Comments on: How To Make Money From Balance Transfer Credit Cards http://www.moneybluebook.com/how-to-make-money-from-balance-transfer-credit-cards/ Personal Finance Beyond Credit Cards and Balance Transfers Wed, 08 Oct 2008 08:12:44 +0000 http://wordpress.org/?v=2.6.2 By: Julie http://www.moneybluebook.com/how-to-make-money-from-balance-transfer-credit-cards/#comment-26010 Julie Fri, 29 Aug 2008 01:34:37 +0000 http://www.moneybluebook.com/?p=505#comment-26010 I just got a new no-balance-transfer fee card from AmEx. I'm wondering what the process is for transferring my soon-to-be-charged balances to my high-yield checking account. Could you help me? I just got a new no-balance-transfer fee card from AmEx. I’m wondering what the process is for transferring my soon-to-be-charged balances to my high-yield checking account. Could you help me?

]]> By: Raymond http://www.moneybluebook.com/how-to-make-money-from-balance-transfer-credit-cards/#comment-20144 Raymond Sun, 06 Jul 2008 18:26:36 +0000 http://www.moneybluebook.com/?p=505#comment-20144 OMG...Kyle you are my hero.....balance transfer credit card arbitrage for 19 years....nineteen! Wow I wonder...how much did you borrow all in all? What was the total amount of 0% APR seed money that you borrowed via balance transfer cards throughout your App-O-Rama lifespan? OMG…Kyle you are my hero…..balance transfer credit card arbitrage for 19 years….nineteen! Wow

I wonder…how much did you borrow all in all? What was the total amount of 0% APR seed money that you borrowed via balance transfer cards throughout your App-O-Rama lifespan?

]]> By: Kyle http://www.moneybluebook.com/how-to-make-money-from-balance-transfer-credit-cards/#comment-20070 Kyle Sat, 05 Jul 2008 23:14:21 +0000 http://www.moneybluebook.com/?p=505#comment-20070 I have been doing the credit card arbitrage technique with 0 percent APR for 19 years. Since I am very organized, I have never made a mistake and got dinged with fees or penalties. I have built a sizable investment account doing this. I use my investment brokerage account. All cash advance money stays in the money market account. I take no chances with advances in play. I use the money market interest from the arbitrage to trade stocks, bonds, REITs, ETFs, mutual funds, currencies and commodities. After 19 years of trading the results have been okay. My account is worth $223,123.19 today. All started with interest made form 0 percent credit cards. It takes some work to manage the cards and invest the interest. But over 19 years, the results have been worth it. I have been doing the credit card arbitrage technique with 0 percent APR for 19 years. Since I am very organized, I have never made a mistake and got dinged with fees or penalties. I have built a sizable investment account doing this. I use my investment brokerage account. All cash advance money stays in the money market account. I take no chances with advances in play. I use the money market interest from the arbitrage to trade stocks, bonds, REITs, ETFs, mutual funds, currencies and commodities. After 19 years of trading the results have been okay. My account is worth $223,123.19 today. All started with interest made form 0 percent credit cards. It takes some work to manage the cards and invest the interest. But over 19 years, the results have been worth it.

]]> By: Raymond http://www.moneybluebook.com/how-to-make-money-from-balance-transfer-credit-cards/#comment-19788 Raymond Thu, 03 Jul 2008 16:54:14 +0000 http://www.moneybluebook.com/?p=505#comment-19788 Zoe, Since you indicate you are barely able to afford the monthly minimum payments, my guess is that it will take you longer than a mere 6 months of steady payments to completely pay off your existing credit cards. First of all, whatever you do, put those cards aside immediately and stop using them. Don't add any more to the already high balances. I suggest going for cards (<a href="http://www.moneybluebook.com/0-balance-transfer-credit-cards/" target="blank" rel="nofollow">view list of balance transfers</a>) with at least a 12 month balance transfer period (15 month period would work great too). Currently most of them have one time balance transfer fee caps of $75 at a minimum, but the one time cost is worth the 0% APR period you'll receive in exchange. Something like the <a href="http://www.moneybluebook.com/go/card/discover/discovermore.php" target="blank" rel="nofollow">Discover More</a> (12 months, 3% fee capped at $75), or the <a href="http://www.moneybluebook.com/go/card/advanta/advantaplatinumbusinesscardrewards.php" target="blank" rel="nofollow">Advanta Business Card Rewards</a> (15 months, 3% fee, capped at $90) would best suit your situation. In the alternative, you could consider going for 6 month, <a href="http://www.moneybluebook.com/0-balance-transfer-credit-cards-no-fee/" target="blank" rel="nofollow">no balance transfer fee cards</a>, and simply apply for a new card every 6 months as your current 0% APR promotion expires, however that can be a hassle and who is to say you will qualify for a new 0% credit card offer each time? Zoe,

Since you indicate you are barely able to afford the monthly minimum payments, my guess is that it will take you longer than a mere 6 months of steady payments to completely pay off your existing credit cards. First of all, whatever you do, put those cards aside immediately and stop using them. Don’t add any more to the already high balances.

