Tuesday 6 November 2007

$500 for 5 Minutes Work

BankWest sent me a 0% for six months balance transfer offer. I currently have $0 balance on this CC since I paid off the last balance transfer a few months ago, so I can apply for 95% of the credit limit on this card. This will mean I get $16,150 at 0% for six months that I can deposit into my online savings account at 6.35% interest. This will earn me $512.76 interest (minus a $10 cash withdrawal fee from the CC account to balance transfer has gone into) for around 5 minutes work.

The steps to "earn" this $500 are
1. Fill in the balance transfer application form and drop it in the post box using the reply paid envelope provided.
2. Next week go to the bank, withdraw the $16,150 from the CC account that received the funds, and walk next door to deposit the funds into my Credit Union account.
3. Transfer the funds online from my credit union main account into the linked "online saver" account.
4. Wait for the CC statement to arrive from BankWest Set up automatic payments via BPay for the six monthly minimum payment amounts and a final BPay to pay off the balance when the six month term expires.

This is the closest thing there is to getting money for nothing at no risk.

Copyright Enough Wealth 2007

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