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I have been researching this. I want to do one, but not yet.
When I do I will post it here for all to learn from. That is if I am not chicken...
Here is what I have learned so far.
Here is a sceanerio:
One applies for 2-3 credit cards per cardissuer with 0% intro for 12 months, and to make more $$$ look for the ca$h incentives as well.
One
Applies with 4 seperate companies, all in the morning and all at once.
8-12 credit cards total:
This way the credit issuers do not know how many cards you have applied for...
One has a MMA already set up to transfer a said amount from the cards lets use $100000.00 dollars as an example. I am still research the way to transfer the money but I think BT checks might work...
So 100K goes into the MMA. At 5.0% the MMA will earn $500.00 per month.
The minimum due to the cards is $500.00 per month. Remember no interest is due.
Use the interest each month to pay the card's minimum back and after 12 months the card has a balance due of $94000.00.
Meanwhile, the 100K is still untouched, yes, one must be diciplined...
Pay back the 94000.00 and Voila!
$6000.00 of taxable income left, but still more than one had before.
After taxes the amount earned would be $3900.00 free and clear! (35% tax rate)
1. For my comfort level; my credit score or Dh's should be as high as possible.
I am comfortable with a score of 760 or higher.
2. I am not sure I would do the maximum I could get, but I would try to apply for the credit cards with some type of cash incentive. I am comfy at $50000.00
3. Of course, only 0% offers for a minimum of 12 months would work for me.
4. I would not attempt one unless we have 0 consumer debt.
I know it can be risky but, I have done well using the 0% offers for years, and may take it to the next level...
When I do I will post it here for all to learn from. That is if I am not chicken...
Here is what I have learned so far.
Here is a sceanerio:
One applies for 2-3 credit cards per cardissuer with 0% intro for 12 months, and to make more $$$ look for the ca$h incentives as well.
One
Applies with 4 seperate companies, all in the morning and all at once.
8-12 credit cards total:
This way the credit issuers do not know how many cards you have applied for...
One has a MMA already set up to transfer a said amount from the cards lets use $100000.00 dollars as an example. I am still research the way to transfer the money but I think BT checks might work...
So 100K goes into the MMA. At 5.0% the MMA will earn $500.00 per month.
The minimum due to the cards is $500.00 per month. Remember no interest is due.
Use the interest each month to pay the card's minimum back and after 12 months the card has a balance due of $94000.00.
Meanwhile, the 100K is still untouched, yes, one must be diciplined...
Pay back the 94000.00 and Voila!
$6000.00 of taxable income left, but still more than one had before.
After taxes the amount earned would be $3900.00 free and clear! (35% tax rate)
1. For my comfort level; my credit score or Dh's should be as high as possible.
I am comfortable with a score of 760 or higher.
2. I am not sure I would do the maximum I could get, but I would try to apply for the credit cards with some type of cash incentive. I am comfy at $50000.00
3. Of course, only 0% offers for a minimum of 12 months would work for me.
4. I would not attempt one unless we have 0 consumer debt.
I know it can be risky but, I have done well using the 0% offers for years, and may take it to the next level...
