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Old 04-04-2007, 01:15 PM
 
Location: VA
786 posts, read 4,208,384 times
Reputation: 1070

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I use to always throw away those checks that come in the mail from the credit card companies. I thought they were rip offs. I never really looked at them. One day I was bored an decided to look at the small print. I could write a check to myself and not pay any interest for 6 months as long as I paid the minimum payment each month on time.

So, I wrote a check to myself and put it in the bank and collected 5.25% interest. I paid the minimum payment as soon as the bill came in the mail. Before the zero percent promotional rate ended I paid off the credit card. Because I wrote a check for $18K, I made $350 for a few minutes of work.

I have done this 7 times over the last few years and have made over $2000 in interest income.

A great deal but stay organized and read the small print on the offer. Some charge a 3% fee with no maximum. Poor deal. If there is a maximum fee or no fee, check out those conv. checks and make some money.
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Old 04-04-2007, 03:12 PM
 
Location: At work
364 posts, read 364,218 times
Reputation: 76
Quote:
Originally Posted by Dingler View Post
I use to always throw away those checks that come in the mail from the credit card companies. I thought they were rip offs. I never really looked at them. One day I was bored an decided to look at the small print. I could write a check to myself and not pay any interest for 6 months as long as I paid the minimum payment each month on time.

So, I wrote a check to myself and put it in the bank and collected 5.25% interest. I paid the minimum payment as soon as the bill came in the mail. Before the zero percent promotional rate ended I paid off the credit card. Because I wrote a check for $18K, I made $350 for a few minutes of work.

I have done this 7 times over the last few years and have made over $2000 in interest income.

A great deal but stay organized and read the small print on the offer. Some charge a 3% fee with no maximum. Poor deal. If there is a maximum fee or no fee, check out those conv. checks and make some money.
Not bad. Way to go. Pretty smart. I cashed one once but didn't get to save it, needed it. I'm impressed though!
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Old 04-04-2007, 03:55 PM
 
Location: Marion, IN
8,191 posts, read 27,325,796 times
Reputation: 7069
I used one once to purchase a large ticket item. It had a much lower interest rate than the card itself, and I paid it off before the promotional period was over.
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Old 04-04-2007, 05:03 PM
 
Location: Coachella Valley, California
15,519 posts, read 35,468,627 times
Reputation: 13099
Never used one. I get them all the time though. Maybe I'll check it out!
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Old 04-04-2007, 09:39 PM
 
Location: New Jersey
1,508 posts, read 5,364,806 times
Reputation: 1418
Default Shred

Just a word of caution. If you do not use them, make sure you shred them. A few years ago, I had one of those check stolen from my desk or my trash can at the office. They forged my signature, cashed the check at a bank down South somewhere and got away with $2500.00
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Old 04-05-2007, 10:07 AM
 
Location: Chattanooga TN
2,349 posts, read 9,457,963 times
Reputation: 1191
I owed $2k on a credit card which refused to lower my interest rate. Got my taxes back, paid the account off, wrote myself a $2k check and this @ 0% for 8 months and now paying less than half the original interest that they refused to lower in the first place. Worked for me
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