Balance Transfer Update

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.

Making Money with 0% Balance Transfers

When interest rates on MMAs were higher, I used 0% balance transfers to earn extra money. Since the rates have been lower, I hadn't been able to find good offers where the interest I would earn would be enough to cover the transfer fees. About a week ago, I received an offer from Capital One Mastercard for 0% for 15 months with NO Transfer Fee. Needless to say, I applied right away and transferred money to two of the cards I regularly use. Now I'm waiting for a check from Capital One for the rest of the money, and I'll put it into a CD.

Once I open the CD, I'll post a follow-up with what I expect my profit to be.

Credit Card Fraud--Protection from Ourselves

Yesterday, I received a call from the Security Department of the Visa credit card that we use for most purchases. They wanted me to verify a charge from a company in the UK. It was for a large amount, and since my husband hadn't mentioned any large purchases for work, I told the rep that I would check with my husband, but that I thought the charge was NOT valid. Then I called my husband to see if he had ordered anything, and he said, "Yes, I already received the product. It's a valid charge."

I'm grateful that we have good fraud protection--I just wish hubby had told me of his plans! Thirty minutes of back and forth with the credit card company and my husband, and I think everything is worked out.

Moral of the story: Call your credit card issuer if you plan to use your card buy anything from outside of the US.

ING Direct Referrals Available Again

ING Direct is being generous in 2008. You can earn a $25 bonus for opening a savings account or a checking account with at least $250;however, you need a referral code from an existing account holder. The APY on the savings account is 4.10%, and you can earn up to 4.80% on the checking account, depending on your balance.

If you send me an email, I will send you a referral. I will receive $10 for each account that is opened. Help me to help you! Thanks for your support!