Comments on: Credit Card Arbitrage… Bahahahahahahahahahaha

By: Baccarat Forums

Baccarat Forums — Sat, 01 Nov 2008 22:45:23 +0000

“Stoozing is a slang term used to describe the act of borrowing money at 0% (typically on credit cards) and earning interest on the money and paying it back before the 0% period ends.”

By: jak

jak — Wed, 29 Oct 2008 23:32:18 +0000

It’s called stoozing.

By: Nomar

Nomar — Wed, 29 Oct 2008 17:45:57 +0000

not for me

By: Will

Will — Wed, 29 Oct 2008 04:48:21 +0000

In this economy those cards are hard to find, if they exist…Plenty of cards with 0% APR for 12 months if you’re making purchases, not so much for moving cash into a CD, then the APR shoots up to like 23%.

By: Jon Waraas

Jon Waraas — Wed, 29 Oct 2008 03:44:05 +0000

Mike,

Thanks for your comment.

What if you can get ahold of 100k. And find a card with no fees and the 0% transfer, i know there are out there. If you do everything right you’ll make $4,000 if you can get a 4% CD.

http://www.gmacbank.com/todays-rates/cd-rates.html

Not easy money?

By: Mike Lau

Mike Lau — Tue, 28 Oct 2008 22:03:03 +0000

good strategy but it doesn’t really work now.

There are fewer cards offering 0% without any fees. Few years ago, it was $75 or $90 max fee, now it’s almost always 3% fee with no limit.

Transfer $10,000 you’re hit with $300 fee, $20,000 you’re hit with $600 fee.

Don’t forget the tax on the interest income. Plus the hassle, plus the possibility of forgetting to pay back the credit cards on time after the term expires, etc. etc.

Mike

By: Jon Waraas

Jon Waraas — Tue, 28 Oct 2008 19:05:15 +0000

LOL

By: Danny

Danny — Tue, 28 Oct 2008 19:04:53 +0000

Sounds like a plan

By: BlogTalks

BlogTalks — Tue, 28 Oct 2008 13:33:23 +0000

Do what now? Well I am following your argybargy instructions and put my credit card in a cd, I’m sure you meant the cd player itself. So far no money and my CD player is making a funny noise.

I presume it works by the cd player spinning the card at great spped and shaking the money out.

Look forward to more tips:)

By: Acakadut

Acakadut — Tue, 28 Oct 2008 07:20:43 +0000

new lesson for today. I only knew cpc arbitrage before