0% Credit Card App-O-Rama – Update 2
Personal Finance
Here is another update on my latest credit card app-o-rama. I’ve just about wrapped the application phase up and am ready to get on with the tedious payment phase.
I applied for all these cards on July 20th and have had mixed results between the card providers.
Here is the current status on the 0% card applications:
| Card | Status | Limit |
| CitiBusiness | Approved | $4,000 |
| Citi Upromise Card | Approved | $7,500 |
| BOA NEA WorldPoints | Approved | $19,200 |
| Advanta Rewards BusinessCard | Approved | $5,000 |
| Discover More Card | Denied | |
| Chase MasterCard Platinum | Approved | $4,000 |
| BankAltantic Rewards Card | Approved | $20,000 |
| National Park Platinum Visa | Approved | $7,700 |
Finished With The 0% Applications
I’ve now heard back from all the 0% credit cards I’ve applied for as you can see in the table above. Some were more generous than other with their credit lines. In total I received $67,400 in 0% credit for the next year. If I stick it in my HSBC account at 5.05% APY that would be about $3,400 in interest, I probably could squeak a little more out if I went rate chasing.
Chase Again
Having already called me twice to verify information, Chase United Business Card called me yet again. This time however the lady was very helpful on the phone and didn’t understand why the previous documents I had sent were not acceptable. She looked everything over and told me she was putting my application through to the next phase, which still doesn’t mean its approved but at least its going somewhere. I should hear back via mail shortly.
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I was contemplating starting up a round of app-o-rama but the recent decrease in interest rates has me re-thinking whether the lower bank interest rate is worth the credit score hit.
Jon – I’m not really worried about my credit score right now as I only recently purchased my home and have no plans to take out any loans for the next couple years. If I did I probably wouldn’t have done this app-o-rama as just the sheer volume of applications is enough to bring down my score.
HSBC offers online savings accounts that earn 5.05% APY. Most credit card companies will send promotional “checks,” in this case with 0% interest for a period of time. Write yourself one of these promotional checks for the full amount of the credit line, maxing out the card, and then deposit that money in our HSBC account. While it’s in the savings account, it will earn interest while you don’t owe any interest on the cards. When the money becomes due to the credit card companies, withdraw it in full and pay off the cards, but keep the interest earned (in this case, $3400).
Basically, you’re making money off of someone else’s money they’re loaning to you interest-free, and then giving the money back before any interest is due.
Hello
I dont understand the part when you said you can stick this in your HSBC account and earn $3400 interest. How can you do it? I am very confused is it possible to get little explanation on that please.
Longtime lurker, first time commenter…
While my initial reaction to the amount of credit received and the potential earnings from your HSBC account, I couldn’t help but shudder at the hit your credit score would surely take should you decide to simultaneously max them out and exercise their earning potential.
Is this something you’re worried about at all? And, I suppose the best question to ask is, do you plan on taking such a drastic course of action?
That said, your site is quite insipring.