BT and app-spree techniques

This is an article I wrote to get new users familiar with our balance transfer and app-spree techniques. Probably needs some tweaking, but it should be a good intro anyways.

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Most people believe, including myself at one time, that credit cards and building wealth are on opposite sides of the money spectrum. In this introduction, I will explain how to merge the two.

A while back, after digging myself out of debt, I started looking around for a way to use credit wisely, and possibly even profit with it. It took a lot of time and reading, but I finally came across some groups experimenting with 0% balance transfers from credit cards, to make anywhere from $5,000 to $40,000 every year, just from interest. It was still in it's infancy, but I decided to read every possible resource on the strategy, and bring that knowledge to the masses.

When you sign up for the correct credit cards, they will offer you free balance transfers for a period of time. A balance transfer is the process of taking your credit limit, and turning it into usable cash. One way to accomplish this is by depositing a balance transfer check into your checking or savings account. Another method is transferring it directly onto your debit card, this will automatically place it in your checking account. There are many ways to transfer money, and we will cover the details a little later.

After you have your free money, how are you supposed to make a profit? The answer is high interest checking or saving accounts. You may be used to your local bank offering a measly 1-2% with your savings account, but if you look through my list of trusted online banks, you can get anywhere from 5-6%! Unlike a CD, you can deposit, or withdraw money from these accounts as much as you'd like.

So let's say you apply for a couple new credit cards and acquire $100,000 in new credit. You can turn that into $5000-$6000 a year just by transferring that money into a new checking account. Pretty easy, huh? That's what I was thinking. And it doesn't stop there, this strategy can go much further.

Now that you've acquired the new credit lines, you're probably pretty satisfied, but it isn't the top of the mountain. The next step is to apply for more cards from the same issuers, the only difference is these cards don't offer 0% transfers. The reason to apply for these is that you get the extra credit line. Then, either online or on the phone, ask to move that line over to your card that does offer 0% transfers, not too difficult. At this point many people are looking at a $200,000 credit line just with personal credit cards. A nice chunk of change, especially when it's interest free. These cards are simply referred to as "line increasers."

After you get your personal applications done, you can still move to business cards. These cards generally offer even higher limits, so why not just repeat the process? For many users, their credit limit is high enough to make as much in interest, as some do in an entire year of working 9 to 5.

As far as applications and getting approved, we've found doing what's called an "App-Spree," is the best option. With this method, you apply for all of your cards at one time. The reason for this, is credit card companies will see your profile before the applications show up. This technique ensures they won't have any reason to deny your application. App-Spree's have proved to produce more approvals, with higher limits, but is still completely up to personal preference. Please check the FAQ for more information on this method.

Obviously, there are initial concerns with this process from some, and most of those I have covered in the FAQ, and The Forum. Any other questions can be directed to my e-mail (contact@mycreditstrategy.com). The main thing to remember is that you HAVE to make your minimum payment on the cards each month to keep the 0% interest. If you don't, the whole thing will unravel, and you'll have to pull the money out of your checking account, pay it off, and start all over. Fortunately, we do have great resources on the site that will help you keep track of all your finances, and make it almost impossible to miss a payment.

Your journey to building wealth with credit cards has just begun. Make sure to read through the rest of the site and use the cards provided. Doing this without the proper cards and knowledge isn't advised. Luckily, everything you need is finally in one spot. Have Fun!