OK, here is the scenario:
Step 1: Open a credit card with, let's say, $20,000 limit.
Step 2: Draw down the full $20,000 as cash.
Step 3: The same day, transfer the balance to a low interest balance transfer (some offer no interest) credit card. Pay all fees of course.
Use the $20,000 in an online saver (i.e. UBank at 5.56%)....and viola!!!!
At the end of the low interest period, repay the new bank.
I can not see why this would not work. Anyone???
Step 1: Open a credit card with, let's say, $20,000 limit.
Step 2: Draw down the full $20,000 as cash.
Step 3: The same day, transfer the balance to a low interest balance transfer (some offer no interest) credit card. Pay all fees of course.
Use the $20,000 in an online saver (i.e. UBank at 5.56%)....and viola!!!!
At the end of the low interest period, repay the new bank.
I can not see why this would not work. Anyone???