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Thursday, August 31, 2006

How To Profit From 0% Interest Credit Cards



Credit cards equal debt, it's almost a universal truth.Almost.It is possible, and is being done right now, to turna profit from 0% credit cards.

Before we get started here are some things you needto realise before you even attempt to profit fromthese 0% interest credit cards.

1. It's no use making small percentage profits whenyou are already paying out large interest on debts elsewhere. Clear your debts first if you have anyapart from a mortgage.

2. You will need to be vigilant on the 0% periodsexpiry, most will be 6 months, and you need to makesure you pay the money back then.

3.You need to be able to forget you have the moneyyou borrowed on the credit card, and not dip into itfor any reason.

4. You will need a good credit score from the startof this venture or it won't happen at all.

Now with those little caveats out of the way, we can get to the meat of the idea, and profit fromthose credit card companies.

Firstly you will need to find a credit card with a 0% interest rate for at least six months, someeven offer up to nine months 0% interest. Thenyou need to apply for it, and wait.

You will also need either a loan or another creditcard you can draw up to the limit of your 0% card on. Now here comes the science bit.

Pay the limit of the 0% credit card into a bank accountby drawing it as cash or direct transfer, and immediatelyuse the 0% card to transfer the balance to the other cardto make it paid up.

The money you just got out can be placed into a highinterest savings account. Leave it there until you have to pay up the 0% card at which point you willstill only owe the original amount you transferredonto it. You will have made interest on the money while you had it and owe 0% interest.

If you have a real clean credit history you could eventransfer the balance from another o% interest credit cardto the first one, and leave the money earning interestin the savings account.

This is only meant as an informational overview, and youwill need to research the credit cards and relevantlaws in your own country or state. Here in the UKa few savvy people are using 0% interest credit cardsto make them a nice sum, and as long as you rememberthe few simple rules at the beginning of this articleyou could too.

ABOUT THE AUTHOR

Douglas Titchmarsh also runs a credit and debt
information site at
http://www.cashinonline.info/credit
and a newsletter at
http://www.thediscountebookstore.com/gep

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