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I'm being offered $5000 for free...

N

narcotic

Golden Member
Anyway, citibank is offering me to get (yet another) cc, and I can get up to $5000 with 0% APR for a year! Its like, take it now, and pay it back whenever, so do you think its worth it? (btw I have in mind to cancel the card once I'm done exploiting citibank MUHahaha)

Edit: fiexed spelling
 
Uh....money you have to pay back is now "free", especially if you can't afford the monthly payments. But hey, go for it anyways!
 
Originally posted by: JohnAn2112
How is that free?
Click to expand...

0% APR... you get $5000, 12 months later you return $5000... only I can take the money and do whatevere I want with it now (invest..?)
 
Originally posted by: Riverhound777
Its bad for your credit to cancel the card after a short time.
Click to expand...

Are you sure about that? I mean if I pay back all in time etc. then why can't I cancel a card?
 
Originally posted by: narcotic
Originally posted by: JohnAn2112
How is that free?
Click to expand...

0% APR... you get $5000, 12 months later you return $5000... only I can take the money and do whatevere I want with it now (invest..?)
Click to expand...

Are they giving you the option for a cash withdrawal? Usually the terms are a bit different for that. Unless you do some weird scheming, you're not exactly going to get them to cut you a check for five grand.
 
Originally posted by: LordMaul
Originally posted by: narcotic
Originally posted by: JohnAn2112
How is that free?
Click to expand...

0% APR... you get $5000, 12 months later you return $5000... only I can take the money and do whatevere I want with it now (invest..?)
Click to expand...

Are they giving you the option for a cash withdrawal? Usually the terms are a bit different for that. Unless you do some weird scheming, you're not exactly going to get them to cut you a check for five grand.
Click to expand...

Yup, you can use it to pay yourself (other account). So its as good as cash.
 
seems like a bad idea. i understand what you are saying, but lets say you take the $5000 and invest it, what will you make? 5-6% best (since you need it to be safe). THen lets say you get they check to them a day late to pay them back. What do they charge you? 24%?
 
That would be a pretty crazy deal then.. time value of money says you'd be the winner in that transaction.
 
Originally posted by: LordMaul
Originally posted by: narcotic
Originally posted by: JohnAn2112
How is that free?
Click to expand...

0% APR... you get $5000, 12 months later you return $5000... only I can take the money and do whatevere I want with it now (invest..?)
Click to expand...

Are they giving you the option for a cash withdrawal? Usually the terms are a bit different for that. Unless you do some weird scheming, you're not exactly going to get them to cut you a check for five grand.
Click to expand...

He could always buy a $5,000 Target gift card, or something simular...
 
OK, its not $5000 FREE.
Its borrow $5000 FREE of interest
Big difference there.

Anyhow, yeah do it, I've tatken advantage of Citibank offer many times...there is no catch.
Take it, put it in a CD account @ 5.25%.
After a year, collect $262 of interest.
Only thing is you have to make the minimum payment each month which is about ~$110/month.

BTW, I had a better offer.
0% for LIFE and I took out $15,000
Heres the old THREAD
 
Yeah, don't forget the mandatory monthly payment. You don't wait until the year is up to pay it all back. Citi is hoping you'll screw up just one time, either with them or by paying some other bill late so they can jack up your rate (the terms and conditions permit this).

You're betting you won't. Don't screw up, and you'll make a few bucks.

Only you know if you're likely to pull it off.
 
Jeeezzzzzz....not many adults in this forum, is there ??

There are tons of CC that gives 0% for 12 months to start off.
Its been available for a while.
Visit the Finanve section at Fatwallet sometimes, there are people that abuse this phenomenon.
Some of them have over $100K "floating" just earning interest.
 
If you can have them write you a $5,000 check, just put it into a money market account until you need to pay it back.
 
Originally posted by: CTrain
OK, its not $5000 FREE.
Its borrow $5000 FREE of interest
Big difference there.

Anyhow, yeah do it, I've tatken advantage of Citibank offer many times...there is no catch.
Take it, put it in a CD account @ 5.25%.
After a year, collect $262 of interest.
Only thing is you have to make the minimum payment each month which is about ~$110/month.

BTW, I had a better offer.
0% for LIFE and I took out $15,000
Heres the old THREAD
Click to expand...

You got 0% for life?? That doesn't make any sense (though I'm not saying you're lying), I mean, they need to earn something..
If they just give you money for free (or let you borrow it or whatever you want to call it) then they lose money, since they could've given that money to someone who would pay for it.
 
Originally posted by: narcotic
Originally posted by: CTrain
OK, its not $5000 FREE.
Its borrow $5000 FREE of interest
Big difference there.

Anyhow, yeah do it, I've tatken advantage of Citibank offer many times...there is no catch.
Take it, put it in a CD account @ 5.25%.
After a year, collect $262 of interest.
Only thing is you have to make the minimum payment each month which is about ~$110/month.

BTW, I had a better offer.
0% for LIFE and I took out $15,000
Heres the old THREAD
Click to expand...

You got 0% for life?? That doesn't make any sense (though I'm not saying you're lying), I mean, they need to earn something..
If they just give you money for free (or let you borrow it or whatever you want to call it) then they lose money, since they could've given that money to someone who would pay for it.
Click to expand...

Did you bother reading the old thread ??
 
Originally posted by: CTrain
Originally posted by: narcotic
Originally posted by: CTrain
OK, its not $5000 FREE.
Its borrow $5000 FREE of interest
Big difference there.

Anyhow, yeah do it, I've tatken advantage of Citibank offer many times...there is no catch.
Take it, put it in a CD account @ 5.25%.
After a year, collect $262 of interest.
Only thing is you have to make the minimum payment each month which is about ~$110/month.

BTW, I had a better offer.
0% for LIFE and I took out $15,000
Heres the old THREAD
Click to expand...

You got 0% for life?? That doesn't make any sense (though I'm not saying you're lying), I mean, they need to earn something..
If they just give you money for free (or let you borrow it or whatever you want to call it) then they lose money, since they could've given that money to someone who would pay for it.
Click to expand...

Did you bother reading the old thread ??
Click to expand...

Now I did, still makes no sense why they would want to allow such a thing.
 
Originally posted by: narcotic
Originally posted by: CTrain
Originally posted by: narcotic
Originally posted by: CTrain
OK, its not $5000 FREE.
Its borrow $5000 FREE of interest
Big difference there.

Anyhow, yeah do it, I've tatken advantage of Citibank offer many times...there is no catch.
Take it, put it in a CD account @ 5.25%.
After a year, collect $262 of interest.
Only thing is you have to make the minimum payment each month which is about ~$110/month.

BTW, I had a better offer.
0% for LIFE and I took out $15,000
Heres the old THREAD
Click to expand...

You got 0% for life?? That doesn't make any sense (though I'm not saying you're lying), I mean, they need to earn something..
If they just give you money for free (or let you borrow it or whatever you want to call it) then they lose money, since they could've given that money to someone who would pay for it.
Click to expand...

Did you bother reading the old thread ??
Click to expand...

Now I did, still makes no sense why they would want to allow such a thing.
Click to expand...

If you click on the first picture, it will say "0% till balance paid in full"
Its been over 1.5 yrs and I still have a balance of $11500.
I've posted this at Fatwallet and I found maybe 1 other person that got this offer.
Don't know why they offered it to me but they did.....its a very very rare occurance.
 
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