I got $90K from credit cards, where would you invest?

Hmmm, by chance did you have a balance on any of these cards before you cashed out? If so, you may find that any payments you make will go against the cash first, which means your prior balances are incurring huge interest costs.
 
Quote from misterno:

I did several Balance Trasfers and received $90K cash and deposited them to savings account in Dollardirect savings bank. I am receiving 3.2% and my cost is almost 0%.

If it was you, where would you invest only for 1 year and only on FDIC protected? I checked all over internet but was not able to find better yielding banks. I am not into risky instruments or stocks only safe bets.

By the way if I want, I can get more, probably make the total balance to $130-$140K but that needs a little extra work.
More...

little late to the AOR game, don'tcha think...

i will make a prediction: you will have adverse action taken against most, if not all, of your credit cards. they'll cut your limits an/or jsut close accounts.

this was a great money for free thing for seeral years. now, to creditors, yoou are a massive red flag. they'll think that you're out of work and desperate. you can tell them you've got it in the bank, even prove it- they won't care. it's a different world now...
 
This 90K was from 3 credit cards and average BT fee was like 50 bucks because there was a max fee cap

Now for being late in the game, yes you are right but it is free money wirh 0 risk so who cares?

Savings account that I deposited the money is FDIC insured even though the bank goes down I am sure I will get the money in couple of weeks or so.

I found broadway financial bank paying 4% but their stock chart indicates almost bankrupt so I am staying away from that.

I checked all CDs available but they all pay less than 3%.

Any ideas where I can park this money for higher interest rate with FDIC?

Also my credit score is close to 800 and I still have other credit cards that I can borrow another 50K but they need a littler more work. (purchase instead of cash sent to checking account so need to use credit card to open Citi account but can be done easily just takes time)

check fatwallet.com finance forum you will see people playing around with $1MM 0 risk with FDIC if you ask me.
 
Buy real estate. If it bottoms this year and goes up you win. If it goes down and you get near default, us taxpayers will bail you out. Win win... for you.
:eek:
 
Quote from misterno:

I did several Balance Trasfers and received $90K cash and deposited them to savings account in Dollardirect savings bank. I am receiving 3.2% and my cost is almost 0%.

If it was you, where would you invest only for 1 year and only on FDIC protected? I checked all over internet but was not able to find better yielding banks. I am not into risky instruments or stocks only safe bets.

By the way if I want, I can get more, probably make the total balance to $130-$140K but that needs a little extra work.
More...


I have called up several CC companies and they have actually raised their BALANCE TRANSFER fees from 3% to 4%. What company gave you 0% transfer fees and 0% CASH ADVANCE. Every company I have called has no offers.
 
Quote from S2007S:

I have called up several CC companies and they have actually raised their BALANCE TRANSFER fees from 3% to 4%. What company gave you 0% transfer fees and 0% CASH ADVANCE. Every company I have called has no offers.
More...

Maybe for you.

I just got an offer from Discover at 0% for 1 year with 0% transfer fees. Only for $20k though, but I received my first CC 3 years ago (I'm 24, 765 FICO).
 
Quote from misterno:

This 90K was from 3 credit cards and average BT fee was like 50 bucks because there was a max fee cap

Now for being late in the game, yes you are right but it is free money wirh 0 risk so who cares?

Savings account that I deposited the money is FDIC insured even though the bank goes down I am sure I will get the money in couple of weeks or so.

I found broadway financial bank paying 4% but their stock chart indicates almost bankrupt so I am staying away from that.

I checked all CDs available but they all pay less than 3%.

Any ideas where I can park this money for higher interest rate with FDIC?

Also my credit score is close to 800 and I still have other credit cards that I can borrow another 50K but they need a littler more work. (purchase instead of cash sent to checking account so need to use credit card to open Citi account but can be done easily just takes time)

check fatwallet.com finance forum you will see people playing around with $1MM 0 risk with FDIC if you ask me.
More...

shame you hadn't taken the time to actually read about all the adverse actions on FWF. even pioneers like SIS are telling people to avoid.

as to what does it matter. RTF and you'll see it's ALL cards getting AA, not just the ones you BT'd. your utilization is now sky high and you will be flagged. if you're an amex customer, you'll get a FR. the issuers are in deep shit now. you'll eventually be able to rebuild your limits, but not til long after this crisis abates.

post back in 3 months to this thread and tell me i'm wrong (i'm not wrong)...
 
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