1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

MY "don't pay interest to credit card companies" method

Discussion in 'BlackHat Lounge' started by y2kh8r, Feb 22, 2009.

  1. y2kh8r

    y2kh8r Junior Member

    Joined:
    Nov 9, 2008
    Messages:
    148
    Likes Received:
    84
    So , apparently I suck at life and can't generate enough income to keep up with my mortgage, etc.. but that doesn't mean I can't screw the credit card companies over by denying them their interest payments!

    Here's what you need for this method:

    a paypal account.

    two credit cards/lines of credit

    a bank account

    debt.

    Money- equivalent to what you owe in credit card debt or more.

    So here's what happens- I owe $500 to a credit card company. We'll call them shaftercard. If I pay my balance in full before the end of the month, no interest is accrued.

    My credit card payment is due on.. say, the first of the month. My mortgage isn't officially late until the fifteenth.

    Whatever shall I do with the aforementioned facts? Let's see.

    1- pay credit card (A) off in full, using cash from bank account.

    2- use paypal to send yourself a bill for the amount of money that you need to "free up"

    3- pay paypal bill using credit card (B)

    4- repeat every 20-30 days until you no longer owe money, or infinitely, depending on what kind of broke ass bastard you may be.

    So there you have it- you may never pay credit card interest again, so long as you can come up with a good sized lump of cash and remember to do this money juggling in a timely fashion.

    I know, this isn't the most awesome thread/method ever, but hey, at least it's not another of those "tell me how to make money" threads. ;)
     
  2. mpruben

    mpruben Registered Member

    Joined:
    Jan 10, 2008
    Messages:
    51
    Likes Received:
    19
    Won't the Paypal charges be more than the interest you've saved?
     
  3. topsytips

    topsytips Regular Member

    Joined:
    Aug 11, 2008
    Messages:
    334
    Likes Received:
    234
    Occupation:
    Self Employed
    Location:
    UK
    My method is to tell them you're broke and get them to freeze the interest and any other charges...much simpler!!
     
  4. y2kh8r

    y2kh8r Junior Member

    Joined:
    Nov 9, 2008
    Messages:
    148
    Likes Received:
    84
    I hadn't considered paypal charges, Mpruben. I have a business account, so they may or may not charge me anything. I haven't actually tried this method, so I can't tell you what they would charge me. In theory, I could just transfer the funds from one credit card to another, but that isn't as easy as it sounds.

    @ topsytips- won't that look bad on your credit report?
     
  5. caretaker2007

    caretaker2007 Power Member

    Joined:
    Dec 20, 2007
    Messages:
    720
    Likes Received:
    454
    Occupation:
    To create income streams
    Location:
    In a 6 by 3 plot
    Home Page:
    They charge you plenty, especially business accounts.
     
  6. playercool

    playercool Junior Member

    Joined:
    Jan 4, 2009
    Messages:
    159
    Likes Received:
    31
    Yeah unfortunately the fees alone would be more than the interest on a month to month basis.

    And if you are doing a balance transfer they usually charge you a fee as well.

    I just don't see how this would work without you paying fees that would more than likely outweigh the interest.
     
  7. y2kh8r

    y2kh8r Junior Member

    Joined:
    Nov 9, 2008
    Messages:
    148
    Likes Received:
    84
    Well crap... oh well. At least I consolidated my credit card debt.. and it's only about $500.. nothing that a few weeks of having a real job couldn't take care of. Too bad those seem to be scarce right now!
     
  8. spaceinvader

    spaceinvader Regular Member

    Joined:
    Jan 28, 2009
    Messages:
    235
    Likes Received:
    248
    Occupation:
    Dude
    Location:
    England
    i just sign up to interest free deals, wouldnt fancy your chances of getting one these days tho. Couldnt you use one CC to pay off the other? the reverse the process.
    @topsytips, whos your card with? they sound mighty generous. im on the verge of getting my taxi repossessed and phoned the loan provider for advice/help... there advice was: tough luck sunshine. lol, no taxi = no money = no loans get paid, they are shooting them selves in the foot at the end of the day, you cant get blood from a stone... wankers, all of them :rolleyes:
     
  9. eshaman

    eshaman Registered Member

    Joined:
    Jan 4, 2009
    Messages:
    77
    Likes Received:
    74
  10. moto.rider

    moto.rider Newbie

    Joined:
    Mar 3, 2012
    Messages:
    15
    Likes Received:
    0
    I dunno about this... seems counter-productive.
     
  11. sapo

    sapo Power Member

    Joined:
    Feb 25, 2008
    Messages:
    510
    Likes Received:
    282

    enough said.


    but to those who need help reach out to the creditors, most will work with you. Create a payment plan, freeze interest. Whatever but unless you contact them, they will will never know you are making a effort and they will just lump you in the run of the mill group and send you more interest on your late bill, final second notice, collection agency. Nothing good comes from avoiding the problem.
     
  12. Roparadise

    Roparadise BANNED BANNED

    Joined:
    May 25, 2011
    Messages:
    783
    Likes Received:
    1,417
    Or you could read about personal finances and find out where your leaking money,that could be patched so you can pay off your bills faster to get out of debt.
     
  13. MiLiTARYiV

    MiLiTARYiV Senior Member

    Joined:
    Jan 9, 2008
    Messages:
    960
    Likes Received:
    596
    Occupation:
    Webmaster
    Location:
    The Office

    $10 cups of coffee from starbucks everyday..lol On my way to my office in the morning I see the same people at same time day in and out. the coffee must be crack!
    ;
    Then again i stay in a high end suburb so who knows maybe they can afford it but most drive cars that you would think they should not be there at all everyday. i know that shit adds up, and the same people go out to lunch everyday 12:00pm. That is a good $25 a day or more habit. o lets not forgot people who smoke. $5 per pack of cigs a day, then the alcoholics who hit happy hour after work.

    I was thinking the other day we Americans overspend way too much money on junk and always want to blame the economy is bad, but the same people who blame is the same throwing their money away everyday

    otherday this lady said bathroom garbage bags are getting expensive and i can berely afford it.. I laughed and said whaaa, use grocery plastic bags. She gave confused look and said thats not a bad ideal. lmao I been doing that ever since i moved on my own
     
    Last edited: May 14, 2012
  14. Roparadise

    Roparadise BANNED BANNED

    Joined:
    May 25, 2011
    Messages:
    783
    Likes Received:
    1,417
    The average American wastes about 15% of his or her income on things that are pointless,which is probably enough to have a worryfree retirement if saved instead of spent.

    Another thing is buying house on credit, if a person needs 30 years to pay off a house then it is to expensive,the whole point of buying a house is to save money compared to renting.
     
    Last edited: May 14, 2012
  15. MiLiTARYiV

    MiLiTARYiV Senior Member

    Joined:
    Jan 9, 2008
    Messages:
    960
    Likes Received:
    596
    Occupation:
    Webmaster
    Location:
    The Office
    ^^ yep most people can retire by 40 if they stop wasting money, invest, take some risk and save....

    basically all you need is your house paid off top retire for the most part, then get a hustle making like $500 a week or even less or even a part time job 3 days a week with the weekends off $15 hour and you good and some back up money in your account and a nice women on the same level.

    My uncle doing this and his wife. They just turned 40. Got smart and said screw the robot American life work until u die, im going to live happy.

    They both have plenty of money and travel alot and live like worry free 13 year olds