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53785751 No.53785751 [Reply] [Original]

>take out 50k no interest credit card debt
>use balance transfers to delay payment on card for a year
>put said 50k (or more) into high yield savings or money market fund
>profit
now explain to me how I'm retarded and this won't work please

>> No.53785780

in order to get cash from a cc you'd incur a fee, usually like 5% you'd probably break even or worse

>> No.53785798

>>53785780
>use credit card to buy things online (that can easily be resold)
>resell these things
>no fee

>> No.53785831

>>53785780
This.
You could try applying for a consumer (personal) loan as opposed to a credit card.
However, you'd need to pay the loan back with interest
and it'd be a dice roll as to whether your HYMM would generate a greater return on your investment than the interest that you'd need to pay back on the loan.

>> No.53785855

>>53785751
>pay 20% interest to earn best case scenario 5%
>ends up -14% with 20% interest
Giggabrain

>> No.53786428

>>53785855
OP is referring to credit cards that offer promotional 0% APR for the first 24 months. He was thinking that he could get 50K, buy short term bonds, etc. Pocket the 5/6% and return the loan. The only issue is getting the cash, the credit card companies want you buying consumable goods and getting actual cash into your account from this promo is the issue.

>> No.53786804

>>53785798
Unless you intend to advertise on fb marketplace or do a garage sale you will incur fees on platforms like amazon or ebay, even craigslist has a listing fee lol

>> No.53786990

>>53785751
>no interest credit card debt
where the fuck are you going to find that

>> No.53787443

>>53785751
>no interest credit card
stopped reading here youre a fucking retarded child go do your homework

>> No.53787460

>>53787443
It's actually a legitimate thing and happens all the time in Canada. The people who fall victim to it think they're saving money until they start paying interest but they end up getting jewed.

>> No.53787529

>>53785751
Credit cards exist to prey on retards that don't understand them. For everyone else, credit ratings exist to force people that don't need credit cards into using credit cards because the banks like to slice up your debt and trade it. It's all a fucking scam. They harvest people like cattle.

>> No.53787556

>>53787529
but muh points

>> No.53787612

>>53786804
>buy ingame currency
>sell ingame currency

>> No.53787624

>Take out credit card debt of 100k
>Put it all on black
>Make 200k
>Return 100k of the loan with no interest

Infinite money trick

>> No.53787626

>>53787443
Am I? I see advertisements for them all the time. Credit card churning is a thing, these promotional deals exist to trap retards into spending much more money than they have but you can use them to your own advantage if you're not a retard.

>> No.53787645

>Borrow a million dollars
>Declare bankruptcy
>????
>Profit

>> No.53787661

>>53787529
Yep, currently racking up a 20k balance on a chase credit card I had for 10 years and never once missed a payment cause fuck America, fuck good goy scores that don't do shit and fuck the federal reserve. All my shit is paid off and I'm judgement proof put all debt collectors on block and voicemail, DEBT MAX IS THE WAY! DON'T DIE LEAVING NOTHING BEHIND BUT AN 800 CREDIT SCORE

>> No.53787844

>>53787612
What could go wrong

>> No.53787910

You might be able to use a credit card to get the funds into a broker.

Robinhood or E-Trade etc

Usually there is around a 3% fee though. Once you do that you could hypothetically then withdraw the money to a bank account. Overall you'd be paying 6%ish to turn it into cash from the CC fee and the balance transfer fee.

Honestly at that point you could just sell low risk spreads or OTM options.

Buy a stock that is lower volatility and the sells calls on it. If the calls are exercised then sell puts and cycle "The Wheel"

People make 15%-20% a year doing that on some assets.

>> No.53788729

>>53787910
that's NOWHERE near sleasy enough for what OP is going for. OP wants to literally take someone else's money, provide absolutely NO value (in fact, produce negative value through the opportunity cost of money + inflation), and make a profit from it, with no risk.

>> No.53789110

>>53788729

Well OP is also delusional then because this is about as good as its going to get.

I've thought heavily about this topic myself and how I could best maximize my credit card usage by balance transferring a large portion of it to other cards effectively getting a 12-18 month loan for 3%( the balance transfer fee) since the 12-18 month period is 0% interest due to the intro offer on the card.

The only thing you can really buy is stocks or crypto.

Selling options spreads on crypto maybe.

If mining was viable he could spend the money on a bunch of rigs and then pay back the "loan" from the balance transfer with mining rewards.

That would be awesome actually but right now its probably not even remotely viable I'd imagine. I could be wrong though

You can't do real estate with it unless he wants to buy REITs which actually might not be a terrible idea to sell calls on actually. Bonds don't yield enough.

What else is there? It has to produce some cash flow whatever he buys in order to make the CC payments

>> No.53789317

>>53786428
Yeah back in early 00's there used to be a hack where you could buy coins from the US treasury with cc. Dudes would do this with 2% cashback for thousands and just put the money back into their bank accounts and pay the bill off monthly. Now cc companies are vigilant af about you using their service in anyway that will result in you gaining liquid cash. They p much exclusively want you to buy consumables or depreciating shit and hope you'll get behind so that you'll start owing them each month.

>> No.53789342

>>53788729
>credit card companies
>good, moral institutions who provide value
lol just lmao

also my question is really just a hypothetical, I never intend to do it I just want to know why it's not possible so I can learn more

>> No.53789383

>>53789110
>>53787910
thanks for the advice anon

>> No.53789603

>>53789317

I remember that story. That guy effectively abused the system and made high 6 figures nearly $1,000,000 by the end of it too if I remember correctly

What a boss ripping off credit card companies kekek all legal too