I suggest going for cards (view list of balance transfers) with at least a 12 month balance transfer period (15 month period would work great too). Currently most of them have one time balance transfer fee caps of $75 at a minimum, but the one time cost is worth the 0% APR period you’ll receive in exchange. Something like the Discover More (12 months, 3% fee capped at $75), or the Advanta Business Card Rewards (15 months, 3% fee, capped at $90) would best suit your situation.

In the alternative, you could consider going for 6 month, no balance transfer fee cards, and simply apply for a new card every 6 months as your current 0% APR promotion expires, however that can be a hassle and who is to say you will qualify for a new 0% credit card offer each time?

]]> By: Zoe http://www.moneybluebook.com/how-to-make-money-from-balance-transfer-credit-cards/#comment-19775 Zoe Thu, 03 Jul 2008 12:17:54 +0000 http://www.moneybluebook.com/?p=505#comment-19775 I need some honest, real advice. I think a balance transfer card is good for me and I enjoyed reading the article. However, I would love to have some back up opinions. I recently graduated from college, and just got a job I have two credit cards, and one reserve line that I am trying to pay off and be DONE WITH. The total is 10,000. I can bearly afford my monthly minimum payments, however I am doing my best and wish to pay them off as fast as I rate I can...Let me know which balance transfer card you think is best for me. Thank you. I need some honest, real advice. I think a balance transfer card is good for me and I enjoyed reading the article. However, I would love to have some back up opinions. I recently graduated from college, and just got a job I have two credit cards, and one reserve line that I am trying to pay off and be DONE WITH. The total is 10,000. I can bearly afford my monthly minimum payments, however I am doing my best and wish to pay them off as fast as I rate I can…Let me know which balance transfer card you think is best for me. Thank you.

]]> By: kathi http://www.moneybluebook.com/how-to-make-money-from-balance-transfer-credit-cards/#comment-19563 kathi Tue, 01 Jul 2008 19:52:46 +0000 http://www.moneybluebook.com/?p=505#comment-19563 Found this really intersting. How do you get them to transfer a large balance. WE have two one for 10,000 and for 18,000 that are high interest. We would use home equity but are self-employed and the housing market has the homes at less Found this really intersting. How do you get them to transfer a large balance. WE have two one for 10,000 and for 18,000 that are high interest. We would use home equity but are self-employed and the housing market has the homes at less

]]> By: Raymond http://www.moneybluebook.com/how-to-make-money-from-balance-transfer-credit-cards/#comment-16298 Raymond Sun, 01 Jun 2008 06:31:55 +0000 http://www.moneybluebook.com/?p=505#comment-16298 Red, Yes, card balance consolidation is possible. Citibank is particularly flexible. I've been able to shift credit limits around from credit card to credit card. If you already own multiple cards from the same card issuer, sometimes shifting old credit limits to the new 0% balance transfer offer is needed to even qualify for the new card to begin with. Usually the credit card company will call you to inquire about how you would like to handle the credit limit adjustments. Red,

Yes, card balance consolidation is possible. Citibank is particularly flexible. I’ve been able to shift credit limits around from credit card to credit card. If you already own multiple cards from the same card issuer, sometimes shifting old credit limits to the new 0% balance transfer offer is needed to even qualify for the new card to begin with. Usually the credit card company will call you to inquire about how you would like to handle the credit limit adjustments.

]]> By: Red http://www.moneybluebook.com/how-to-make-money-from-balance-transfer-credit-cards/#comment-16297 Red Sun, 01 Jun 2008 06:00:21 +0000 http://www.moneybluebook.com/?p=505#comment-16297 Hi, I have a question/comment about your #10 above, which gives tips on what to do with a card that has exhausted the 0% APR promotion. From reading a lot about these deals online, it seems that some people are able to consolidate their credit cards from the same issuer (if they have another one with the same issuer) so this could be an option if you had say, two Discover cards. I'd like to know more about this, and if it's easy to do with the cards you reccomend. I'll probably play the arbitrage game soon. Thanks for the post, -Red Hi,

I have a question/comment about your #10 above, which gives tips on what to do with a card that has exhausted the 0% APR promotion. From reading a lot about these deals online, it seems that some people are able to consolidate their credit cards from the same issuer (if they have another one with the same issuer) so this could be an option if you had say, two Discover cards.

