# Scamming the banks (masterstroke I must say)



## banjo_pete (20 April 2006)

With the bank trying to balance transfer your Credit cards and offering 0% interest for the first six months here is a scam.   Get your credit card transfered thru a balance transfer at the point of signing up ask whst is the max credit you may have (then get it).Clear your account and put it in a six month term deposit.  You will yield 5 to 5.5% on the banks money!

ppls thoughts!!!


----------



## crackaton (20 April 2006)

banjo_pete said:
			
		

> With the bank trying to balance transfer your Credit cards and offering 0% interest for the first six months here is a scam.   Get your credit card transfered thru a balance transfer at the point of signing up ask whst is the max credit you may have (then get it).Clear your account and put it in a six month term deposit.  You will yield 5 to 5.5% on the banks money!
> 
> ppls thoughts!!!




can you run that by me again? My understanding is that interest free period is only for the balance of transfer . Are you saying take out a cash advance on the new credit card? If so you will be slugged at 16 or 11 % interest. Sorry I'm a bit slow tonight.


----------



## Smurf1976 (20 April 2006)

Can't see why not. You could use the money to repay a mortgage if you have one thus yielding about 7.32% tax free or to invest in stocks etc if you're willing to take a risk with borrowed money.

Either way, it's FREE credit and with present incredibly lax lending standards it's not hard to get it. Only last month I was yet again offered a credit card with double what the bank believes my annual income to be with no checks required. And I don't have any significant savings or investments with that bank or related companies. Just sign here...


----------



## Strw23 (20 April 2006)

Just to clarify, you will have to max up your old card before the transfer as the 0% is for transfer of balance and not cash advances.

It is only anecdotal but I heard of a story of a bloke whos bank had stuffed up his accounts. He wrote them a letter, gave them copies of statements  and made phone calls. In the end he was right and had his accounts fixed but he also wrote them a bill for his time, phone calls, letters and copying. Supposedly he was paid. Like I said at the start it is only anecdotal but it would be nice for the little guy to have a win every now and then.

Scott


----------



## crackaton (20 April 2006)

Strw23 said:
			
		

> Just to clarify, you will have to max up your old card before the transfer as the 0% is for transfer of balance and not cash advances.
> 
> It is only anecdotal but I heard of a story of a bloke whos bank had stuffed up his accounts. He wrote them a letter, gave them copies of statements  and made phone calls. In the end he was right and had his accounts fixed but he also wrote them a bill for his time, phone calls, letters and copying. Supposedly he was paid. Like I said at the start it is only anecdotal but it would be nice for the little guy to have a win every now and then.
> 
> Scott




And I believe any outstanding interest owed on the old card still holds. I could be wrong......


----------



## banjo_pete (20 April 2006)

not with my transfer.


----------



## crackaton (20 April 2006)

banjo_pete said:
			
		

> not with my transfer.



hey banjo, who did you transfer to? PM if you could thx!!


----------



## banjo_pete (20 April 2006)

take a look at this from wizard. 

http://72.14.203.104/search?q=cache...ard+balance+transfer&hl=en&gl=au&ct=clnk&cd=1


----------



## crackaton (20 April 2006)

k thx banjo.


----------



## banjo_pete (20 April 2006)

Got out of the commbank,


----------



## tech/a (20 April 2006)

Say you owe
CBA $5k on your card.
Wizard will give you $5k to get your business interest free.
Supposedly you then pay out and get rid of your CBA card.

One of those if it looks too good to be true it probably is--moments


----------



## money tree (20 April 2006)

if you dont make min repayment you get hit with full int rate

this strategy been around since 1999


----------



## crackaton (20 April 2006)

This is crazy. i have a virgin mastercard, a westpac visa. Over the years they keep up my max ammount, so that I now have 20K on the westpac visa and 10K on the virgin. I hardly use them, but I've now just seen a way to get 30K gratis for six months


----------



## banjo_pete (20 April 2006)

take a look 


http://72.14.203.104/search?q=cache...ard+balance+transfer&hl=en&gl=au&ct=clnk&cd=1


----------



## ghotib (20 April 2006)

Strw23 said:
			
		

> It is only anecdotal but I heard of a story of a bloke whos bank had stuffed up his accounts. He wrote them a letter, gave them copies of statements  and made phone calls. In the end he was right and had his accounts fixed but he also wrote them a bill for his time, phone calls, letters and copying. Supposedly he was paid. Like I said at the start it is only anecdotal but it would be nice for the little guy to have a win every now and then.
> 
> Scott



I did this, and they paid up without a murmur. The only extra is that I went to the Banking Ombudsman and got advice about who to address my letter to and how to word it. It started: "On the advice of the Banking Ombudsman..." 

Thanks for the happy reminder

Ghoti


----------



## Strw23 (20 April 2006)

ghotib said:
			
		

> I did this, and they paid up without a murmur. The only extra is that I went to the Banking Ombudsman and got advice about who to address my letter to and how to word it. It started: "On the advice of the Banking Ombudsman..."
> 
> Thanks for the happy reminder
> 
> Ghoti



Hows it feel to be famous? You should change your name from ghoti to "that guy", then people will know who we are talking about when I say - I know that guy who did etc etc.

Scott


----------



## banjo_pete (20 April 2006)

stww what are you talking about!!!!


----------



## Prospector (20 April 2006)

banjo_pete said:
			
		

> stww what are you talking about!!!!




The guy who charged the Bank for his time in sorting out their problems is Ghoti - the stuff of urban legends..


----------



## Jay-684 (20 April 2006)

Prospector said:
			
		

> The guy who charged the Bank for his time in sorting out their problems is Ghoti - the stuff of urban legends..




definately not urban legend. My dad has done exactly the same thing with all sorts of companies, from waiting in line for insurance/telco companies to banks. Dont think he always gets cash, but often asks for a bottle of gin as an apology 

and he is far from a premium (read rich) valued customer.


----------

