I was recently considering taking down the “Send me the “How to make money with credit cards report”!” on the left sidebar. (Update: click here to download the report)
The problem was that I hadn’t received a credit card offering in the mail for quite a while that didn’t have some high fee for balance transfers. So I figured the opportunity had passed and the credit card companies had closed the loophole and I was just teasing people with the link still being up there. (Although it is a good real life example of how to work the system.)
Then a couple of days ago, I got a credit card offering from Wells Fargo advertising a zero percent, no fee, balance transfer for 12 months. Only problem is that it was addressed to my wife. Evidently they only allow you to apply for credit cards that are addressed to you personally.
But this proved that the loophole was still open. So I decided to check their website, and sure enough, there was a similar offer just sitting there waiting to be plucked. Free money.
The important part of that page is:
“Balance Transfer Fee: The fee is $0 for the first 30 days the account is open and after that, 3% of the amount of each balance transfer, but not less than $5 or more than $75.”
So as long as you get your balance transfer done in the first 30 days, then you’re good to go.
The opportunity is not as good as it has been in the past. For example, this one says 6 to 9 months and a 0% to 5.9% on balance transfers. And the internet bank interest rates have dropped, so that does lower the income from this scheme, but given that you don’t have to do much work for it, a free extra $30 or so bucks a month isn’t too bad.
Request for Help
We’ve had the site up for a while now and we thought it might be time to take another look at it and see if we can improve it. So if you have the time, then please take a second to answer some questions at the Survey link below.
You can send the answers anonymously or leave your email address if you want us to be able to ask you questions about your answers. And feel free to answer only the questions you want to, delete them all and send your own, or be brutally honest and tear us apart. Thanks for your time.
(Update: the survey is no longer available, but please feel free to send comments or suggestions via the contact us link.)