credit card 0%
 

I just got a cc with 0% int for 1 year on purchases and cash advances. Would there be any pitfalls to taking a limit size advance and putting it in a CD for a year and then paying back?

Re: credit card 0%
 

what is the fee on the cash advance?

Re: credit card 0%
 

No fee on cash advance...

Re: credit card 0%
 

I don't know of a single CC that has zero fee / zero interest cash advances, even during a promotional period, but I could be wrong.

Re: credit card 0%
 

You might want to call the CC company and ask about this. Typically,

A: 0% is only for purchases.
B: Cash advances only account for a small percentage of your available credit.

If you can take out what you want with 0% on everything, there would be no pitfalls, only free money.

Re: credit card 0%
 

[ QUOTE ]
If you can take out what you want with 0% on everything, there would be no pitfalls, only free money.

[/ QUOTE ]

Um...

If you max out a credit card for the free money, which I happen to think would probably be a good idea in the situation described, wouldn't that sort of mangle your "Used credit to available credit ratio" (or whatever it's called) in your credit rating? Might you not wind up with a lower credit score and then possibly getting denied for some credit you really need for something besides an interest hustle?

Re: credit card 0%
 

The cc company is hoping:
1) You scew up, but are able to pay after fees and interest.
2) You will be a good customer for many years.

Re: credit card 0%
 

go to mymoneyblog.com

search for balance transfers

he has a whole section on how to do this and which cards actually have 0% + no fees on everything

Re: credit card 0%
 

The 0% is not guaranteed not to change, the CC company can change that rate to 29% at any time and if you max out your card, they most likely will.