Budget Freak

If you missed my first posts about credit card arbitrage, please check out the introduction to making money with 0% balance transfers and the card selection and application process.

When I left off, I had just applied for a Citi credit card with a 0% balance transfer rate, and was preapproved for $6,800. It was a bit lower than I had hoped, but it would get me started. The next day, I got an email from Citi asking me to call them. At first I was a little scared they had caught on to me and were calling to bust me, but I decided to call anyways. It was the standard “thanks for applying”, would you like to enroll in our “credit protection” service where we’ll hold your bills you become sick or injured… blah blah blah. I’ve heard it before and I wasn’t interested.

Then, out of the blue, she says I also qualify for the Citi Business card. I’m half paying attention, and say I’m not interested. She continues to explain it saying it has the same 0% balance transfer terms. Again, not really paying attention, I politely decline. She then asks if I have any other questions, and I ask about raising the credit limit. She says they’d have to do another credit check, but, if I take the business card, they can offer me an additional $8,800. Whoa. I had to go back and ask her again about the terms of the card. They were identical to the Platinum card I applied for, there was an additional $8,800 limit, and they wouldn’t have to run another credit check. It was a win, win, win situation, so I took the card. I’m now up to a combined $15,600 limit. I can work with that.

About a week later, I finally got the cards in the mail. When I was calling to activate them, I noticed the Business card had actually raised my limit to $10,000!! Didn’t even have to request it or anything. Now I’m up to $16,800 in credit limits. Very cool. Anywho, two quick phone calls activated the cards, and I was ready to request the balance transfer.

I signed up for through their website for online access to my accounts. I prefer working online, but you can also call and talk to a customer service representative to request the transfers. The website was a breeze to use. There’s a menu at the top where you go to ‘Card Services’, then ‘Balance Transfers’, then ‘Request Balance Transfer.’ From this point, it let me select the 0% offer, and request a transfer. I had the option to transfer to another credit card, or to request a check for myself. From my research, Citi was the only company that lets you balance transfer to yourself. That’s a huge plus. For each card, it took two clicks to have my full credit limit mailed to me in a check.

That was it. I was actually suprised at how easy it was to request the money. Kudos to Citi’s website. Now, I’m playing the waiting game for my checks. I requested the transfers on February 27th and they were approved (you can check the status on the website) on March 1st. Somewhere deep within the postal service, $16,800 is on it’s way to my apartment. I’m both excited and a little scared at what happens next. On the one hand, I’m looking at about $60 in free money each month, and on the other, a huge overage and interest penalties if I miss or am late on a payment. I’m hoping to get the checks in the next day or two, so I’ll keep you posted…

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