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i once talked to two guys who had bootstrapped a successful test prep company. i asked them how they'd funded the startup. they opened a drawer, pulled out two
by kareemm 17y ago
i once talked to two guys who had bootstrapped a successful test prep company. i asked them how they'd funded the startup. they opened a drawer, pulled out two fistfuls of credit cards each, grinned, and said "these are our investors".
i laughed, but thought those guys were nuts. there are much better and far less-risky ways to bootstrap.
- jacquesm 17y agoSo much for the credit card companies keeping tabs on how much they are exposed. If everybody would do a trick like that it I'm sure it would implode VISA or MC in a heartbeat. Nice trick though. Did you ask them how they managed to get that many cards ? What kind of an interest did they end up paying on the total amount of money the borrowed that way ? (in other words, what was their eventual cost of their financing strategy ?)
- pavel_lishin 17y ago> Did you ask them how they managed to get that many cards ? Can't be too terribly hard. I get three credit card applications in the mail a day. I've known friends in college that had five credit cards, mostly maxed out.
- fallentimes 17y agohttp://app-o-rama.com/ http://app-o-rama.com/
- kingkongrevenge 17y agoMy roommate did this and got a large line of one year 0% interest credit, which he immediately maxed out on 4.5% one year CDs. Free money.
- Ras_ 17y ago"Large line of one year 0% interest credit." Where's the sense in that for the CC company? edit: It seems that some work is required and there are some costly pitfalls, so the game won't be played by many. Thus losses will be small.