would you do it for $101
go to the bank, write a credit card check for 10k to put in a 7 month cd that pays 4%? The cc check has 2.99% which is good for 11 months. CD matures and gets put in my checking account and I send the CC co. the payoff and pocket the $101. I've done it before so I know I can do it AND it does work but the payoff was a little over 200 the first time I did it.
I keep getting these cc checks I can make out for whatever I want so it is tempting to do it again. I gotta go to the bank anyway at least once a month.
would you do it?
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I'd open a support ticket
3 -
Not worth my time for a C note. You’d also take a hit on your credit score since you’re using $10k more of your available credit.
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Then that adds to your gross pay so it will be taxed which equates to way less than $101 - so no Nope
6 -
Way back when interest rates were high, we would take out a 3% pension loan & invest it at 6%.
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"would you do it?"
No…..
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……….would you do it?………..UMMM……….Nope.
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Nah, pass.
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Maybe, if it was a term much shorter than 7 months.
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Better than a savings account, but still not worth doing.
My son got an insurance settlement from being in a accident when he was about 14 years old. They gave him nearly $14,000.00. it was put in a savings account, and he couldn't touch it until he turned 18. It earned about $1.75. Every 3 months.
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LoL- no.
If it takes you seven months to earn $100 you’re playing the wrong game.
12 -
Way back in the late 70's / early 80's Jimmy Carter high interest years we could get farm drought disaster loans for 3%, many would turn around and buy CD's for 9-15%………., clearly a "no brainer" decision. Your case, I wouldn't think about it, no way is a $100 worth a $10 K gamble. I vote no 👎️
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I'm not going to do it it but it is free money. CD's are not a gamble and the $100 is free money, using another banks money. not worried about a credit hit. I'm retired and everything I have is paid for. Been debt free since 2005 and love it way too much to take on any debt. Besides, good credit will get you in more trouble than bad ever will. imo
If SS gave me a $200 a year raise I wouldn't say nah, if you can't give me a grand then just keep it. Nobody would.
Then there's the 2% cash back - A dollar here, a dollar there baby. 🤑
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That's a lot to gamble to end up with just enough money to pay for a nice dinner for 2 people, maybe 3 if you're lucky depending on the restaurant and it's location.
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Pass
6 -
may I ask what the "gamble" is with a CD? Bank failing?
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