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Personal Finances / Credit Cards and Consumer Debt


Subject:  making money on credit cards Date:  2/3/2013  9:25 PM
Author:  calcetin Number:  306755 of 313043

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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