I’d like to know more about this, and if it’s easy to do with the cards you reccomend.

I’ll probably play the arbitrage game soon.

Thanks for the post,

-Red

]]> By: mina http://www.moneybluebook.com/how-to-make-money-from-balance-transfer-credit-cards/#comment-16271 mina Sat, 31 May 2008 23:26:30 +0000 http://www.moneybluebook.com/?p=505#comment-16271 Hi Raymond, another positive and inspiring article you have here:) Thanks! I didn't realize at first the value of balance transfer. Honestly, am a bit hesitant to apply for multiple credit cards but guess what, you just break into that hesitancy and here you go, am reconsidering my options. Thanks to you! Hi Raymond, another positive and inspiring article you have here:) Thanks! I didn’t realize at first the value of balance transfer. Honestly, am a bit hesitant to apply for multiple credit cards but guess what, you just break into that hesitancy and here you go, am reconsidering my options. Thanks to you!

]]> By: Carnivals-May - The Simple Wealth http://www.moneybluebook.com/how-to-make-money-from-balance-transfer-credit-cards/#comment-16072 Carnivals-May - The Simple Wealth Thu, 29 May 2008 18:32:05 +0000 http://www.moneybluebook.com/?p=505#comment-16072 [...] •How To Make Money From Balance Transfer Credit Cards at Money Blue Book [...] [...] •How To Make Money From Balance Transfer Credit Cards at Money Blue Book [...]

]]> By: Jenny http://www.moneybluebook.com/how-to-make-money-from-balance-transfer-credit-cards/#comment-15223 Jenny Sun, 18 May 2008 16:28:46 +0000 http://www.moneybluebook.com/?p=505#comment-15223 Found you off the Review Bloggers carnival. You have a great site here. I love it. Found you off the Review Bloggers carnival. You have a great site here. I love it.

]]> By: Adam Pieniazek http://www.moneybluebook.com/how-to-make-money-from-balance-transfer-credit-cards/#comment-14629 Adam Pieniazek Fri, 16 May 2008 01:55:22 +0000 http://www.moneybluebook.com/?p=505#comment-14629 I've thought about making money off credit card arbitrage by investing it in a high yield savings account but always thought there was some catch I wasn't seeing. Now that you've laid it out in full detail, (and now that I'm successfully unemployed) I might just look into using those 0% intro periods to make myself some profit! I’ve thought about making money off credit card arbitrage by investing it in a high yield savings account but always thought there was some catch I wasn’t seeing. Now that you’ve laid it out in full detail, (and now that I’m successfully unemployed) I might just look into using those 0% intro periods to make myself some profit!

]]> By: Weekend Linkage - May 4, 2008 http://www.moneybluebook.com/how-to-make-money-from-balance-transfer-credit-cards/#comment-10705 Weekend Linkage - May 4, 2008 Mon, 05 May 2008 02:34:31 +0000 http://www.moneybluebook.com/?p=505#comment-10705 [...] How To Make Money From Balance Transfer Credit Cards I am no stranger on this topic, but Money Blue Book’s explanation is quire thorough. [...] [...] How To Make Money From Balance Transfer Credit Cards I am no stranger on this topic, but Money Blue Book’s explanation is quire thorough. [...]

]]> By: Will http://www.moneybluebook.com/how-to-make-money-from-balance-transfer-credit-cards/#comment-10480 Will Sun, 04 May 2008 09:41:22 +0000 http://www.moneybluebook.com/?p=505#comment-10480 You've got some solid information in there! I like it when I see fellow financial bloggers who realize that if you can manage them, credit cards can be powerful money saving (and money making) tools. I wrote a (somewhat controversial) post about it yesterday, titled Your Credit Card Is Better Than Your Credit Card: (<a href="http://yourfinishrichplan.com/blog/2008/05/03/credit-card-benefits-better-than-debit-cards/" target="blank" rel="nofollow">link</a>). Glad to see I'm not alone in that school of thought! You’ve got some solid information in there! I like it when I see fellow financial bloggers who realize that if you can manage them, credit cards can be powerful money saving (and money making) tools. I wrote a (somewhat controversial) post about it yesterday, titled Your Credit Card Is Better Than Your Credit Card: (link).

Glad to see I’m not alone in that school of thought!

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