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How to Access Whole Credit Line via Purchase for a BT?? Archived From: Finance

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   posted: Apr. 22, 2008 @ 6:23p
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I just got a credit line increase and 1.9% on purchases offer from Discover. I am trying to get most of my credit line into my checking out with the 1.9% as my balance transfer rate is a little higher. I was going to open a checking act and use the card for my initial deposit but no bank so far lets you use Discover, just Visa or Mastercard and some have a cap on the amount you can deposit initially. Anyone know of any banks that will let me use my Discover card or how I can take advantage of the purchase rate and get my whole credit line. Thanks in advance for any help!

   posted: Apr. 22, 2008 @ 6:23p

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   posted: Apr. 22, 2008 @ 6:28p
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welcome to fatwallet

   posted: Apr. 22, 2008 @ 6:52p
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Thanks. Been here for a while, but this is my first post. Can anyone help?

   posted: Apr. 22, 2008 @ 7:29p
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That seems quite complicated for 1.9% interest. Not sure if it's worth it unless your checking account has bigger than 1.9% interest. You could try buy visa/mastercard gift card using your discover card. Just an idea. Never tried it myself before.

   posted: Apr. 23, 2008 @ 11:07a
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No bank will let you use it without a limit. It costs them to charge your CC, they are willing to take a small hit but not a big one.
1.9% is not that great for arbitrage with the current low APR's. Most HYS accounts top at around 4%, so depending your tax bracket that would really be around 3%.
Unless you are in need of cash, you should simply use the card for regular purchases, paying the minimum until your 1.9% ends...

   posted: Apr. 23, 2008 @ 2:32p
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Can you find a local store that lets you take $50 Cash Back at the register and codes it as a purchase?

   posted: Apr. 23, 2008 @ 2:55p
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Could you buy gift cards which could be cashed in , or be exchanged for money orders?

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