Making Money The Smart Way, With 0 Percent Balance Transfers and 0 Percent Credit Cards
Taking advantage of 0 percent balance transfers has been a hot subject lately. The idea behind these offers is pretty obvious. One simply transfers high-interest balance onto 0 percent credit cards and saves a lot of money on interest that you can use towards paying your debt.
What if you don’t have any high-interest debt to reduce? Is there still an advantage to using 0 percent credit cards? Yes. Next I will explain to you the steps taken to use 0 percent balance transfers to make money or save money.
Show Me The Money
The most convienient way to get the funds is to ask for a balance transfer check from your credit card issuer and place it in the bank. There are other alternatives if this doesn’t work. Another credit card is all you’ll need, preferably one with no outstanding balance. (Card #1) Then you apply for a credit card that allows 0 percent balance transfers. (Card #2)
The next step is to do a balance transfer from (Card #1 to Card #2). The result will be that (Card #2) makes a payment to (Card #1) leaving a negative balance. You now ask for a balance refund. You can make this request either online or 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.
One Last Note
A drawback to this plan is your credit score could be slightly affected. When you max out your 0 percent credit cards you raise up your debt to utilization ratio. To get around this problem you will need to have other credit cards that have a zero balance on them. The idea is that the credit cards without a balance will offset the other cards.
Now get to work using 0 percent balance transfers to reduce you debt. You must have determination for success. When you feel tempted to quit you must remind yourself of the goal.
