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Subject:  Re: making money on credit cards Date:  2/8/2013  1:15 PM
Author:  wasmick Number:  306778 of 313065

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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