No. of Recommendations: 0

I don't think that I would do this either. The reasoning was based on the idea that the card was prepaid with a $3000 positive balance. It would act as a Debit card and you are only taking back your own money (in theory). I am sure the CC companies would not see it this way either. I am sure that it would have to be a circumstance where the fee is waived as you suggested.

Dale had just said that he had done it successfully and I was curious about the details. I am sure there are special exceptions as to when it would work as you have suggested, but as a general rule of thumb I would consider this move shakey at best.

Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.