I have no credit card debt and am very stable financially. One of my credit cards has over a $24,000 credit limit. This credit card has just sent me 0% balance transfer checks. The maximum fee for using these checks is $75 and the 0% deal is until Dec 2007. Should i write one of these checks to myself for $24,000 and keep that money in a 5.05% cd for 9 months? I am confident I can make the miminum monthly payments without problems. I also have other credit cards I use normally (and pay off every month) so I don't have to rely on this one for anything. Does this hurt my credit in any way?
2007-01-17 20:41:28 · 4 answers · asked by kt90012 1 in Business & Finance ➔ Credit
A balance transfer check is for a balance transfer not a cash advance. A balance transfer would be used to transfer the balance from another credit card to this new card. Usually credit card companies are not so lenient with cash advances.
2007-01-17 21:51:32 · answer #1 · answered by Tim H 5 · 0⤊ 0⤋
you would make about $900, but it would take a bite out of your credit rating because part of your score is based on the total amout of your available credit that is being use, in your case 100%
2007-01-17 20:59:19 · answer #2 · answered by edoubleyou 4 · 0⤊ 0⤋
Just be sure they don't require a separate purchase because then you're screwed.
2007-01-17 20:55:07 · answer #3 · answered by uknowme 6 · 0⤊ 0⤋
If you know for sure you can do it, why not? But just becareful -
2007-01-17 20:47:30 · answer #4 · answered by a9113257311 3 · 0⤊ 0⤋