0% Cash Back Plan
I recently started fishing for a 0% offer. I intend to move the money over to my EmigrantDirect account for the length of the 0% offer and then pay it off.
I had been waiting till after my loan funded.
So I did some research and finally decided on the Citi Platinum Select Card. I saw several other cards that had rebates but I wanted to keep it simple and this card has 0% on transfers and purchases.
This requires careful work to avoid wiping out any gains:
1) Make sure the way you move the money does not incur fees and/or rates. If you get dinged for a cash advance fee you’ll wipe out a lot of gain.
2) Don’t do this for spending. The money should be set aside in a high rate savings account.
3) Make sure you pay of the card by the end of the 0% offer or you’ll be slammed with a huge interest rate. I’m going to probably pay it off one month early (two if I’m doing with another card.).
I’ve only carried a credit card balance once before but 5.15%-0% is cold hard cash. I’ll let you know how it goes.