I've seen people mention using 0% APR credit cards (with 12-18 month promotional periods) and transferring the balance to a high-yield savings account (HYSA). The idea is to make minimal payments during the promo period, then pay off the full balance at the end, pocketing the interest earned from the HYSA.
However, most credit cards charge a 3-5% fee for balance transfers. Can someone explain how this strategy works if you're hit with these fees? Is there a way to avoid the fees altogether, or is that just part of the cost of this method?
Submitted October 06, 2024 at 03:07AM by rainnz https://ift.tt/XJy5AvN
