I have been offered from my credit card company a cash advance up to $20,000 with a .99% APR for one year. with a maximum transaction fee of $75. My idea was to take the money and put it into a money market that will get me around 5%, make the minimum monthly payments, and make several hundred dollars in interest.
I have been considering this and it seems like a good idea to me. I don't need the money, the sole purpose would be to make interest. I don't see any downside here. What do you think? See the terms below.
"† The promotional Annual Percentage Rate (APR) offer for Balance Transfers and Check Cash Advances is 0.99% through your statement Closing Date in December 2007. These promotional rates will extend through your statement Closing Date in March 2008 if a new Balance Transfer or Check Cash Advance posts to your account on or before your statement Closing"
2007-10-11
06:33:25
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5 answers
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asked by
Ronaldo807
1
in
Personal Finance