Make Money From Credit Cards
From Lazer
This page is going over the benefits and risks that one would take with taking an offer with a Citibank AT&T credit card and an offer of $12,000 dollar balance transfer with no fees.
Contents |
Benefits
Money Maded
The credit card has a 2% minimum payment each month.
| Month | Bank Amount Balance | Interest earned this month | Total Interest earned | Payment | Credit Card Amount Owned |
| 1 | $12,000.00 | $50.00 | $50.00 | $240.00 | $12,000.00 |
| 2 | $11,810.00 | $49.21 | $99.21 | $235.20 | $11,760.00 |
| 3 | $11,624.01 | $48.43 | $147.64 | $230.50 | $11,524.80 |
| 4 | $11,441.94 | $47.67 | $195.31 | $225.89 | $11,294.30 |
| 5 | $11,263.72 | $46.93 | $242.24 | $221.37 | $11,068.41 |
| 6 | $11,089.28 | $46.21 | $288.45 | $216.94 | $10,847.04 |
| 7 | $10,918.55 | $45.49 | $333.94 | $212.60 | $10,630.1 |
| 8 | $10,751.44 | $44.80 | $378.74 | $208.35 | $10,417.5 |
| 9 | $10,587.89 | $44.11 | $422.85 | $204.18 | $10,209.15 |
| 10 | $10,427.82 | $43.45 | $466.3 | $200.10 | $10,004.97 |
| 11 | $10,271.17 | $42.80 | $508.46 | $196.10 | $9,804.87 |
| 12 | $10,117.87 | $42.16 | $550.62 | $9,608.77 | $9,608.77 |
After 12 months one has earned $550.62 in interest.
Improved Credit
Ones credit will improve by having a years worth of credit payments (This is only true if you pays on time).
Risks
Here are some risks that could happen during the balance transfer.
Late Payment
If a payment is late there will be a charge of $39.00 and the APR on the balance is changed to 13.020%, which will charge about $5.00 per day until the full amount is payed.
Charge Balance transfer fee
The balance transfer fee is 3% so that would be a loss of $360.00 plus about $5.00 in finance charges per day until the account is paid.
Finance Charge is not 0%
If the finance charge is not set at 0% one will be charge about 5 dollars in finance per day.
Do not pay off amount in 12 months
Than will have to pay the 13.020% interest on the amount leftover. If the $9,608.77 is not paid off on the last payment.
| Month | Interest owed this month | Total Interest owed | Payment | Credit Card Amount Owned |
| 13 | $104.26 | $104.26 | $192.18 | $9,608.77 |
| 14 | $103.30 | $207.56 | $190.42 | $9,520.85 |
| 15 | $102.36 | $309.92 | $188.67 | $9,433.73 |
| 16 | $101.42 | $411.34 | $186.95 | $9,347.42 |
| 17 | $100.49 | $511.83 | $185.24 | $9,261.89 |
| 18 | $99.57 | $611.40 | $183.54 | $9,177.14 |
After six more months of paying the minimum payment the interest gained is lost and one still owes $9,177.14, only paid off $431.63 of the amount owed. This would be bad!!!
