In my last post, I was approved for a Capital One Mastercard with no-fee balance transfers. I received my balance transfer check within a week, and I was able to open a $15,000 1-year CD with a yield of 4.25%. I expect to earn about $640 in interest on the CD, and I'll also earn about $300 on the additional $4,000 in my money market account, given the current yield of 3.31%.
I'll be able to keep all of the transfered money earning interest by making a monthly balance transfer for the amount of the minimum payment to one of the credit cards I use regularly. Because I can make multiple transfers and the 0% balance transfer rate is good for 15 months, I'll earn more than $900 for the life of the transfer.
I'll definitely keep my eye out for other arbitrage opportunities.
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