Anybody else ever done this?
LincolnCentMan
Posts: 5,347 ✭✭✭✭
Ok, you know all those annoying junk mail offers for credit cards you keep getting. About eight months ago, I decided it was time to utilize one of them. It had a 0% balance transfer offer for a year. Well, I'm thinking FREE LOAN for a year. So I filled it out and put the least credit line I'd accept on the ap. I then sent it off and waited. A couple of weeks later, they approved me and I was set. I then bought the most expencive coin I've ever bought, and charged it on a DIFFERENT credit card. The following month, I promptly did a ballance transfer to the new credit card with the 0% intro intrest for a year. I then paid every month on time for about eight months. I just sold the coin, will use the sell money to pay off the ballance on the credit card, and will have a little left over. I didnt lose any money, and got to have an awesome coin for eight months.
I wouldnt advise anyone to do this, but I was just wondering if anyone else has done something similar?
David
I wouldnt advise anyone to do this, but I was just wondering if anyone else has done something similar?
David
0
Comments
Nope although a 14-D in 66RD would be nice.
What I do with credit card solicitations is put something in the return envelope, making sure my name isn't on anything I put in the envelope, and put it in the mail. It makes me feel good the card company has to pay for return postage for sending me their crap.
And yes, I did have it in my registry for the time that I owned the coin.
David
The credit card we had was offering 4.99% for the life of the transfer. My daughter had borrowed $4000 from my other daughter to buy a house. First daughter needed the money as she lost her job. 2nd daughter and son-in-law are planning on refinancing in April so I put $4000 on my credit line transferred to my cc offering the 4.99 and they were happy. Wasn't free but was nice. (Just in case they can't refinance 4.99 is not bad.)
Another time back in 1978 a local credit co. (high end, can't remember the name but interest like Beneficial finance) was offering up to $2000 no interest for 90 days. Well, I was planning on building a house on some property I had, the next year. So I took them up on their offer, and had a well drilled, borrowed the money ($1800) and made the 2 minimal payments and at the end of the 90 days, I paid it off. Of course if I hadn't have paid it off the 20+ percent interest started from day one. And of course, they are banking on that. They never did hassle me either but of course I got their mailings for quite awhile.
Another note to this story. It was $1800 and at the end of the 90 days I wrote a check and my local credit union was where I banked. They had just started giving a line of credit. And if you overdrew your account they would just take it out of the LOC. No charge but interest daily, of course.
And also in those days all of the checks went back east for clearing so you had about 7 days before your check cleared my bank.
I had it timed perfectly. BUT the day I needed to transfer it (accross the street from where I work) I was sick and couldn't make it to work.
Well, I went in, after work, the next day to transfer the money from savings to checking. As I was doing this they went to check with the manager.
He came out and said SO YOU ARE THE ONE THAT DID THAT, (I am chuckling as I write this, I knew him quite well). I said what? and he said the check had come through and they had to go to my credit line. I said "Well, I said "Isn't that what it is for" He said "yes, but you are the first one that had done it and they had to spend some time figuring out how to do it"!
That was fun, one day of interest for the $1800.
OK I will get off my soapbox!
Jim
Which reminds me i have to go make a payment on my wifes $740 camera, interest free for a year.
Greg