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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: An Interesting Plan Date:  8/12/2002  12:25 AM
Author:  xraymd Number:  136318 of 312188

P.S. Sighnomore - reading your post again a little more carefully: I know of no CASH ADVANCE nor any BALANCE TRANSFER options that have any grace period built in (only true for PURCHASES). The minute you borrow the money from the card, the interest clock starts ticking. There are some cards who allow their convenience checks to be treated as PURCHASES if so designated in the offer they send you, but getting $50,000 together in purchase checks from enough creditors could be a tough thing to do, indeed - plus there is the lead time for getting the proceeds from such a check INTO and OUT OF the type of account it would need to sit in to earn that kind of interest in a timely enough fashion. Think harder on this one.

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