how do the banks do this?

[MadJack]

i was going to pay my cars off in January (approx $20K) and got an offer from Bank of America for $20K interest free from January to May17th.

I called them to make sure if I paid off I wouldn't be charged any interest. They assured me so I took them up on the offer. I used THEIR money to pay off my vehicles and kept my $20K in my money market, drawing what little interest they paid, and i paid them off last week.

NOW, they want me to cash a check for $30K and keep it interest free until February 09.

I guess they hope I won't be able to pay off by then and crush me on the interest but I just might take their money again.

thoughts?

 

[MadJack]

i might just pluck that $30K down on some stock that has a good chance for a 50% or higher gain in the next 6 months.

any ideas on a stock that is fairly safe with a lot of upside potential?

:shrug:

 

[MadJack]

btw, i know that's a big :nono:

 

[dawgball]

I guess they hope I won't be able to pay off by then and crush me on the interest but I just might take their money again.

That's exactly the plan, and for the majority of the time works like a charm.

If you are willing to roll the dice and can back up the $30K, I suggest the following stocks.

JNJ
DIS (maybe too much of a run recently)
INTC

 

[MadJack]

That's exactly the plan, and for the majority of the time works like a charm.

If you are willing to roll the dice and can back up the $30K, I suggest the following stocks.

JNJ
DIS (maybe too much of a run recently)
INTC

i'll ask you again after i get the funds in my ameritrade account. i guess that's gonna be 10 days or so? i'll have to deposit it in my biz acct, take a check to my personal acct and send them a check from personal.

:142smilie

 

[freelancc]

$30,000 future for Baltimore Ravens to win super bowl to win $1,575,000. :shrug:

 

[MadJack]

$30,000 future for Baltimore Ravens to win super bowl to win $1,575,000. :shrug:

:00x32









































:142smilie :142smilie

 

[ageecee]

I would play one baseball game per day for 1K per game. Follow you a good capper and build up the bankroll.

 

[jr11]

What is the O/U for wins this upcoming season for the Ravens?? You might want to think about under because it appears they might not have any players left after they beat each up.

jr11

 

[justin22g]

i might just pluck that $30K down on some stock that has a good chance for a 50% or higher gain in the next 6 months.

any ideas on a stock that is fairly safe with a lot of upside potential?

:shrug:

That is a great idea. Wish I had the funds to do the same thing.

All in all, if the stock you buy does dip a little within your 6 month timeframe... chances are it will be only a little.

 

[marine]

Standard stuff here Jack..

I'm currently doing it, as well as many others I know. It's called "App-o-Rama"

The jist of it is to take 1-2 days and apply to as many credit cards as you can or bank loans, whatever you can get... but you only apply to the ones that have 0% interest for 1 year or so.

Then once you get all the cards, do a balance transfer check into your bank account for as much as you can. (remember, its 0% for a year)
take that lump of cash and drop it in a CD or a high yield savings account for a year.
End of the year, withdraw it, pay back all the CC/loans and the rest is profit.

You'll take a hit on your credit score for about 5 months or so, but it bounces back pretty quick.

Presently, I have about $140,000 in CD's pull around 4.6%.
Will give me about 7k after the year is done. not too shabby for doing nothing.

The banks offer it to get you to bring all your business to them, and normally people do not pay it all off and will get hit with the interest after the free period is over.

 

[kneifl]

here's the best mutual fund I've ever held

here's the best mutual fund I've ever held

CGMFX

CGM Focus Fund

http://finance.yahoo.com/q?s=CGMFX

Jim Cramer rates it as his #1 mutual fund to be in. I've gained a lot on it and haven't even had it for a full year.

Those interest free offers are great. I'm doing one with Citicard right now.

kneifl

 

[justin22g]

CGMFX

CGM Focus Fund

http://finance.yahoo.com/q?s=CGMFX

Jim Cramer rates it as his #1 mutual fund to be in. I've gained a lot on it and haven't even had it for a full year.

Those interest free offers are great. I'm doing one with Citicard right now.

kneifl

Tax Analysis
Pretax Return (3yr avg)
36.41%
Tax-adjusted Return
(3yr avg)
32.05%
Tax Cost Ratio (3yr avg)
3.20%
Potential Cap Gains
Exposure % (3yr avg)
22.34%



Trailing Total Returns
As of 05/03/2008
Total S&P 500 TR Large Blend
1-Month +12.59% +4.87% +4.88%
3-Month +12.94% +1.03% +1.06%
Year-to-date +3.79% -5.03% -5.29%
1-Year +68.22% -4.68% -4.32%:scared
3-Year +36.41% +8.23% +8.29%
5-Year +37.06% +10.62% +10.57%
10-Year +24.25% +3.89% +4.00%
Since Inception +24.01% +11.08% --

 

[justin22g]

Also Jack, check out some financial stocks. I know they have taken a beating in the last year, and some of them are bouncing back.

 

[ces]

I'd look at Aldi's or Super-Valu, as discount grocers should thrive in this economy. (You might hold a fewbucks and follow Lord of Balls.)

P.S.
Take note of my signature line.

 

[vinnie]

P.S.
Take note of my signature line.

I'M GETTING TRIED OF OVER PAYING FOR THINGS :SIB

 

[hedgehog]

i might just pluck that $30K down on some stock that has a good chance for a 50% or higher gain in the next 6 months.

any ideas on a stock that is fairly safe with a lot of upside potential?

:shrug:

How about a cd, no risk and make a few bucks

 

[Morris]

Standard stuff here Jack..

I'm currently doing it, as well as many others I know. It's called "App-o-Rama"

The jist of it is to take 1-2 days and apply to as many credit cards as you can or bank loans, whatever you can get... but you only apply to the ones that have 0% interest for 1 year or so.

Then once you get all the cards, do a balance transfer check into your bank account for as much as you can. (remember, its 0% for a year)
take that lump of cash and drop it in a CD or a high yield savings account for a year.
End of the year, withdraw it, pay back all the CC/loans and the rest is profit.

You'll take a hit on your credit score for about 5 months or so, but it bounces back pretty quick.

Presently, I have about $140,000 in CD's pull around 4.6%.
Will give me about 7k after the year is done. not too shabby for doing nothing.

The banks offer it to get you to bring all your business to them, and normally people do not pay it all off and will get hit with the interest after the free period is over.

Interesting...why do you take a hit on your credit score?

 

[MadJack]

Interesting...why do you take a hit on your credit score?

for being loaded up in CC debt and for applying for so many loans and for all the inquiries into your credit history and more that i'm not thinking of right now.

 

[saint]

Standard stuff here Jack..

I'm currently doing it, as well as many others I know. It's called "App-o-Rama"

The jist of it is to take 1-2 days and apply to as many credit cards as you can or bank loans, whatever you can get... but you only apply to the ones that have 0% interest for 1 year or so.

Then once you get all the cards, do a balance transfer check into your bank account for as much as you can. (remember, its 0% for a year)
take that lump of cash and drop it in a CD or a high yield savings account for a year.
End of the year, withdraw it, pay back all the CC/loans and the rest is profit.

You'll take a hit on your credit score for about 5 months or so, but it bounces back pretty quick.

Presently, I have about $140,000 in CD's pull around 4.6%.
Will give me about 7k after the year is done. not too shabby for doing nothing.

The banks offer it to get you to bring all your business to them, and normally people do not pay it all off and will get hit with the interest after the free period is over.

That's a hell of a lot of work for 7k. Filling out what like 10 applications, doing all the tranfers, keeping the accounts straight like which are due when, etc etc. :shrug: