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Author: calcetin Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308782  
Subject: making money on credit cards Date: 2/3/2013 9:25 PM
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I always brag about making money on credit cards. A few years ago when interest rates of 5% were possible, I ran up over $150,000 in credit card debt borrowing at 0% interest with low maximum balance transfer fee. I then put the money in certificate of deposit at 5% and cashed in after a year and made a little over $5000 after expenses. Now that is not possible but I use my cards for cash back. I get 5% cashback on gas with one card and %% on restaurants with another. In 3 months the cards will switch. I always pay the balance when I receive it so my interest for the year is zero but I have gotten several hundred dollars in free gift cards this way.
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Author: LLRinCO Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 306757 of 308782
Subject: Re: making money on credit cards Date: 2/4/2013 12:20 AM
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5% CD? I call BS!

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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 306758 of 308782
Subject: Re: making money on credit cards Date: 2/4/2013 12:36 AM
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5% CD? I call BS!

It was stated to be a few years ago, and that it isn't possible now.

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Author: whyohwhyoh Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 306759 of 308782
Subject: Re: making money on credit cards Date: 2/4/2013 11:36 PM
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I always brag about making money on credit cards. A few years ago ...I ran up over $150,000 in credit card debt borrowing at 0% interest with low maximum balance transfer fee.

Nothing to brag about, this was actually quite common back around 2007, with various website providing step by step instructions. I actually borrowed $190k at 0% for around a year earning 4-5% in savings accounts. Crazy times back then.

--
whyohwhyoh

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Author: llamalluv Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 306761 of 308782
Subject: Re: making money on credit cards Date: 2/5/2013 3:46 PM
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If you do a search for "ING CD rate" or "high rate CD" on TMF, you can see how much rates change in just a few years. Here's a thread from 2006 about 4.5% CD's and 4% savings account rates.

http://boards.fool.com/ing-cds-23960690.aspx?sort=whole#2396...

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Author: exeter17 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 306770 of 308782
Subject: Re: making money on credit cards Date: 2/6/2013 1:42 PM
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The term coined for that was Stoozing

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Author: legalwordwarrior Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 306776 of 308782
Subject: Re: making money on credit cards Date: 2/7/2013 11:09 AM
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If you do a search for "ING CD rate" or "high rate CD" on TMF, you can see how much rates change in just a few years. Here's a thread from 2006 about 4.5% CD's and 4% savings account rates.

<sigh> I miss those days.

LWW

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Author: wasmick Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 306778 of 308782
Subject: Re: making money on credit cards Date: 2/8/2013 1:15 PM
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I always brag about making money on credit cards. A few years ago when interest rates of 5% were possible, I ran up over $150,000 in credit card debt borrowing at 0% interest with low maximum balance transfer fee. I then put the money in certificate of deposit at 5% and cashed in after a year and made a little over $5000 after expenses. Now that is not possible but I use my cards for cash back. I get 5% cashback on gas with one card and %% on restaurants with another. In 3 months the cards will switch. I always pay the balance when I receive it so my interest for the year is zero but I have gotten several hundred dollars in free gift cards this way.



I don't understand who you would brag to about this. Is there actually a group of folks that would consider that unusual, interesting or clever?

If so, you might want to upgrade your friends as it would appear that you are hanging around with imbeciles.

Although on balance if you consider doing that work for $5,000 a year a good trade, maybe you're hanging with the right crowd after all.

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Author: madhat Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 307767 of 308782
Subject: Re: making money on credit cards Date: 1/29/2014 5:45 PM
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Those kinds of rates are long past but that is a great idea. We us our amex for all of our monthly expenses and pay at the end of the month to rack up serious travel points. We also have the Hilton Citibank card that we use for big purchases. This usually results in a week of free hotel every year. It is possible, just have to stay on top of the payment schedule.

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Author: joelcorley Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 307768 of 308782
Subject: Re: making money on credit cards Date: 1/29/2014 10:07 PM
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madhat,

You wrote, Those kinds of rates are long past but that is a great idea. We us our amex for all of our monthly expenses and pay at the end of the month to rack up serious travel points. We also have the Hilton Citibank card that we use for big purchases. This usually results in a week of free hotel every year. It is possible, just have to stay on top of the payment schedule.

Its not just the rates that are old. This thread is OLD!!! It went silent almost a year ago. Why are you responding to it?

If you have something to say, start a new thread. Please don't re-start old ones.

- Joel

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