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>I had colleagues max the card and put that money in their savings account just for the one year interest. I'm skeptical, since "cash advance" usually has its
by forgetsusername 10y ago
>I had colleagues max the card and put that money in their savings account just for the one year interest.
I'm skeptical, since "cash advance" usually has its own stipulations regarding interest rates, and is capped below your credit limit. All for, what, $150 annually per $10,000 in arbitrage? That's an hour of work for many people here.
- ssharp 10y agoBefore the housing crash and subsequent credit tightening and lower interest rates, you could get 5% on a standard savings account. That, coupled with negotiating no fees on a 0% balance transfer check could was more lucrative. I can't imagine it being worth the hassle and short-term credit hit for the paltry savings rates today.