The people with good credit in this forum have been able to do this with 2-300k or more, resulting in tens of thousands in profit per year, all for doing nothing but shuffling money around.

This is exactly how hedge funds make money, except they are shuffling 2 - 300 million bucks.

The simple explanation is that they offer a teaser rate to get you to take their credit card. The hope is that once you finish your promotional period you will continue to use the credit card and generate interest income(what the accountholder has to pay in interest if they do not pay off their balance) for the company. Ofcourse they are also happy when you miss/are late on a payment and stick you with the 2x%+ interest rate.

viperx116 said:SUCKISSTAPLES said:viperx116 said:So you basically borrow money from the bank at a lower interest rate, then you invest it in a high yields savings account? I haven't been keeping up with financial strategies and kind of new to this.yes thats exactly what you do.

Ideally you borrow it at 0% and put it in an account paying 5%+. The people with good credit in this forum have been able to do this with 2-300k or more, resulting in tens of thousands in profit per year, all for doing nothing but shuffling money around.

So banks actually let you borrow at 0% interest? Even if you pay back in full by a certain time limit, I don't see how that's beneficial to the bank. Yea I'm stupid. Enlighten me please.
miss a payment and whammo, 29.9% interest... When playing this game, make darn sure you don't have late payments.

Also the low number of people doing this kind of thing is offset by the rest of the public, who don't know how/don't care to/don't realize they can do stuff like this.

Azurik said:***I am announcing my intention of doing an AOR. I am researching which cards to apply to by looking at this APP-O-RAMA site. Currently using this thread as a placeholder - will continuously update as info comes in.***

Purpose of AOR: To reap free monetary rewards, free miles and free gifts. To utilize 0% BT offers to make money with other people's money.

Profile:
Age: 24
Gender: Male
Status: Single
FICO: 761
Credit History: 7 years

Background:
Founded Azurik Inc., an e-commerce/consulting company as a sophomore in college. Earlier this year, I accepted a job offer to work for a government defense company financing their Missile Defense. In process of completing a partnership with a team in Thailand to fund my next entrepreneurial venture. Oh, and obsessed with Fatwallet Finance

Financial Status:
Assets: low-mid six-figures (cash and cash equivalents)
Debt: $0

Nice seeing you back at FW posting!! And who can forget your generosity of allowing us to use your Centurion conserige service. Definitely keep us posted!

Ivanist said:Azurik said:***I am announcing my intention of doing an AOR. I am researching which cards to apply to by looking at this APP-O-RAMA site. Currently using this thread as a placeholder - will continuously update as info comes in.***

Purpose of AOR: To reap free monetary rewards, free miles and free gifts. To utilize 0% BT offers to make money with other people's money.

Profile:
Age: 24
Gender: Male
Status: Single
FICO: 761
Credit History: 7 years

Background:
Founded Azurik Inc., an e-commerce/consulting company as a sophomore in college. Earlier this year, I accepted a job offer to work for a government defense company financing their Missile Defense. In process of completing a partnership with a team in Thailand to fund my next entrepreneurial venture. Oh, and obsessed with Fatwallet Finance

Financial Status:
Assets: low-mid six-figures (cash and cash equivalents)
Debt: $0

Nice seeing you back at FW posting!! And who can forget your generosity of allowing us to use your Centurion conserige service. Definitely keep us posted!

Appreciate the warm welcome back, Ivanist. I'm happy to be back and look forward to being active as before. It's been a rough few months. My girlfriend of 4 years (you may remember a story I posted here how she got her PayPoo account phished) and I broke up at the beginning of this summer. It wasn't a good break-up by any means and it took a big toll on me. I may be financially smart and business savvy, but I never had someone be so close for 4 years and it come to what it did. Being 24 and young love, huh? I'm out there dating casually, but there's still times when it hits you here and there. I'm doing better though.

Well, that was a bit more information that anyone cared for, haha

SUCKISSTAPLES said:Azurik said:. It's been a rough few months. My girlfriend of 4 years (you may remember a story I posted here how she got her PayPoo account phished) and I broke up at the beginning of this summer. It wasn't a good break-up by any means and it took a big toll on me.

Well, that was a bit more information that anyone cared for, haha

You mean the one another Fwer referred to as the "hot egg"?

Good to see you jumping back into the waters..and if you need any "entertainment" suggestions for the next time your business travels take you to Thailand, PM me. They dont call it the LOS for nothing.

Haha, SIS! I know that about Thailand before I was born

Although the coup'd'te will be an interesting story as it unfolds, wonder what's going to happen. Value of Baht going down means good activity for you right SIS?

Azurik said:SUCKISSTAPLES said:Azurik said:. It's been a rough few months. My girlfriend of 4 years (you may remember a story I posted here how she got her PayPoo account phished) and I broke up at the beginning of this summer. It wasn't a good break-up by any means and it took a big toll on me.

Well, that was a bit more information that anyone cared for, haha

You mean the one another Fwer referred to as the "hot egg"?

Good to see you jumping back into the waters..and if you need any "entertainment" suggestions for the next time your business travels take you to Thailand, PM me. They dont call it the LOS for nothing.

Haha, SIS! I know that about Thailand before I was born


what are the chances of you asking for a black card for me...im more than happy to pay the yearly fee...i just don't spend 250k...more like 100k
Although the coup'd'te will be an interesting story as it unfolds, wonder what's going to happen. Value of Baht going down means good activity for you right SIS?

cameron, its a shame you havent learned anything from this thread....pay more attention.

Azurik is getting special attention as he has used FW to make tremendous amounts of money, is one of the youngest and sharpest FW'ers out there, starting up and running a million dollar business while in college... read his story....

d1sturbdapeace said:Or go here :)

he has a future so bright I gotta put on stunner shades. Any FWF reader doing 1/20th what Azurik does will benefit from his story and implementing whatever parts you can

SUCKISSTAPLES said:

Ideally you borrow it at 0% and put it in an account paying 5%+. The people with good credit in this forum have been able to do this with 2-300k or more, resulting in tens of thousands in profit per year, all for doing nothing but shuffling money around.

Tens of thousands in profit per year? Maybe for a select few here. Figure if someone gets $200k worth of free money and manages to find a year or less 6% CDs, Which are getting hard to find, They make $12k and after any fees and taxes they would not even make $9k. So just how much would you need to make "tens of thousands in profit per year"? Also now we have other implications if your score takes a even a temporary hit like increased insurance costs which could cut further into your profits. I do agree the lure of free money is strong and understand why you guys do it, Heck I am excited about the free $1.10 in trial deposits I just made using Capitol One's new linking feature, All profit baby

Azurik said:

I recently got several increases in credit lines. I'm waiting for my next billing cycle so all of this shows up on my credit report before pulling the trigger. Will update once I do this.

I would think you would want to get moving on this as quick as possible, Looking more and more like FED is done with hikes and figure it will take a little bit of time to then get the money. Other than finding a CU deal I doubt you will be able to even come up with any 6% bank CDs. Any costs associated with an AOR will stay fixed while potential profits seem to be dropping weekly. Good luck though