From his post I don't think his intention was to trade with the money. He wanted to earn the interest on having cash in his trading account while not paying interest for borrowing the money. But, as has been pointed out, cash transfers from a CC do attract interest and other charges. If only it were that easy ...
only because the car or house we want is in truth beyond our current means .. we can all afford to pay cash for everything if we just have realistic expectations and save first .. an don't give a toss about the jones ..
Read what he says ...earn interest on the money..he is not going to trade it. And since we all have different amounts of credit available to use and this is where possibly one can use it to earn extra cash on a zero based risk money market instrument.
yea I suppose I dont get the point. transfering will incur additional costs so it will nullify the advantage of the borrowed money(interest free)the MM interest rate is so low. 1st you pay for the card. 2nd transactions are free. so why not use it for what it was intended?
Yes that is the intent (earn interest), if the intent was to just earn interst why not open a MM account with your bank and transfer it there - no tempation to use it in a trade Tell me how many of you would not scratch that itch, when an "unbeatable" trade comes to your radar. Extra cash=itchy trade/investment finger. Like Simon says, "the Jones', sorry Never heard of 'em; why they important to my life?" Whole point is cash from CC gonna kill you immediately and TINSTAAFL (There is no such thing as a free lunch)- you gonna cough up.
Wizard is correct, the intent is to earn interest, the reason for not opening a MM acc, is purley because i already have one with the trading account. I am an extremly low risk person, in the space of a year i have only made 4 trades (partialy as i am still learning). The way i see it if you do not have the dicpline to stay away from money u said you would not touch, how would u have the dicipline to impliment a trade strategy ? Yes the banks win in the end, howeever if i decrease how much they win from me why not. Having said that based on what ive read in these posts their are 2 technical problems, -no interest free period on the cash transfer -transaction fees And it is for these 2 reasons that i can come to the conclusion that the idea will not work. Thanks for the comments