 month offers out there. I would like to find a method to convert it to cash in my bank account. Then I can use it to earn while it is 0% APR and make the minimum payments.

I have been doing some reading on this forum and so far I found a couple methods mentioned:

1. Purchase/convenience checks: Write a check to yourself and deposit. Fees may vary based on the checks issued.

2. Balance transfer to debit card: Is this easy to do or will only some do this?

Have I missed any methods?

My concern with both methods is it being treated as a cash advance or having other pitfalls.

Right now I have not tried to obtain one of the 0% APR cards yet. I want to do my homework first and be sure which one is the best for my scenario.

Also will doing something like this hurt my credit?

Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Sun Aug 13, 2006 12:22 pm

Quote:

“Snuffy”
I have been thinking of signing up for one of the many 0% APR for 12 month offers out there. I would like to find a method to convert it to cash in my bank account. Then I can use it to earn while it is 0% APR and make the minimum payments.

I have been doing some reading on this forum and so far I found a couple methods mentioned:

1. Purchase/convenience checks: Write a check to yourself and deposit. Fees may vary based on the checks issued.

2. Balance transfer to debit card: Is this easy to do or will only some do this?

Have I missed any methods?

My concern with both methods is it being treated as a cash advance or having other pitfalls.

Right now I have not tried to obtain one of the 0% APR cards yet. I want to do my homework first and be sure which one is the best for my scenario.

Also will doing something like this hurt my credit?

3% or 4% NO MAX ($10 MINIMUM)

$30,000 X 0.03 = $900)

$30,000 X 0.04 = $1,200

READ THE FINE PRINT CAREFULLY!!!

NOT EVERY OFFER IS NO FEE or $50 MAX or $75 MAX

Guest: EasyRhino
Posted: Sun Aug 13, 2006 12:37 pm

Snuffy wrote:
Have I missed any methods?

Checks are usuall the easiest (scour the fine print). If the issuer doesn’t intend for the BT to go into your bank account:

1) Transfer to a another credit card and push it into a credit balance. Request that this other card send you a credit balance refund check (Citibank is very easy about this, some other issuers may or may not hassle you for the 30k overpayment).

2) Do a really cheap advance with another credit card (a no-fee cash advance card, like from a credit union, may come in handy). Then to the BT to cover that cash advance. You’ll eat a week’s worth of a pretty high interest rate. This would be the “completely legitimate” way of doing it.

I haven’t actually tried the debit card method. I’ve used a combo of checks and #1 above.

Guest: maddybeagle
Credit Expert (100+ Posts)
Posted: Sun Aug 13, 2006 2:59 pm

Fat wallet has some threads on this….check it out…I have done them all except the debit card thing…also some cc’s dont like a credit balance….chase, amex and mbna….chase will lock your account (hassle)….mbna might close the account if you do multiple times…