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25 Jun 2012
A few weeks ago I blogged about some credit card checks that Capital One sent, with terms that appeared to offer free money. I wrote myself a check for ten grand, and deposited it in the bank to see what would happen.
As expected, they billed me on Dec 11th and what do you know, they really do have a grace period so the bill was for $10K, no interest, due on the 5th of January. So I wrote myself another check for $9900, to avoid hitting my $20K credit limit, and deposited that on Sunday. Today they sent me another email telling my balance transfer was approved and now I have $19,900 of free loan money in the bank.
So this actually seems to work, I'm earning a modest amount of interest on the free loan, and I still have a check left. How does Capital One plan to make money from this? Do people really write themselves these checks, then pay 17.9% on the balance? Yow.
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