Do you want free credit card perks?

Question

Like 0% loans, higher credit limits, canceling annual fees, etc.?

It's a simple formula really that I've used over and over.

If you have a card with no or very little balance, and your overall credit is good, call that card and cancel.

They'll start offering you all kinds of perks to keep you on board, because it's Standard Operating Procedure (SOP). The cards know its much easier and cheaper to retain an existing customer than get a new one. You should do this with all your cards once a year.

My last time around, 1 card gave me $20k at 0% for 1 year with no transfer fee. Another gave me $24k at 0% for 10 months with a $75 fee. I put all that money into a high interest online savings account and made about $175, while using that money to make the monthly payments.

I'd bet they do the same for you to, maybe not with those dollar amounts, but the idea is the same. If they want to stick you with a fee, tell them they've got to waive it or cap it.

I mean I made $175 a month in interest, on their money. Just make sure to never make a late payment or make any other charges to that card during that time.

bdancer is right to point out dangers. However the minimum payments are paid from the amount I put into savings, so those payments come from the credit card's money.

You can also set up automatic minimum payments by your bank, or with the credit cards themselves, so it's their fault if they don't get paid.

Lastly, I always set an online calendar reminder of exactly when that 0% expires, so I can pay them off completely with a couple of weeks to spare. I set my calendar to send me emails and text messages to my cell phone with warnings.

Ken C - how are the banks gonna find out who I am to ban me from getting credit. They do not have my name, address, nor SS#, at least not from this forum.

Answer 1

YES I WANT IT!THIS IS MY LUCKY DAY! WHOHOO!

Answer 2

Dude, as a Banker, I do have to tell you that if this is found out by the various card companies, you will get banned. At least for any promotional rates.
Though there are MANY floks who do this, though not criminal, may lead to problems getting credit in the future.
Public forums like this are probably not the best place to share this stuff.....

Answer 3

Aren't your minimum payments on each of those accounts $500 or $600?

This is a great plan if you responsible and make all those payments on time. It's not a plan I would recommend most folks try. Way too much opportunity to screw up.

Answer 4

Wow, which credit card companies are these? Don't think all the companies behave in this way ... certainly not those I am with.