Crazy or $185 for free?

[briankt43]

So I have this credit card I don't use anymore. They just sent me checks. Two of the checks are zero percent interest until 11/1/05. I have a $16,200 available credit limit. There is a 3 percent transaction fee, but a maximum of $65. I figure that I could make $185 by writing a check and depositing it into my savings account (which earns 3.25 percent interest.) (Assumes minimum payments to the credit card of 1/48 of the balance.)

Crazy?

[34saving]

It's a very dangerous game to play, but people have played it successfully. Keep in mind your credit score will probably go down if you max your credit card. Interest rates on your bank account might also change. Finally if you ever come close to a late payment or anything else that makes your CC company unhappy the situation could get very bad very quickly.

[34saving]

Oh, and if you really want to play the game there are many cards that will waive the transaction fees and give you no interest for at least a year . . . but I caution you that it's a very dangerous game.

[jmjj215]

All that thought and work for $185 doesn't seem worth it to me. I'm sure you could do some manual labor for $10 / her, spend 20 hours doing it and be done w/ it for good (i.e. it's not hanging over your head or worrying you). But if you're okay with that worry...

[Tree0164]

Don't fall into a trap with those checks. Not worth it.

[terry1156]

Technically, it 's possible to do and you can make extra money that way. I think you need to be super organized and have all your other debts taken care of before you attempt something like this. There are outside factors which you can't control that could make this a very costly venture if everything doesn't work like planned. 34saving points out a lot of them.

What you need to do is figure out the time you'll need to place into it as well as the risk of what happens if something doesn't go right is worth the money you make. For the average person, I don't think it's a good idea to play with this.