I had nothing else to do while watching a movie on TV tonight, so I applied to a CC from ANZ Bank that is currently offering 0% interest on balance transfers for 6 months. There's no transfer fee, although the card has an annual fee of $30 so I'll probably cancel the card once the 0% period ends. Since I was going to the trouble of filling in the online application I decided to get the 'customised card design' that they offer. Although it costs an extra $15 to get the CC produced with your personalised graphic on it, I thought it would be cute to have a CC with my coat of arms printed on it. Anyhow, the total cost of $45 will come out of the interest I earn on investing the balance transfer funds in an online savings account for six months. I applied for a $25,000 balance transfer, so at 6.1% this would earn me $762.50 in interest (slightly less due to the minimum monthly payments made during the six month period). There may be some extra paperwork to fax in, or possibly taking some ID to the bank branch when collecting the card, but it's still worth a little effort to earn an extra $700 income. The only ongoing work once the transferred funds have been invested is to setup an automatic payment from my credit union account for the minimum monthly repayment, and remember to pay off the remaining balance when the 0% period ends.
Copyright Enough Wealth 2007