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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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'.
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?
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.
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