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Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: An Interesting Plan||Date: 8/12/2002 1:04 PM|
|Author: Leviathan||Number: 136369 of 309100|
Anyway, I was thinking about getting a few Credit Cards (let's say, 5) that have a decent (or great?) grace period (let's say 25 days). Let's also say that each card has a limit of $10k, and that I got a cash advance from those cards.
Then I would take that $50k, and toss it into an IGN MM account, earning about 3% interest for 20 days. After those 20 days, I would return the money to my Credit Cards, and begin again a few days after that. By my calculations, that's $83.33 per month that I would be "making".
I'm wondering what any of your thoughts are on that idea. It could be a pretty stupid idea, and if so, please let me know!! Thanks! :-)
I believe that cash advances charge interest immediately (or charge a fee) because people were doing this exact thing. So, I don't think it's gonna work.
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