Honestly, what I do to keep the rates low is basically tell them that unless they keep the rate below a certain level, I'm moving the balance to a different card.

Hey I just want the 0% cash advances to put into EmigrantDirect at 5%.  I am doing my taxes and just found out I made $2600 last year doing this "creative" rearranging of debt.

The "best" deal right now is a credit card at EmigrantDirect.  They are offering me a 0% cash advance rate.  The cool part is that I could be borrowing from EmigrantDirect and then loaning them their own money back at 5%...

Or now that I am hitting my HELOC on my primary at 7.75%, I could simply pay this down (temporarily) with the 0% money and be making even more(?).  Is a 7.75% rate on a tax deductible loan better than a 5% return that is taxed?  How do you calculate that?

JEFF UR THE MAN!!!

Either I'm a fool or Jeff is much smarter than me...But this just sounds ridiculous......I think you could spend your time doing something more profitable.......How does a massive amount of dept equate to income?   Just one last thing....Since when has a creditor cared about your income anyway.......Just make up whatever you want.....It's not like they really care as long as you have been paying your bills on time..... 

Ya right........Someone is going to let him borrow 50,000 at 0% interest!!!!

are you sure the 0% interest rate includes cash advances?  usually it's just for balance transfers from actual purchases.

Different cards have different rules.  The most recent offers did not require that the loans be in the form of balance transfers, but earlier ones did. 

If a balance transfer is required, I simply have them send the money to a card that I owe little on.  Then I contact that card and tell them I overpaid my account and ask them to cut me a check.  The check arrives a few days (weeks?) later.  A little more work but worth it if it pays off...

That is what the offers say. I get 'em too. I had one offer recently that had a date over 12 months out at 0%.

Anyway, I have always been dissuaded by the actual mechanics - payments will be applied to lowest % first - rates jump off the chart at first payment glitch. Plus the point that it's to consolidate other debt, not to buy a CD - don't know if they require any docs on that, but I think the bean counters have spring loaded this thing in the event you step one toe off the path.

Jeff I'd be careful of the fine print especially if it's an existing card you use regularly - the only way I considered it was with a new card that I never planned to use for anything else. In the end it seems like too much work.

You can laugh all you want, I get these offers all the time and take advantage of them.  Then I take the interest, and invest in prosper at 25% interest.  Hey need a loan???? 

It sounds like the credit card companies are going to make this very difficult to maintain the 0% interest with all the hoops you have to go through.....Along with damaging your credit score every time you get a new credit card......I think as an investor your credit score is going to be very important as they tighten up on loaning money........I doubt anyone here can make this work with just a few hours of work!  But good luck.......By the way what is 2,500.00 when you are losing 5,000 per month.....

My proper performance is Still the same.  My lifetime performance is around 23% annually, but to be fair I have only been doing it for about six months.  I will post under the prosper forum every quarter or so and not to bore you every month.

And actually the whole thing with the credit cards takes me about 15 minutes.  I just write one of the access checks they give me and deposit into my saving account.  Then I just put the date of the the end of the APR in my calender and pay it off when the intro is over. 

I am sorry if you think that it takes more then a couple of hours.  I don't understand why people blast other people for a little success.  Jeff, sorry to Hijack your thread, but I don't undserstand why people are so negative.  Jeff has been through some serious financial training from his days at Taco Bell

They look for every reason why it won't work and they never look for a way to make it work.

And in terms of credit..I don't think has affected Jeff.  He has houses all over the country.  Probably more then 95% of the people who are on this board.  I don't get new credit cards, I just use it with the ones I already have and just use one card for purchases, the other for cash advances to put into my bank account.