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Hi. I saw an article on yahoo.com about making money with a new credit card. I said to get a... |
0% Intro APR for 15 Months. 5% Cashback Bonus.
Apply for a Credit Card Today! An Excellent Credit Card for Rebuilding Credit Scores.
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Date:
April 11, 2007, 11:58 am |
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Hi. I saw an article on yahoo.com about making money with a new credit card. I said to get a credit card with 0% Intro APR, take out all of the money and put it into a cd or a high-interest savings account for 5-6 months (or more) while paying only the minimum amount on the credit card each month. The money in the savings account will gain interest, and as soon as the Intro APR is expired then the full credit card amount is paid off. I don't know what this is called but it sounds like a good idea. Are there any problems with this idea?
Also, when the credit card amount is paid in full, will the credit score go back up to what it was before this whole process was started?
Thank you for all of your help
Amin |
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Answer:
Actually, balance transfer cards can be a good way for reducing your high-interest credit card debt by relocating it into one card. They're equally good as a source of funds for your high-yield online savings account. Mind that balance transfer cards are created for people with good or excellent credit history. So, if your credit is less than average, you can't obtain this card. Most of banks offer 0% intro APR for 6 or 12 months, no annual fee and other favourable conditions. At our site you have an opportunity to get one of the balance transfer cards by filling out a credit card application. Do it and wait for an online approval! |
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