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Credit card offers no interest for 1 year, can I depost the money, gain interest then pay off the card before?
Hi,
I get credit card offers where they offer 1 year no payment, no interest on balance transfer and purchases. If there is a way to convert a purchase into cash, can't I just take the cash, put it in a saving account, gain some interest, then pay it back after 11 months and 29 day? Resulting in a net gain of the interest?
Answer
I believe the easiest way to do it is to find a friend who wants to buy something (expensive), charge it for them, collect cash and deposit it that way... i would make sure to find the best no-lose account though ex high yield savings , cd, etc....
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