Author Topic: v2.0 DON'T pay off your credit cards club  (Read 431 times)

Pizzabrewer

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v2.0 DON'T pay off your credit cards club
« on: July 10, 2018, 06:28:30 PM »
This is a thread to share your badass ideas of how to leverage 0% money available from credit card companies.

Yes, they have a well-deserved reputation for screwing consumers, but if you are careful and follow the rules you can borrow money for FREE for 12, 15 or 18 months.

I'm hoping folks will chime in with how they used the 0% purchase grace periods, balance transfers, etc to their advantage. 

tralfamadorian

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Re: v2.0 DON'T pay off your credit cards club
« Reply #1 on: July 10, 2018, 06:53:47 PM »
So, why do you need a second thread for this terrible idea?

Pizzabrewer

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Re: v2.0 DON'T pay off your credit cards club
« Reply #2 on: July 10, 2018, 06:59:45 PM »
So, why do you need a second thread for this terrible idea?

Because it's no more terrible than cc churning and tradeline sales.  0% money is available. 

The first thread bogged down in nonsense unrelated to this basic idea.  I don't wish to continue that here.

tralfamadorian

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Re: v2.0 DON'T pay off your credit cards club
« Reply #3 on: July 10, 2018, 07:02:26 PM »
So, why do you need a second thread for this terrible idea?

Because it's no more terrible than cc churning and tradeline sales.  0% money is available. 

The first thread bogged down in nonsense unrelated to this basic idea.  I don't wish to continue that here.

How can it be 0% if there are credit card transfer fees and 401k loan costs?

Pizzabrewer

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Re: v2.0 DON'T pay off your credit cards club
« Reply #4 on: July 10, 2018, 07:05:52 PM »
So, why do you need a second thread for this terrible idea?

Because it's no more terrible than cc churning and tradeline sales.  0% money is available. 

The first thread bogged down in nonsense unrelated to this basic idea.  I don't wish to continue that here.

How can it be 0% if there are credit card transfer fees and 401k loan costs?

Go back to the other thread.  That's not what we're talking about here.  There are plenty of 0% transfer fees.  401k has nothing to do with this.  Last time I'll be polite.

tralfamadorian

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Re: v2.0 DON'T pay off your credit cards club
« Reply #5 on: July 10, 2018, 07:20:03 PM »
But what possible "badass" possibilities are there in short term debt so high risk that it rolls over into two digit interest rates?

And you pretty much have to be polite. Forum rule #1.

Pizzabrewer

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Re: v2.0 DON'T pay off your credit cards club
« Reply #6 on: July 10, 2018, 07:22:24 PM »
Well a few folks did chime in with great hacks on the first thread before it got derailed.  Stick around and you might learn something.

You pretty much also have to not troll.  Forum rule number *1.0.

boarder42

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Re: v2.0 DON'T pay off your credit cards club
« Reply #7 on: July 11, 2018, 04:41:09 AM »
1 what @secondcor521 did is no longer available. He had guaranteed return.

2. What @tomsang did is quite savvy.

3. What you're doing completely inhibits you from taking advantage of either of these options above. Bc you're pulling up debt to make pennies. Maybe. And it's a big maybe. You're more likely to lose dollars chasing pennies.
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Pizzabrewer

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Re: v2.0 DON'T pay off your credit cards club
« Reply #8 on: July 11, 2018, 05:10:59 AM »
1 what @secondcor521 did is no longer available. He had guaranteed return.

2. What @tomsang did is quite savvy.

3. What you're doing completely inhibits you from taking advantage of either of these options above. Bc you're pulling up debt to make pennies. Maybe. And it's a big maybe. You're more likely to lose dollars chasing pennies.

Oh FFS stay off this thread unless you have something to contribute to this discussion.

boarder42

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Re: v2.0 DON'T pay off your credit cards club
« Reply #9 on: July 11, 2018, 05:52:18 AM »
since the numbers used were "incorrect" taken from your other posts in the thread please clarify how you're actually profitting with your system

https://forum.mrmoneymustache.com/throw-down-the-gauntlet/don't-pay-off-your-credit-cards-club/msg2066336/#msg2066336

https://forum.mrmoneymustache.com/throw-down-the-gauntlet/don't-pay-off-your-credit-cards-club/msg2066353/#msg2066353

it shouldnt be too hard if you've actually done the math and understand all risks involved to reply to these two comments in your other thread with information thats useful so some may actually see value in what you're doing

Clearly you've not thought more than in the moment. Or you'd have immediate answers vs jsut being dissmissive.  These two posters clearly took the time to go thru the data you've provided and show you the best case marginal gain and you've just said nope its wrong - wow great debate. 

Now i'll be the first to say if the ability to do what secondcor did comes back around this thread has merit.  otherwise this thread is completely useless doesnt matter what your goals are here until you presesnt data that supports what you're doing and how its beneficial long term (i'm 99% sure its not) then i'll continue to post in these for the reason pointed out by other posters in other threads- someone coming here and thinking they are gaining a large advantage by compounding callable debt regardless of the interest rates.
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boarder42

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Re: v2.0 DON'T pay off your credit cards club
« Reply #10 on: July 11, 2018, 05:55:23 AM »
and for your information this isnt trolling.  Everyone Every fucking one of us who is asking this question wants to see the numbers .... since you're not providing any we have no choice but to make assumptions.  You can either correct these assumptions with your actual data or continue to not provide information on how you think this actually is working.

MOD NOTE: Not being a jerk includes the tone you use.
« Last Edit: July 11, 2018, 06:56:37 AM by arebelspy »
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Pizzabrewer

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Re: v2.0 DON'T pay off your credit cards club
« Reply #11 on: July 11, 2018, 06:05:07 AM »
You'll notice I didn't mention my situation at all in this thread. I'm looking for the kind of discussion the original thread had going until you started piling on. It's not specific to me. There were several useful posts (lexde, DS, talltexan, red panda, MsSindy, etc.) That's what this thread is for, continuing the discussion without your boorishness suffocating it.
« Last Edit: July 11, 2018, 06:14:40 AM by Pizzabrewer »

boarder42

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Re: v2.0 DON'T pay off your credit cards club
« Reply #12 on: July 11, 2018, 06:53:30 AM »
You'll notice I didn't mention my situation at all in this thread. I'm looking for the kind of discussion the original thread had going until you started piling on. It's not specific to me. There were several useful posts (lexde, DS, talltexan, red panda, MsSindy, etc.) That's what this thread is for, continuing the discussion without your boorishness suffocating it.

so your plan for this thread is to have people present ideas for how they use this and its ok if they provide no data as to how its actually profitable to them and you're not planning to share how you're using it to create high risk and minimal reward - sounds like i need to go get some popcorn. since we can actually have a civilized conversation and debate the validity of a choice due to lack of data.
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arebelspy

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Re: v2.0 DON'T pay off your credit cards club
« Reply #13 on: July 11, 2018, 06:58:19 AM »
Act like grown ups, please.

Locking thread.
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