http://money.cnn.com/2005/02/01/pf/r...ex.htm?cnn=yes

Interesting article! I wonder if this will hurt his credit.
My cash advance on my CC is nowhere near 60k

 

Read that the other day. Like CNNMoney's Millionare in the making series.

Wouldn't think it would hurt his credit as he intends to pay it back. Of course I wouldn't be trying to get any big loans right now if I were him.

Smart idea.

 

And people make fun of me on other boards for doing things to save money.

Flame me if you will, but here are some things my family and I do to save some easy money:

1. Get on a family cell phone plan. Before my wife, her sister and I were on separate plans. Well, we and my sister-in-law's husband, all got on a family cell plan. It may not work for all, but we manage it easily and as a result save at least $50 (my wife and I that is) a month on cell phone bills.

2. We live next to one another, so we decided to split trash pick-up and use their curb as the place to put the trash cans. Again, no big deal - we save about $150/yr, which is an EASY $150/yr.

Some call us cheap, but I think it's smart. We spend when we need to spend, but save when it's easy to do so.

 

Interesting idea...

I wonder if this might ever come to bite him in the ass...

 

Since it's in an interest bearing account, he could easily access the money to pay it back if needed.

One thing that could screw him is if he misses on payment with something else - upon earning about late payments on other accounts many CCs will jack up a user's apr to 20-30% with very little notice. So that could bite him in the ass, but that is perhaps a long shot.

 

Interesting article, i need to rent out the rooms in my house

 

What credit card company will give you an interest free cash advance? I have never heard of that. I call

 

Actually, that is a good point - cash advances almost always have some interest associayed with them. The 0% is on purchases. Hmmmmmmmm...

 

Yea that is fishy, usually cash advance is about ~15% of one's total credit line.
So that would mean he has about a $400k credit line??!#!?%^?

 

If he has a $400K credit line, then he should already be a millionaire.

 

maybe it was a balance transfer...to himself. i receive offers all the time regarding a 0%, no transaction fee, transfer using checks. checks that i can make payable to myself.

 

He is a just a frugal fuck, attempting to make the best of what he has so far. Good for him.

I doubt you can get a 0% cash advance though.

 

The way my friend gets cash from his 0% APR card is that he uses his credit card to purchase a high priced item from Costco, then he returns it for cash.
He uses this cash to day trade with on margin.

So far it's bitten him in the ass...

 

That sounds like a really bad idea, i.e. buying on credit and returning for cash to trade.

 

You can return items on CC for cash???? Since when?

 

My Citi card sends me offers for 0% no fee cash advances all the time. It's the old 'bait & switch' deal...they're hoping & counting on you screwing up or carrying over a balance.

Don't know how he qualifies for such a large amount though...that's the real fishy part.

 

You can only do it a limited number of times, but some stores will allow you to bring back goods for a cash refund, assuming you give them your info. Most large chain stores do store credit now and don't offer cash refunds without a receipt.