Looking for a way to earn money? Apply for a credit card with an introductory rate of 0% interest for 12 months when you use the credit card checks. Use the check for as much as your limit to open a cd (most are earning 4% for 12 months) After your cd expires pay the credit card with the principal and you will be left with the interest!
By Anna from Massachusetts
Editor's Note: This should only be used by those that can know they can and will pay everything on time. Check the details of both the credit card and the certificate of deposit closely. Initiation or balance transfer fees can quickly erase any profits that the interest rate difference might yield. Once the introductory period has ended many credit cards will charge 20% interest on the balance transfer (even if the APR on purchases is lower) and some will even back charge penalty interest for the entire year.
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What about the payments you have to make each month to the credit card company? They say no interest, not no payment. Not sure I understand this one.
I agree with Dede Payne. You still have to make the minimum payment to the credit card company.
Will you be making the minimum payments?
Anna, you have not calculated the 3-5% fee the credit card companies charge for a CASH ADVANCE, even though you have a 0% account.
That's the 'gottcha'.
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