I know it sounds too good to be true, but you can actually make money by transferring a balance to your credit card. You can do this with or without debt. I’ll give the “without debt” scenario as the other way will be self-explanatory once you’re done reading this method. Different methods for applying the loan can be explained at Omalaina kokemuksia website. The money raised through the person should be in the safest way.
Okay, first of all, you have to have some equity in your home so that you can borrow some money on a home equity line of credit. I’ll use $20,000 as our principle loaned amount. Get $20,000 from the bank on a home equity line of credit and immediately transfer the money to a place like Etrade Bank, which pays over 3% interest.. Next, open a credit card with someone who will allow you to transfer a balance at 0% for at least a year. I know Discover may still have a card that allows you to keep 0% for the life of the loan as long as you charge with the card at least two times per month. Just keep the puchases to a minimum. Here’s how it works. When applying for the card, be sure to ask for the special balance transfer, and you want it to pay down your line of credit at the bank. I have actually done this. Your bank loan gets paid, and now you owe 20,000 on your card. When you get your first statement at 0%, you will see the balance as $20,000 and a payment due of around $400. Where are you going to get that kind of money? From your savings account, of course. You have $20,000 there now. Just request a transfer of $400 so you can use it to pay your credit card bill. After one month, you will receive another statement showing a credit card balance of $19,600. Your Etrade Bank statement will show a balance of around $19,660. You just made $60, and it didn’t cost you a cent. Just follow the same procedure each month. The interest you make each month will naturally drop as you continue to pull money out of your savings.
Some words of caution: Do not try this if you are not good with handling your money. It’s a good idea to keep this money separated from the rest of your money so you don’t get your funds confused. The last thing you want to do is spend money that isn’t yours and suddenly be stuck with a big credit card payment that you don’t have the funds to pay for. Also, keep a close eye on the expiration of your 0% loan. Always try to find a replacement at least two months in advance if you are considering transferring the balance again to another lender. It’s very important that you can secure that large of a loan from a credit card company before borrowing against it. Because of this, you may want to secure your card first so you know what your limit is. Finally, DO NOT invest the money in stocks or anything else that does not remain liquid and accessible. Try it out for a year and see how much money you wind up with after the loan is repaid. I wouldn’t be surprised if you wind up with an extra $500 in your pocket, just what you needed for the holidays.