0% transfer on cash advances

Hi all,

there was a thread about a year ago on how to use cash advances from a credit card interest free and then roll over that cash advance for another interest free period.

Can anyone confirm a credit card that lets you roll over cash advances and gives an interest free or honeymoon rate in the ways stated above? I've just been looking a phoning a few places and am yet to find one..

Thanks in advance..


cheers,

Stan 101 said:

Hi all,

there was a thread about a year ago on how to use cash advances from a credit card interest free and then roll over that cash advance for another interest free period.

Can anyone confirm a credit card that lets you roll over cash advances and gives an interest free or honeymoon rate in the ways stated above? I've just been looking a phoning a few places and am yet to find one..

Thanks in advance..


cheers,

Click to expand...

No such thing, as soon as you draw cash advance interest get charged right away on your account...even if you transfer it over to another account
You would already got the interest charge up until the point you transfer it over.

I never actually taken money from a credit card account but I know how it work.

This is a mass weapon of financial destruction, dont do it..you will be paying crazy rate for nothing.

I mean after roll over there is an interest free or honey moon period. I do realise that Any cash advance is charged from time of transaction..

Stan 101 said:

I mean after roll over there is an interest free or honey moon period. I do realise that Any cash advance is charged from time of transaction..

Click to expand...

Already remember there is no free lunch, what they give you in free honey moon period they will take it back in some other form.

Especially in credit card... Credit card is consider high risk loan to most banks that why they charge crazy rate so I wouldn't going down this path regardless how tempting it is..find some other way, otherwise you WILL be paying more down the track.

Mate, thank you for the lesson but it's not for me. It is for a friend who is in a cashflow jam. They are well aware of the risk/benefit scenario and they still want to follow that path.

There were people on this board who have mentioned how they essentially flipped cash advances onto honeymoon rates. If anyone knows of a credit card facility that allows the honeymoon period on flipped cash advances, please advise..


cheers,

Actually, I did (~~cotton on to~~) ... imagine ... a way to exploit credit-card roll-overs:
Mr X has a credit card in Dudes with $0 owing, $10,000 limit.
Mr X. gets an offer to take up a credit card in Sorcerersbank Inc, with a 6-month rollover @ 2%.
Mr X opens a betting account at Vampires on-line, and places $9,000 in, via Dudes credit-card B-Pay. No transaction fee, 30-day interest free.
Mr X applies for new credit card in SorcerersBank, rolls over the $9,000 now owing in Dudes, and therefore owes SorcerersBank $9,000 @ 2% for 6 months, and owes $0 to Dudes.
Mr X gets a new SorcerersBank credit card of $12,000 limit with $9,000 deficit, but Mr X NEVER uses the new credit card for any retail purpose, just makes the regular monthly minimum payments.
Mr X decides not to bet on the ponies after all and transfers his $9,000 balance in the Vampires on-line betting to his savings account.
Mr X deducts $9,000 from his savings account, invests in Infallible Pty Ltd, and 6 months later has .... (let's imagine $8,000 - this is a fairy story after all).
Mr X has paid no transaction fees, no credit card interest other than the 2% on the rollover offer. Mr X has borowed $9,000 for 6 months @ 2%.

Mr X gets a phone call from Vampires on-line "please explain ..." Mr X explains that he has seen the light and joined Gamblers Anonymous, just in the nick of time, and therefore never actually made any bets.

Treat this little tale as you will. Always read the fine print.