How To Make A Profit With 0 Percent Credit Cards And 0 Percent Balance Transfers
There's been alot of talk lately about using 0 percent balance transfers. At first glance the ideas behind these offers seem obvious. You just transfer high interest debt on over to 0 percent credit cards and save money that you use to lower your debt.
But what if your not carrying any high-interest credit card debt? You may be wondering how these 0 percent credit cards can help you? Yes there is. I will show you the steps you must take in order to use 0 percent balance transfers to access money that can be used to earn or save more.
Accessing The Money
The easiest way to aquire the money is to request a balance transfer check from the card issuer and deposit it into your bank account. If this is not possible there are other alternatives. You'll need to get another credit card, one without a current balance would be ideal. (Card #1) Then apply for a card that offers 0 percent balance transfers. (Card #2)
Now you request a balance transfer from (Card #1 to Card #2). This will cause (Card #2) to make a payment to (Card #1) resulting in a negative balance. Now all you will need to do is request a balance refund. Sometimes you can do this online, if not, then make the request over the phone.
Let Your 0 Percent Balance Transfers Do The Work
You now have two choices at this point. You can deposit the funds in a high yield saving account making 5% or more. You should avoid any fees to maximize your profits.
Choice number two is for those of who do have high-interest credit card debt. Utilize your 0 percent balance transfers and apply the money you save towards paying down your debt. In choice number two your profits are from not paying interest.
A Final Note
A downside to this idea is your credit score could suffer a little. Your debt to utilization ratio increases when you max out your 0 percent credit cards. This problem can be avoided by having other cards that you won't be using at all. The empty credit cards will offset the large amounts on your other cards
Get started today using 0 percent balance transfers to lower you debt. You must be determined to succeed. There will be moments of weakness but you must remember your goal.
But what if your not carrying any high-interest credit card debt? You may be wondering how these 0 percent credit cards can help you? Yes there is. I will show you the steps you must take in order to use 0 percent balance transfers to access money that can be used to earn or save more.
Accessing The Money
The easiest way to aquire the money is to request a balance transfer check from the card issuer and deposit it into your bank account. If this is not possible there are other alternatives. You'll need to get another credit card, one without a current balance would be ideal. (Card #1) Then apply for a card that offers 0 percent balance transfers. (Card #2)
Now you request a balance transfer from (Card #1 to Card #2). This will cause (Card #2) to make a payment to (Card #1) resulting in a negative balance. Now all you will need to do is request a balance refund. Sometimes you can do this online, if not, then make the request over the phone.
Let Your 0 Percent Balance Transfers Do The Work
You now have two choices at this point. You can deposit the funds in a high yield saving account making 5% or more. You should avoid any fees to maximize your profits.
Choice number two is for those of who do have high-interest credit card debt. Utilize your 0 percent balance transfers and apply the money you save towards paying down your debt. In choice number two your profits are from not paying interest.
A Final Note
A downside to this idea is your credit score could suffer a little. Your debt to utilization ratio increases when you max out your 0 percent credit cards. This problem can be avoided by having other cards that you won't be using at all. The empty credit cards will offset the large amounts on your other cards
Get started today using 0 percent balance transfers to lower you debt. You must be determined to succeed. There will be moments of weakness but you must remember your goal.
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posted by SolveItQuick at
10:40 AM
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