Originally Posted by
yukon50
When people get this card with 0% APR for 12 month, do they run the balance up to a certain % of CL (just make minimum payments) and place money into an online savings account, like 0.9%. Is this even worth doing?
Is it worth doing up to something like 30% of CL on the 0% offer?
How much is the total NET extra cash you would get?
0.9% is PER YEAR, so a $10K balance (for easy calculation) would net you $90 BEFORE tax only if you carry that balance for a FULL 12 months. For the convenience sake, I even ignore the minimum payment you would need to pay each month that effectively reduces the "principal" of $10K that you can earn that big fat $90 pre-tax, so the $90 would become somewhat less.
Is this worth the trouble to do what you are thinking as an option?
Not to mention other nuisance factors that other posters have elaborated.
You would be much better off to just MS that $90 in just a few months, very conservatively, quick, easy and much simpler.