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Updated about 9 years ago,
Buying with credit card......can I borrow money for free, really?
So, I'm on to my next property (buy and hold). I'm wanting to put as little cash as possible up front for the next one. I'm buying in the 10-25k price range. I have two credit cards. Current balance of $0 on both. Credit card A has a limit of 10k, 17.99% APR, currently offering 0% APR on balance transfers until Aug17. Credit card B has a limit of 10k, 11.9% APR, currently offering 1.9%APR on balance transfers until Feb17.
So if I'm gaming this right, I can purchase a 10k property with card B, transfer the balance to card A with 0% interest, as long as it's paid by Aug17. I understand that the interest skyrockets to 18.9% after Aug17. I also understand that there is a 3% transaction fee ($300).
What am I missing? Anyone else doing this?