Mini App O’Rama Coming To An End August 13
My year 0% financing promo is coming to end the middle of next month (September). My plan is to transfer the money that I borrowed from Citibank and Discover from my money market fund at Fidelity a few days before the due date. I can then pay off Citibank and Discover before the promotional rate expires. I am pretty happy with the results of this. My original goal for this was to two-fold. The first was to stop paying interest on a HELOC which was at a little over $5,000 and the other was to generate extra interest income. After a the year, the HELOC will remain at 0 since I have saved enough to cover the borrowed money. I have also generated around $300 in free interest income on the residual of what I borrowed from on the 0% cards and the $5,000 from the HELOC. This is not a lot, but it sure beats the interest I would have been paying on the HELOC. I definitely think I met both goals. My next step after I pay off the two balances is to wait around six weeks and get a copy of my credit report. I want to make sure that the balances have cleared from it. I am then going to embark on a second round of an app o’rama. This time I am going to apply for hopefully around fifteen or so cards. I want to borrow a lot more at zero percent and then generate a lot more in interest income this time.