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January 15, 2007
Free credit card credits: $2 in two minutes
Last week's post described how I made $443 in 18 minutes, courtesy of Chase's 0% balance transfer offer. Today's post describes how to earn slightly less money ($2). However, you can do this trick once a month, so after 20 years, you'll have $480 in savings. This might not be worth your time, but it's still amusing.
Some banks consider the cost of preparing and mailing a statement too much for small amounts and therefore don't bother. For example, if your balance is $1.99 or less at the end of your billing cycle, Discover Card will post a "SMALL BALANCE CREDIT" to your account (you can check it online) and forgive the debt. For Capital One, the charges must total $0.99 or less. Other credit cards that do this for sums less than $1 or $2 include Chase (they call it a "CREDIT ADJUSTMENT"), Wells Fargo, and Providian.
If you try this, remember that your total charges at the end of the month have to be less than $1 or $2. Please remember the credit card company charges merchant fees of $0.30 - $0.50 per transaction, so your favorite merchant might actually lose money on these transactions.
Small purchases could include gasoline, eBay insertion fees, PayPal, gum, or a milk shake at In 'N' Out.
Yes, this choco-vanilla swirl In 'N' Out shake ($1.69) could be free every month, thanks to Discover Card.
It's like magic.
Only not.
Posted by brian at January 15, 2007 06:35 AM