want to take an advantage of your CC companies? 0% on cash advance...

[Dancing Fire]

here''s how you do it....

let say you owe cc #1 $1000. you would then apply with cc company #2 .lets say cc #2 gives you a limit of $11k,you would then ask cc #2 to do a balance transfer of $11k to cc #1,since you only owe cc #1 $1000,you now have an extra $10k in the account of cc #1 so,just ask cc #1 to send you a check for $10k. but...you better pay off cc #2 before the 0% expires.

 

[MelissaSue]

I don''t understand all of that.. but some cc companies will just send you 0% cash advances now.. my mom just got a card and had me activate it for her and they offered to send a check for however much she wanted with the 0% rate that was the same as balance transfers..

 

[Waited2Long]

CC companies are usually pretty good about covering their rears. Not sure about DF''s idea, but as for the 0%, I bet dollars to donuts there''s some kind of fee involved for the cash advance.

 

[Dancing Fire]

Date: 3/11/2006 11:00:09 PM
Author: Waited2Long
CC companies are usually pretty good about covering their rears. Not sure about DF''s idea, but as for the 0%, I bet dollars to donuts there''s some kind of fee involved for the cash advance.

it is not a cash advance.it is a balance transfer.

you just transfer more than the balance you owe to the first cc and then ask them to send you back a check for the over transfer amount.

 

[Mara]

this is confusing, is this like a cash advance, but at a 0% transfer rate? do people actually do that?

 

[Dancing Fire]

Date: 3/12/2006 1:07:05 AM
Author: Mara
this is confusing, is this like a cash advance, but at a 0% transfer rate? do people actually do that?

i did that 4 yrs ago to payoff my mortgage.

 

[Waited2Long]

Date: 3/12/2006 12:43:39 AM
Author: Dancing Fire
it is not a cash advance.it is a balance transfer.

you just transfer more than the balance you owe to the first cc and then ask them to send you back a check for the over transfer amount.

Yeah, I stated I wasn''t sure about your idea. I was commenting on MelissaSue''s 0% cash advance offer. In my younger days I did try that...without reading the fine print. I think I took out $30k at 0% and invested it in a safe place. The goal was to make a couple hundred bucks, which was a good return for 10 minutes of my time. After paying the darn fees I think I was $60 in the hole. Cheap lesson, and I can laugh about it now.

 

[Dancing Fire]

Date: 3/12/2006 1:34:19 AM
Author: Waited2Long

Date: 3/12/2006 12:43:39 AM
Author: Dancing Fire
it is not a cash advance.it is a balance transfer.

you just transfer more than the balance you owe to the first cc and then ask them to send you back a check for the over transfer amount.

Yeah, I stated I wasn''t sure about your idea. I was commenting on MelissaSue''s 0% cash advance offer. In my younger days I did try that...without reading the fine print. I think I took out $30k at 0% and invested it in a safe place. The goal was to make a couple hundred bucks, which was a good return for 10 minutes of my time. After paying the darn fees I think I was $60 in the hole. Cheap lesson, and I can laugh about it now.

W2L
there''s your mistake

you always look for CC with no balance transfer fees.

 

[Waited2Long]

Date: 3/12/2006 1:41:13 AM
Author: Dancing Fire
W2L
there''s your mistake

you always look for CC with no balance transfer fees.

But it wasn''t a balance transfer. It was a cash advance.

 

[Dancing Fire]

Date: 3/12/2006 1:58:47 AM
Author: Waited2Long

Date: 3/12/2006 1:41:13 AM
Author: Dancing Fire
W2L
there's your mistake

you always look for CC with no balance transfer fees.

But it wasn't a balance transfer. It was a cash advance.

there's always a fee for cash advance. that's why i keep saying, do a balance transfer.NEVER do a cash advance.