Re: Credit Card Offer

From: "L. Chen" <am302@freenet.buffalo.edu>
Subject: Re: Credit Card Offer
Date: Mon, 20 Dec 1999 02:55:12 -0500 (EST)

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> Date: Sun, 19 Dec 1999 10:19:43 -0500
> From: Ira Krakow <ikrakow_1999@yahoo.com>
> Subject: Credit Card Offer
> 
> ........................
> Anyway, the offer sound intriguing because they would not charge any =
> interest until July, 2000 on new purchases, and then go to 9.9% after =
> that.  Now, I normally pay my entire credit card balance in full at the =
> end of each month because I'm allergic to credit card debt.  The offer =
> of no interest also appeared to apply to balance transfers.  So I was =
> thinking that maybe I should generate a balance (like maybe writing a =
> bunch of checks against another credit card that I have where the =
> company always sends me blank checks), depositing it into a money market =
> account, and then transferring all of this to this Polish Heritage Visa =
> Account.
> 
> Anyone see any problems with this strategy?  Or do you think it's too =
> much hassle?

With respect to purchases, it might work.  You have to read all the find
prints.

With respect to cash advances (writing checks is generally considered as cash
advances):  Is there a transaction fee?  Almost always, there is a
transaction charge of 1-3% of the cash advance.  So it is not totally free.
Whether it is worth the hassel depends on the credit limit on that new card
and the transaction charge.

Chen


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