Liz Pulliam Weston’s column today on MSN Money is about the 0% balance transfer money making scheme that I’ve finally had the courage to attempt.
It’s legal money laundering as far as I’m concerned. In her article she calls it “arbitrage”, which I guess is just a sexier term for the same thing.
For those who don’t know, she explains the whole thing succinctly, “Arbitrage is simply exploiting a difference in interest rates, by borrowing at the lower rate and investing at a higher one.”
It’s comforting to know that my exact plan of attack is exactly what she described in the article. I’m using a 0% credit card offer and then dropping the whole load into an ING account.
What’s not comforting is that she mentions that the offers like this are getting harder and harder to come by, of course, just as I’m testing the waters. Figures. If this first run went well, I was going to start making moves like this with greater frequency…
That said, here’s to hoping my big check from the transfer is in my mailbox this afternoon so I can get it in before the long weekend.
Combined with the events of this morning, that’d make this Thursday one of the best on record.