credit cards

The financially responsible (definitely not me) generally always say to stay well away from credit card debt. but lately I've noticed an interesting trend in my junk mail and I think there may be some profitable opportunities to take advantage of the loan sharks for once. Due to several factors, the credit card companies have started to offer me zero percent interest on balance transfers for one year. The kicker is that if I screw up just once I have to pay the userous interest rates from that day forward. the interest is also pretty bad on new purchases. Thanks to online bill pay I don't have late fees any more so the late payment is no longer an issue. yes, I'm so disorganized that I used to regularly pay a late fee on credit card payments because I lost the bill or just plain never got around to paying bills. So anyways. sorting through all the junk mail offers last week I discovered that I could get a total of $12k in interest free loans for one year. All I would have to do is get a bunch of cash advances on my one credit card with an obscenely high credit limit and then transfer the balances to the these promotional offer cards. Bingo! Zero interest for one full year. Now that my friends, is a good deal. I suspect that many of you may be overlooking some of your junk mail so I thought I'd give you a heads up. Unfortunately I probably won't take advantage of these offers as I have an aversion to debt in general. I already have a student loan and a car payment and that's enough for me. gack.

On my card there is a one-time finance charge of 2.5% of the amount of the cash advance. A $12,000 interest free loan will actually cost a minimum of $300 in fees. Nothing is free.

think of how many float trips down the Sac 12K will buy you. you could even buy a new custom made Press Powell rod and have money left over for beer.

I have a friend who does this all the time. But doesn't use the cash advance aspect.

That's a very good point 2d. Maybe I should reconsider the offer.