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Get up-to ~ $450 when you transfer $10K to a 5% savings and keep for 12 months: a list of > 100 credit cards sorted by possible re-investment profit (updated on 5/28/08)

Started by markber, Apr 03 2007 09:09 AM

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7 replies to this topic

#1 markber

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Posted 03 April 2007 - 09:09 AM

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#2 markber

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Posted 03 April 2007 - 09:47 AM

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#3 ichaelm

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Posted 06 April 2007 - 10:26 PM

Citibank's Platinum Select, Diamond Preferred, and both Premier Pass cards all have 3% balance transfer fees. The Diamond Preferred card's maximum fee is $75; for the 3 other cards the maximum fee is $250.Also, I don't know how one can realize a profit just because a card has a 0% purchase APR. Money transferred to a savings account would never be considered a purchase, would it?

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#4 markber

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Posted 06 April 2007 - 11:44 PM

QUOTE(ichaelm @ Apr 6 2007, 04:26 PM)

Citibank's Platinum Select, Diamond Preferred, and both Premier Pass cards all have 3% balance transfer fees. The Diamond Preferred card's maximum fee is $75; for the 3 other cards the maximum fee is $250.

Thanks got catching these discrepancies, Mike! They exists because different Citibank pages with terms and conditions are linked to Citibank card application forms and to the CardOffers.com template, that serves as the card database. I will contact cardoffers.com and ask them to make sure that they have the most recent Citibank pages linked to their templates. Meanwhile, I will try to fix things manually.

QUOTE

Also, I don't know how one can realize a profit just because a card has a 0% purchase APR. Money transferred to a savings account would never be considered a purchase, would it?

They would if (1) you open a new bank account, (2) bank allows to make initial deposits with a credit card and (3) these initial deposits get processed as a purchase, not as a cash advance. I think we may need to start compiling a list of such banks on ibankdesign.

Also, apparently, there is a way to fund FOREX account with a credit card and this transaction will be processed as a purchase. Then, you move money from a FOREX account to bank savings account. Read more about this way here. Some people say it can be risky though....

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#5 ichaelm

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Location:Bethesda Md.
Interests:bank and card bonuses, credit arbitrage

Posted 07 April 2007 - 12:02 AM

You're right, Mark, I never thought of that. LaSalle will, in fact, allow you to charge your initial deposit to a CC and treat it as a purchase. The max opening deposit is $1000 and you must make the charge/deposit at the time that you apply for the account, or you miss out.
Mark-I'll start a thread on this which hopefully, others can add to.
Mike

QUOTE(markber @ Apr 6 2007, 11:44 PM)

QUOTE(ichaelm @ Apr 6 2007, 04:26 PM)

Citibank's Platinum Select, Diamond Preferred, and both Premier Pass cards all have 3% balance transfer fees. The Diamond Preferred card's maximum fee is $75; for the 3 other cards the maximum fee is $250.

Thanks got catching these discrepancies, Mike! They exists because different Citibank pages with terms and conditions are linked to Citibank card application forms and to the CardOffers.com template, that serves as the card database. I will contact cardoffers.com and ask them to make sure that they have the most recent Citibank pages linked to their templates. Meanwhile, I will try to fix things manually.

QUOTE

Also, I don't know how one can realize a profit just because a card has a 0% purchase APR. Money transferred to a savings account would never be considered a purchase, would it?

They would if (1) you open a new bank account, (2) bank allows to make initial deposits with a credit card and (3) these initial deposits get processed as a purchase, not as a cash advance. I think we may need to start compiling a list of such banks on ibankdesign.

Also, apparently, there is a way to fund FOREX account with a credit card and this transaction will be processed as a purchase. Then, you move money from a FOREX account to bank savings account. Read more about this way here. Some people say it can be risky though....

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#6 markber

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Posted 28 May 2008 - 11:10 PM

The lists were updated on 5/28/08

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#7 jcworlds

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Posted 07 June 2008 - 12:36 AM

QUOTE(markber @ May 28 2008, 07:10 PM)

The lists were updated on 5/28/08

great Job

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#8 ichaelm

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Posted 01 September 2008 - 06:28 PM

Yes, VERY great job. I have a 0% credit card w/ BOA, with a promotional rate which expires next week, so I'm in the market to find another BOA card to replace it. I'm very sorry to report that the Ann Geddes card now has an uncapped 3% BT fee, the Miles Edge card is now 0% for 12 months but with an uncapped 3% fee, and the World Series of Poker card has apparently been discontinued. BOA probably decided that it was unwise to offer an affinity card which promoted gambling.

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Get up-to ~ $450 when you transfer $10K to a 5% savings and keep for 12 months: a list of > 100 credit cards sorted by possible re-investment profit (updated on 5/28/08)

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