Revolving credit card scheme...

[OneSickPsycho]

I just wonder if I could get to a break even point or even come out ahead if I dedicated 15 or so hours per week to it over the course of a ton of credit cards... It'd be like a part-time job...

Originally Posted by Phenix_Rider

I just put two grand in a CD. Only 2.52% interest for six months, but it's guaranteed. It's also five times what a savings account makes. So in six months, my $2,000 becomes a little over $2,300. Zero work. More money longer gets better interest.

My bank is offering 4% interest on savings accounts for the first 6 months...

[Phenix_Rider]

Originally Posted by OneSickPsycho

I just wonder if I could get to a break even point or even come out ahead if I dedicated 15 or so hours per week to it over the course of a ton of credit cards... It'd be like a part-time job...



My bank is offering 4% interest on savings accounts for the first 6 months...

So just put your money in one of those instead. 4% on a couple thousand beats $400 a year fooling with credit cards.

[vabarber2]

Dam right! OSP you realy have to much time on your hands!! And we know your not paying bilkls your calling the girls on the 1800 #s!!

[OneSickPsycho]

Originally Posted by Phenix_Rider

So just put your money in one of those instead. 4% on a couple thousand beats $400 a year fooling with credit cards.

You guys are missing the point...

The point is, I could possibly save my entire income and spend NO MONEY.

So in other words, I could put all of my income into investments and make some serious cash... not that I would need it cause I'd be living for free!

Originally Posted by vabarber2

Dam right! OSP you realy have to much time on your hands!! And we know your not paying bilkls your calling the girls on the 1800 #s!!

That would be free as well.

[Phenix_Rider]

Originally Posted by OneSickPsycho

You guys are missing the point...

The point is, I could possibly save my entire income and spend NO MONEY.

So in other words, I could put all of my income into investments and make some serious cash... not that I would need it cause I'd be living for free!

...Or just end up really, really deep in debt.

[OneSickPsycho]

Originally Posted by Phenix_Rider

...Or just end up really, really deep in debt.

If I was a retard maybe...

[JoJoYZF]

Do it, write a book about it being a get rich quick/live for free scheme and get rich from selling the book

[DLIT]

I get points toward balance transfers.

Give me a for example here. I don't see how you think you're gonna come out even, even if you do get rewards on balance transfers. All you're doing is moving your credit debt from one account to another. You won't get nearly enough rewards to pay off the balance you just transfered. Maybe I'm not seeing the whole picture.

[m0n1]

you may get 0% int for the balance transfer, but still have a balance transfer fee of usually 3% of the transfer amount...plus you would have to tranfers to cards that are not owned by the same lender.

[OneSickPsycho]

Originally Posted by DLIT

I get points toward balance transfers.

Give me a for example here. I don't see how you think you're gonna come out even, even if you do get rewards on balance transfers. All you're doing is moving your credit debt from one account to another. You won't get nearly enough rewards to pay off the balance you just transfered. Maybe I'm not seeing the whole picture.

Originally Posted by m0n1

you may get 0% int for the balance transfer, but still have a balance transfer fee of usually 3% of the transfer amount...plus you would have to tranfers to cards that are not owned by the same lender.

Balance transfers are a problem... The plan requires being able to use a credit card to pay the balance of another credit card, so on and so forth. In other words, if I want to pay my credit card payment, I have to go online and select the option to make a payment using my debit/credit card rather than doing balance transfers. Balance transfers and their associated fees would defeat the purpose...