So here’s the deal
I was up at 6 am this morning doing what I normally do starting at 5 am–research. While I may make this blogging thing look easy (or perhaps I don’t), the truth is that blogging takes a ton of time. And I spend most of it doing research on money deals that can help you better manage your dough.
So today I was researching balance transfer offers. Part of the research was for an article I’m writing, but part of it was because I’m always on the lookout for another great 0% APR credit card. My research led me to a tool, that led me to another tool, that suggested a certain Google search string, that led me to a forum, that led me to a post. The post described a balance transfer offer I’d never heard of (research is so much fun).
The credit card is from a bank I’ve also never heard of. And here’s the deal. The card offers a no interest balance transfer feature for 12 months with NO BALANCE TRANSFER FEE. Just in case there was any confusion with that, the card has NO BALANCE TRANSFER FEE. Oh, it has no annual fee, either. While I’ve found and written about a lot of great balance transfer deals, this is THE best one currently available that I’ve found.
So I applied this morning. The online application took me about 3 minutes to complete. Sixty seconds later I was approved for a $25,000 line of credit, $23,750 of which I could use with a balance transfer (BAM!). And to make things easy, the credit card company offered to send me a check for the $23,750 (or smaller amount of my choosing). I accepted the offer and should be receiving a check for $23,750 in the mail next week (BAM!).
Update: This card is no longer available. That’s the bad news. The good news is that cards now offer 0% on balance transfers for up to 18 months. There is a balance transfer fee, but the extra 6 months make these offers a great deal. You can find them on my balance transfer page.
Where to find this balance transfer deal
Now unless you are a Dave Ramsey disciple, you probably want to know how you can get this offer. That’s where Twitter comes in. I signed up for a Twitter account some months ago, but apart from sending each of my posts through Twitter, have done nothing with it. Every few days I see that somebody has started following my Tweets, as they are called, but frankly I have no idea why.
For those that don’t know anything about Twitter (in which case you’ve just earned my utmost respect), it’s a social networking site in which folks can publish Tweets (i.e., text messages) of no more than 140 characters. You choose who you want to follow on Twitter, and then you can view their messages.
But today I decided to start using Twitter for more than just my posts. Why, you ask. Great question. As I mentioned at the start of this post, I do a ton of research for this site. Most of it never ends up in a post, but still offers great money management stuff that could benefit you. Twitter is a great place to send these deals.
Just to give you an idea, here a few things I’ve found just in the last 24 hours that will probably never make it into a post:
- A site for retirees where they can see what federal programs they qualify for.
- Four online forums that showcase some of the best discounts and rebates available for just about everything.
- A deal to save 25% at Macy’s this weekend.
This morning I Tweeted about how you can get a $20 statement credit from your American Express card by shopping at Wal-Mart. And just a few minutes ago, I Tweeted about where you can find that great balance transfer credit card I described above. So if you want to find out about one of the best balance transfer offers around, follow me on Twitter. Here’s a link to get you started: Doughroller on Twitter (opens in new window).
My Promise to You: If you decide to follow me on Twitter, I will never, ever Tweet about what I had for lunch, or what TV show I’m watching, or how long it took me to floss. All Tweets will be about tools, resources, and tips to help you better manage your money.
So now the question is how that got me to $826.75. I’m going to take the $23,750 check and deposit it into an online savings account at WT Direct. With account balances over $10,000, WT Direct currently pays 3.06%, which is extraordinary for an account that is FDIC insured to $250,000. So for one year, that will net me $726.75.
So what about the remaining $100? Good question. WT Direct is running a Holiday special right now. Based on your average daily balance from January 1, 2009 through February 28, 2009, WT Direct is paying its account holders a bonus up to $250. With balances over $20,000, the bonus is $100. Add that to the interest I’ll earn, and I just made $826.75 in about 10 minutes time. That comes out to $4,960.50 per hour! Too bad I can’t keep doing deals like this.
Of course, how much you can make will depend on your credit score and what credit limit the card offers you. Some may do better than I did. And you may choose to use the money to pay down other high interest debt, rather than putting it in an online savings account. Either way, its free money for a year. Giddy up!