Comments on: Need a Loan? You Don’t Have to Go to Prosper

By: Advanced Personal Finance

Advanced Personal Finance — Tue, 10 Jul 2007 12:32:12 +0000

I Don’t Do Credit Card Arbitrage…

Welcome and thanks for visiting! If you’re new to Advanced Personal Finance, you may want to subscribe to my RSS feed.I wasn’t going to ever write about credit card arbitrage, but a couple of fellow PF bloggers have had some experiences within …

By: MoneyNing

MoneyNing — Sun, 08 Jul 2007 01:54:00 +0000

Kit: I’m not sure since I pay off my credit card every month, but I heard that many credit cards employ this strategy currently. Maybe you should look into it.

By the way, you might want to just call Discover again and tell them about the 3.99% promotion and they can probably extend it to you if you tell him you will cancel it if they don’t (which is what you want in the first place).

By: Kit

Kit — Sat, 07 Jul 2007 22:20:46 +0000

MoneyNing – can that be true? No amount of logic I try to throw at that sticks. I called Discover last month because I was sick and tired of the high interest I was paying (I was paying it off every month until I put new kitchen flooring on the card in April and I didn’t want to be stuck with that monkey). I asked them straight off to please cancel my card because I was going to transfer the balance to a 0%. They said OK, but keep the card and we’ll give you 4.99% on new purchases for 12 months. I accepted. I probably should have kept bartering and in the future I will do so.

By: MoneyNing

MoneyNing — Sat, 07 Jul 2007 17:11:39 +0000

Good deal! Just remember to check on the fint print because I have heard recently that credit card companies charge interest on the original balance instead of the balance that hasn’t been paid off.

So for instance, I have $3000 in credit card bills, then I pay $2500, instead of getting charged 3.99% on $500, they would charge 3.99% on $3000.

I’m not sure if this applies to this card or not but remember to check it out.