Low Interest Credit Card
- Is that really solution for my debt problem?
- How to get more benefits from
low interest credit card?
By Douglas Titchmarsh
Credit cards equal debt, it's almost a universal truth. Almost.
It is possible, and is being done right now, to turn a profit from 0% credit cards.
Before we get started here are some things you need to realise before you even attempt to profit from these 0% interest credit cards.
- It's no use making small percentage profits when you are already paying out large interest on debts elsewhere. Clear your debts first if you have any apart from a mortgage.
- You will need to be vigilant on the 0% periods expiry, most will be 6 months, and you need to make sure you pay the money back then.
- You need to be able to forget you have the money you borrowed on the credit card, and not dip into it for any reason.
- You will need a good credit score from the start of 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 from those credit card companies.
Firstly you will need to find a credit card with a 0% interest rate for at least six months, some even offer up to nine months 0% interest. Then you need to apply for it, and wait.
You will also need either a loan or another credit card 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 account by drawing it as cash or direct transfer, and immediately use the 0% card to transfer the balance to the other card to make it paid up.
About the Author:
Douglas Titchmarsh.
