By: Crystal
Great idea, Bristolboy - thanks for chiming in! Don't think that will work in the US beings I think all credit cards here charge a cash advance fee that would negate the potential interest earnings. And I think the amount of cash you can get is also restricted to well below the card's credit limit. But for folks in the UK, that is certainly another way to make money with your credit card.
By: Bristolboy
This is also possible in the UK. Another way people in the UK make money from credit cards is they take out ones with an introductory interest free period (typically for 12+ months) and then put up to the limit in a high interest savings account which under UK law is guaranteed to be protected. Therefore they could borrow at 0% and potentially earn 2.5%-3% from savings. May not seem like a lot but on £10,000 it's £300, and before the recession when savings rates were much higher the potential rewards were obviously much greater.