0% interest credit cards?

There are a few credit card companies that are offering credit cards with 0% interest for 12 months and $0 annual fees.

Therefore, cant i just use a credit card to pay all of my expenses for 12 months and deposit all of my income into an ING direct bank account (which gives 5% interest rate), and when the 12 months are over, pay the balance that is on my credit card that is in the bank and then keep the 5% interest that has been saved into my bank account? 5% is a lot when you consider $20,000 worth of expenses.

The underlying question is that are there any hidden fees that i maybe missing that will make this plan unprofitable?

0% interest credit cards?credit card debt

Answer: there could be hidden fees. But you can read the fine print to find out.

You know those balance transfer checks? You already know it%26#039;s like a 3% xfer fee, and then you enjoy 4% interest (or some very low rate) as you pay that off. A good deal, right?

Maybe and maybe not. Look at the fine print. That%26#039;s when you discover that they can use your monthly payment to only pay off the 4% rate item. Meanwhile, all the stuff that was already on your balance--at 20% interest or whatever--is not getting paid off, and continues to accumulate high returns for them, see?

It takes some reading and thinking and calculating.

Note that the above balance xfer deal would be a good deal *IF* nothing else was on you card balance...you had no prior purchases unpaid. Hope I%26#039;ve been clear. Good luck and be careful.

0% interest credit cards?

loan

Depends on how much you make a year

you have to make quite a bit more than what you pay in expenses and fees|||Don%26#039;t use credit cards. Get a debit card. You can do the same things with debit as you can a credit card. You just won%26#039;t go into debt with debit card, that is better than 0%|||Go for it; I do it all the time. The gotchas: Do not use the credit card for anything else during the free period; the new charge will incur interest at the standard high rate, and any payments you make reduce the interest-free balance, not any new charges (which will continue to accrue interest). Be absolutely sure that you can pay off the balance in full when the free period ends, and do so without fail. Once that is done, you can use the card for conventional purchases if you wish; just be sure to pay the bill in full every month. You%26#039;ll build a good credit record as well as have the use of some free money.|||How to Manage Your Credit Card Debt?

http://www.askaquery.com/Answers/qn1579....|||It%26#039;s not 5% of 20K...Its 5% on the weighted average of your deposit. ON the last day you had 20K, on day one zero.

Your average would be 10K. You%26#039;d make 500 bucks.

Also, I can%26#039;t imagine the limit would be 0% on new purchases up to 20K for a full year...Maybe, but I doubt it.

The card limit is probably lower and the deal may only be on transferred balances.