I’ve performed this arbitrage dozens of times over the last decade+. Sometimes on securities (I know
), sometimes on higher interest GICs.
If someone gives you nearly free money, consider taking it.
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It's only arbitrage in theory. In practise the bank knows most humans are weak. One slip-up and that $18,000 balance transfer becomes an immovable mountain on top of an accidental $300 charged to the wrong card that will charge 24.99% until the bitter end, promo period or not.
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Do you get offers which are worthwhile? I get offers for "0% interest on balance transfers for 6 months" with fine print saying "3% fee applies to balance transfers" -- at which point they're basically offering me money for 6%, which is not exactly a fantastic rate.
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If they spot on your credit report that you opened a new card, they'll get jealous and start offering more transfers. Don't ask me how I know.
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I do this *quite* often, I am not convinced they caught on somehow.
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I keep on rolling the debt. Citi has fronted me multiple tens of thousands for the last...seven years.
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Protip: citi is garbage, you should take advantage of them until they obtain serious management.
End of conversation
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