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MAKE MONEY USING CREDIT CARDS
If you are debt free, you can start using credit cards to make you money!
:: Cash-In On Your Credit Limit
For a balance transfer, many times the credit company will give you a check for your credit limit amount.
These can be deposited right into your checking or savings account. Another option if they won't send you
a check, is to transfer the money to another credit card. Then have that credit card company send you a
check for your credit balance. You can also transfer money to your debit card and it will be deposited into
your checking account. The credit card company thinks it is paying off a credit card you have a balance on.
Take the money they give you and deposit it in an saving account. By doing this, you will be able to earn interest
on the credit card companies money. Find a savings account with the following:
• No monthly fees
• No minimum balance
• No wire transfer fees
• Free Web Bill Pay
Save some money from the transfer and set it aside for the minimum monthly payments. Use your checking account
and make sure to pay the minimum monthly payment. It is a good idea to set up automatic payments to decrease
late or missed payments. Make sure to write down the expiration date of the 0% APR to make sure you pay the balance
in full before then.
If you forget to pay the monthly payment, call the credit card company and see if they will waive all penalties for the first offence.
Most companies will do this if you don't make a habit of not paying on time. If they won't remove the fees, pay the balance off
immediately and start over with another card. Most of the time if you make a late payment or miss one, they will remove the 0%
promotional APR.
:: The Numbers - If borrowing $10,000, you will make approximately $500 a year at 5% interest.
:: Checks From Credit Card Companies
These can be free money. Most of them have a 30 day free trial period for whatever program they are selling. The program could be from credit protection
to a sales club membership. It is feasible to deposit the checks which usually range from $2.50 to $20.00 to even a $50 savings bond, and cancel what
you signed up for within the 30 day free trial period. Free money! Not bad for depositing a check and a quick phone call to cancel. So don't throw away
that junk mail. It could cost you.
:: TIP - Deposit the check, mark on your calendar 25 days after the deposit. On that day, or after receiving the packet in the mail,
call the 800 number to cancel. The company will try selling you on keeping the program, cancel anyway.
:: No Balance Transfer Fee
First look to see if the card has a transaction fee for balance
transfers. These can be a huge negative. If you transfer a balance at zero percent interest and there is a balance transfer fee, you could be charged interest on
the fee. You can't pay off the fee until the whole card balance is paid in full. Therefore, it really isnât zero percent because you could be charged around 20%
on your balance transfer fee amount.
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