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Triangle | Credit card trick: Is this possible? Is this illegal? |
Let's say you have two credit cards, each with a $10,000 limit that you can take out in cash, and neither charges interest if money you borrow is paid back within one month.
So, you get $10,000 cash, from credit card "A" and put it in your pocket. Then, 30 days later, you use credit card "B" to pay off credit card "A". Then again, 30 days later, you pay off credit card "B" with credit card "A" - You just keep going on and on like that, but you never pay back the first $10,000 you got because you're juggling it with the two credit cards!
Is this illegal? Is this possible? Could you really keep the $10,000 indefinitely? |
 |
 
Jason
 |
Extremely unlikely, since cash advances on credit cards get no grace period; that means interest begins accruing at the time of the transaction. On purchase transactions (where you actually buy something), you get a grace period, which is why your statement doesn't come with interest on it if you are a "revolver" (meaning you pay off in full on time, each month). Since you're going to be hard pressed to find a rate of return on your money that exceeds what you'd be paying in interest to your credit card company, this is probably a bad idea. |
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tanzer360
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Cash advances are never interest free. They charge interest the minute you take the cash! |
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Joey R
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Just because there is no interest doesn't mean there isn't a finance charge. |
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Mellie Moo
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It's legal to do however the interest you would accrue from cash advances being taken out on each credit card every month would kill you and put you over the limit - you'd be better off taking out a personal loan or revolving line of credit and paying it off slowly - certainly a lot cheaper with the interest rates too!! |
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cowboydanimal
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There's going to be an APR charge, as well as a cash advance charge, so taking out 10,000 will incur a lot more costs that its worth. Eventually, you're going to spend at least $10,000 keeping it in your pocket.
Also, it's just like borrowing from Paul to pay Peter. Who is next, Mary?
There are more honest, and less expensive ways to get 10k. |
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Trynsee
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No because all credit card companies charge a cash handling fee on any cash withdrawn regarless of when you pay it back. How much this is depends on the card company but is usually around 2.5 - 3% |
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SlimMick
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There's a 3% average cash-advance fee per shot....so you're looking at $300 per cash-advance....in addition to the daily interest....Not a good idea.... |
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jchanman33
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Yes that would be legal but there is no point as it won't help your credit that much and you could never spend the money |
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src50
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Cash advances charge interest from the day you draw the money. There is no "zero interest" or "grace period" for cash advances. |
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Smiley
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Tanzer is very right. That does not exist. You will always pay for a cash advance, whether it is Visa, Mastercard, AMEX, etc....
Nice try. Mind you, why not get 10 guys to take turns paying $500 ( $5000 ) once a month to each guy and at the end of the next month, they get their money back and throw it in the pot again, each tiume, each guy taking turns with the $5000..... You will have to pay it all back in the long run, but for that moment, you will have $5000....HAHAHAHAH |
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peacemunga
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Whats the use of that? you dont get to buy anything coz it all just gets shifted back and forth. |
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