Question
remember the thread where the poster siad he used the c.card's checks enclosed to write a check to himself and put it in savings? They were 0 % checks? I can't find it (and would like to )...following up on that idea, would it work if a check is 1.99% and your savings was 4.5%ish and there was no transaction fee?
I know it would be less interest for me but still a profit right?
Answer
remember the thread where the poster siad he used the c.card's checks enclosed to write a check to himself and put it in savings? They were 0 % checks? I can't find it (and would like to )...following up on that idea, would it work if a check is 1.99% and your savings was 4.5%ish and there was no transaction fee?
I know it would be less interest for me but still a profit right?
You would still earn a profit. You're probably aware that if you're delayed with a payment, the rate jumps up.
I have done what you're suggesting many times; it works well. I also pay the card early to avoid any traps they set (payment date a Saturday, etc.) I also pay off the balance promptly when the offer expires.
There still lots of 0% offers floating around, though I have noticed that I can't borrow as much money as I was once able to do.
Answer
remember the thread where the poster siad he used the c.card's checks enclosed to write a check to himself and put it in savings? They were 0 % checks? I can't find it (and would like to )...following up on that idea, would it work if a check is 1.99% and your savings was 4.5%ish and there was no transaction fee?
I know it would be less interest for me but still a profit right?
I do this and use the money as investment capital. While this certainly represents a higher risk thank a savings account, which is FDIC insured, guaranteed, etc., I've found the return to be much greater. For example, I've done 15% in the last three months on my most recent convenience check; money isn't due back until the end of August ^
Answer
remember the thread where the poster siad he used the c.card's checks enclosed to write a check to himself and put it in savings? They were 0 % checks? I can't find it (and would like to )...following up on that idea, would it work if a check is 1.99% and your savings was 4.5%ish and there was no transaction fee?
I know it would be less interest for me but still a profit right?
As long as the cc company does not have a percentage/transaction fee for every check then 0% offers can benefit your interest bearing checking account as long as you pay it off in time. Always read the fine print because some checks can be treated as a cash advance and hence the aforementioned transaction fees. This would negate an profit your looking to make.
Answer
remember the thread where the poster siad he used the c.card's checks enclosed to write a check to himself and put it in savings? They were 0 % checks? I can't find it (and would like to )...following up on that idea, would it work if a check is 1.99% and your savings was 4.5%ish and there was no transaction fee?
I know it would be less interest for me but still a profit right?
You may be looking for the Citi Dividend Platinum Select MasterCard. Its 0% no fee balance transfer offer can be used by asking them to send you a check. First go to my website below. Click on Credit Cards in the left menu, bringing you to the Important Starting Info page. Then click on Cautions near the top, then scroll a bit down "Here is a little known fact about Citibank 0% balance transfer, no fee offers". This describes the technique. Then click on Free Cards at the top of the page, then on Cash Back Cards on the page you get. The Citi Dividend Platinum Select MasterCard is the first card described in that section.
Answer
That's exactly what I have been doing myself. Took 0%/12 months and 2%/life of balance offers from Citi Premier Pass and Citi Dividend Select and stashed most of it on a hsbc.com savings account at 4.65%. Don't forget that you'll be paying taxes on that interest income though and that your credit score will be reduced. Like Gary suggested on his site I have been paying $1 more than the minimum on both cards.
An alternative is to take the money and put it on your mortgage principal (for life of balance offers only).
A HELOC is useful as a safety net if you ever need to pay off the credit cards in a hurry.