With rising interest rates, I've been considering leveraging Alliant Cashback, Plastiq, and Chase Slate to gain access to 0% interest margin to invest in conservative corporate bonds. The main flow of money is:

Sign up for Alliant Cashback (3% cash back) -> send myself a $30,000 check via Plastiq (2.5% lost to fees) -> buy 1-2 year corporate bonds yielding 2.8% -> transfer Alliant balance to Chase Slate for 15 months of 0% margin -> enjoy the .5% cashback difference and 2.8% interest from bonds to gain a quick $990 in taxable capital gains ($30000*[2.8%+.5%])

Some variables I need help understanding that could erase my thin margins are:

*Alliant classifying the 30k as a cash advance

*Chase Slate limits the 0 fee balance transfer to 30k per card (could open another one with one of my EINs)

*Somehow the IRS considering the entire 30k Plastiq check as income during an audit

What does everyone think about this idea?