Free money? It’s too good to be true. If there’s no such thing as a free lunch, how could there be such a thing as free money? If you above average credit and are looking to make some extra cash, it can be as simple as being clever with your credit card. For it to work, you need to be good with spending and very patient. It is possible to make money off your credit card, and it’s not even that hard.
You can earn money with your credit card, and you’ll earn a lot more than you would by simply putting some cash into a savings account and waiting a few years for your APY to pay you enough for a cup of coffee. It’s called credit card arbitrage, and you can earn a lot of supplemental income if you have a zero interest credit card. Many people are now earning money with their credit cards, so check out these steps on how to be one of those people. If you must repay an easy online payday loan, opt for other ways to come up with the money because making money with credit card arbitrage takes some time.
First, take a cash advance on any given credit card. Then, transfer that credit balance to a credit card that has no balance and no transfer fee. The credit card you’re transferring the balance to should also have no interest on the transferred balance. This is usually during an introductory period.
Once you’ve done that, take the cash from the advance and deposit it into a high-interest savings account. Then, make minimum payments on the card on which you transferred the balance to, and make sure it’s paid of before the zero percent introductory period expires. Then take all the earned interest and pocket it.
It’s that simple, seriously.
There are tons of credit cards that offer zero percent fees on balance transfers and a zero percent APR for the first year or so. It’s as simple as searching around the Internet to find one
The concept is relatively easy to understand, but it does require a close attention to detail because something as simple as forgetting to make a payment could mean you’re losing money instead of making money. Some people are very successful at credit card arbitrage however, and make a few thousand dollars a year simply by having a credit card.
You shouldn’t attempt credit card arbitrage if you have bad credit, however. You likely won’t qualify for the credit cards with zero percent fees and just applying for them could hurt your credit score. Additionally, credit card arbitrage actually hurts your credit score temporarily. After you pay off the credit cards though, your credit score actually improves.
There are actually other ways to make money off of having a credit card, but this is by far the simplest and most profitable. Just make sure you follow the steps verbatim, because if you fail to do so you may not make any money.
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