Sunday, June 17, 2007
Sign off
Well, I haven't managed to post in a week, which tells me I just don't have time for this right now. On the up side Survey Team paid me $108 into my PayPal account, so this isn't a total loss. Anyway, back to making money the old fashioned way.
Tuesday, June 5, 2007
Day 16
I just got $20.42 by opening a Virtual Bank money market account. Cool beans!
Here's the deal... you get a referral from someone who already has a Virtual Bank account (like me) and open an account for yourself. Interest rates are good (4.5% - higher if you have $50,000 or more, which I don't). Fund the account with at least $100 (I used $100 from the $6000 I got in the arbitrage deal) and you get $20. The person who referred you also gets $20. Fun all around.
So, where did the extra $0.42 come from? Well, Virtual Bank makes two small deposits into the checking account that you use to fund your new Virtual Bank account as a way to confirm that you are truly the owner of that account (similar to what PayPal does). Even though it's only $0.42, I'm gonna count it!
Email me at thefreemoneyexperiment@gmail.com if you would like a referral to get your very own $20 in free money!
Here's the deal... you get a referral from someone who already has a Virtual Bank account (like me) and open an account for yourself. Interest rates are good (4.5% - higher if you have $50,000 or more, which I don't). Fund the account with at least $100 (I used $100 from the $6000 I got in the arbitrage deal) and you get $20. The person who referred you also gets $20. Fun all around.
So, where did the extra $0.42 come from? Well, Virtual Bank makes two small deposits into the checking account that you use to fund your new Virtual Bank account as a way to confirm that you are truly the owner of that account (similar to what PayPal does). Even though it's only $0.42, I'm gonna count it!
Email me at thefreemoneyexperiment@gmail.com if you would like a referral to get your very own $20 in free money!
Monday, June 4, 2007
Day 15
As of May 31, I have $0.72 of genuine free money in my hands. Well, actually, its in my ING Savings Account. I deposited the $6000 from my arbitrage deal just in time to get an interest payment for May.
At this rate I should be rolling in free money just in time for the next ice age!
At this rate I should be rolling in free money just in time for the next ice age!
Friday, June 1, 2007
Day 12
Here are some more details on yesterday's arbitrage transaction. I opened a Citi Platinum Select card and got a $7500 credit limit. As I mentioned yesterday, I pulled out $6000 and placed it in an interest bearing account.
Why didn't I pull the whole $7500? Well, you have to be very careful with these things. First of all, I was concerned that a "maxed out" credit card would hurt my credit score. Also, these 0% deals are very finicky. If I go over limit, pay late or do anything to upset the credit gods, then my 0% sweet deal turns into a 20% nightmare! Gotta play it safe.
Why didn't I pull the whole $7500? Well, you have to be very careful with these things. First of all, I was concerned that a "maxed out" credit card would hurt my credit score. Also, these 0% deals are very finicky. If I go over limit, pay late or do anything to upset the credit gods, then my 0% sweet deal turns into a 20% nightmare! Gotta play it safe.
Thursday, May 31, 2007
Day 11
I have now completed my first credit card arbitrage deal. I got a $6000 0% for 12 months, no fee transfer from Citi. Now its sitting in my ING account earning 4.5%, which should net me about $270 in free money. It will actually be a little bit less because I will have to make minimum payments on the credit card.
So, why did I complain yesterday that the credit arbitrage was a pain? Well, when I called Citi to make my balance transfer I was told that there would be a 3% fee for the balance transfer. Whoa! That's not the deal I signed up for. Fortunately, I had printed out a copy of the Terms and Conditions on my credit card agreement. I asked to speak with a supervisor and everything was straightened out. They made good on the deal, but had to be pushed into it.
Anyway, I also signed up for their version of credit insurance. Of course, credit insurance is a bad idea. It is an overpriced rip-off. On the other hand, once I get the $15 check for "trying out" the service, I can immediately cancel the overpriced insurance and I will be left with a cool $15 of free money. Sweet!
So, why did I complain yesterday that the credit arbitrage was a pain? Well, when I called Citi to make my balance transfer I was told that there would be a 3% fee for the balance transfer. Whoa! That's not the deal I signed up for. Fortunately, I had printed out a copy of the Terms and Conditions on my credit card agreement. I asked to speak with a supervisor and everything was straightened out. They made good on the deal, but had to be pushed into it.
Anyway, I also signed up for their version of credit insurance. Of course, credit insurance is a bad idea. It is an overpriced rip-off. On the other hand, once I get the $15 check for "trying out" the service, I can immediately cancel the overpriced insurance and I will be left with a cool $15 of free money. Sweet!
Wednesday, May 30, 2007
Day 10
Well, I'm up to $44.50 in Approved free money in my Survey Team account. This is kinda fun! Hopefully I'll get up to $100 soon so I can actually get the cash!
I am working on my first credit arbitrage deal. Its kinda a pain, so I don't know if I'll do it again. We'll see...
I am working on my first credit arbitrage deal. Its kinda a pain, so I don't know if I'll do it again. We'll see...
Saturday, May 26, 2007
Memorial Day Weekend
Everyone have a safe, fun Memorial Day weekend. Remember to say a prayer for those who have given the ultimate sacrifice for our country and for their families.
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