The trick of profiting from introductory credit card offers and declared that there are still enough opportunities for those we are willing to take a temporary hit on credit score for a couple of extra grands a year:
"The increasingly popular strategy involves applying for a slew of credit cards that charge 0% interest on balance transfers, then parking those borrowed funds in high-yield online savings accounts, which often pay 5% or more.Then, just before the cards' introductory period expires, typically in 12 months, you pay off the loans and pocket the interest earned.
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Competition among card issuers for new customers is so intense that companies can't afford to do away with the generous offers altogether. American Express Co., Citibank, J.P. Morgan Chase & Co. and Bank of America, for example, say they still offer no-fee, 0% balance transfers to selected customers."
I myself am a loyal practioner of the practice, and in the past 12 months alone, I maintained an average credit card balance of over $40,000 in 0% APR or low-APR balance transfer offers. That's probably the easiest $2,000 I pocketed last year.
In case you don't know where to find these offers, below are some cards you can look at. They all include introductory 0% APR balance transfer offers for 12 months or longer with credit card annual fee. I included those with capped balance transfer transaction fees since with a larger balance transfer, arbitrage profit can still be obtained under capped fee arrangements.
