A financial guru-anti gambling crusader was on FOX financial news channel saying that it's an epedimic where people with good credit who never gambled much are abusing 0% APR credit cards to gamble with.To alot of people,this is like a free investment opportunity to possibly get them out of a lean existence.Here's how it works.The banks are flooding your mail boxes with these enticing credit card offers even paying you $50 to $100 just to get a card and make a first purchase.''$1''even.They give you a 0% APR for a year or 15 to 18 months with extensions and that includes getting cash advances.They keep sending you these blank checks in the mail where they are 0% APR but there is a 4% fee per $100 borrowed attached to them.When sportsbooks offer you a fuzzy 100% signing bonus,4% doesn't sound bad.Anyway,if you acquire a number of these 0% APR cards you can kite them for quite awhile paying off the earlier cards you borrowed on.It's sort of like Bush and Obama USA since Woodrow Wilson economics.Eventually the crap hits the fan.Kind of like right now.
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It can be pretty tempting. Especially around now when everyone gets barreled in and wants to get out of the hole by Christmas.Comment -
It's good to have at least 100,000 in credit...........
I routinely have 40,000-60,000 on my credit cards(collecting REWARD POINTS at 0.99% or lower).
What sucks is that this not nearly as lucrative as pre-2004Comment
