How to Make Money With 0 Percent Credit Cards And 0 Percent Balance Transfers
Posted by: Guest Author / Category: CreditPeople have been talking about taking advantage of 0 percent balance transfers. It’s obvious what the idea behind these offers are. Transfer high-interest debt over to 0 percent credit cards and use the money you save on interest to pay more against 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.
Getting The Money
A simple way to aquire the money is to receive a balance transfer check from the credit card company and deposit it into your account. If this doesn’t work you can use an alternative solution. You will have to get another card, ideally without an outstanding balance. (Card #1) You’ll also need a card that is currently offering 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.
Working With Your 0 Percent Balance Transfers
At this stage you have two possible choices. You might put the money into a high yield savings account making 5%. In order to maximize your profits you must avoid any fees.
The other choice is for those of you who are carrying high interest credit debt. You can use your 0 percent balance transfers to reduce your outstanding debt. In the second choice your profits come in the form of saved interest.
Final 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.
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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Tags: 0 percent balance transfers, 0 percent credit cards, balance transfer offers, business, Credit, credit cards, credit score, debt, debt reduction, Finance, making money