- This topic has 1 reply, 2 voices, and was last updated 9 years, 8 months ago by Anonymous.
- May 15, 2011 at 5:26 pm #215771AnonymousInactive
Here is my idea. I want to use a 0 percent credit card to make all my normal purchases which amount to about 600 per month. This includes gas, food, etc. I would make the minimum payment and take the balance that I owe on the credit card at the end of each month and place in a high interest money market account. The month prior to the end of the 0% offer I would pay off the entire debt. Just wondering if anyone else has tried this. Yes, I can save the money and will not spend it on other things. Right now I just pay off the card at the end of each month but I figure I might be able to earn a few dollars earning interest on the money instead of giving it to the credit card company.
- September 17, 2011 at 11:15 pm #290174AnonymousInactive
0% interest is another way of giving out free samples.
But even crack dealers give out free samples, because they know they’ll get you hooked.
A high interest money market account gets you 5% a year.
$600 will earn about $2.50 in interest per month.
That won’t even get you a latte’ at Starbucks.
Miss ONE payment, and the fees eat up the entire gain, and then you’re paying 30%.
Credit card companies have become experts at hitting people up for late fees.
Sometimes, if they know all their credit card payments are due on the 15th, they’ll “forget” to pick up their mail on the 15th. And then hit everyone for a late fee because they “received” the payment on the 16th.
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