A few years ago you could easily make a few bucks by getting a 0% credit card deal and putting the money in the bank at 5% but those days are gone. You are lucky to get 1% on your money now. And the credit card companies seemed to catch on to this trick and now have uncapped transfer fees of 3% to 5% to get your 0% money. I recently received a deal for 0% money for one year with only a 2% fee and decided that was good enough for me to make some money. Please note that I’m not recommending that anyone else do this.
The cost of the credit was $160 for $8000. My plan is to use about $3000 of this money to take advantage of bank bonus offers. I’ve already made $115 from a local bank bonus offer. I’ve also received the $25 Betterment.com bonus. A US Bank $50 bonus should be arriving shortly and I’ll receive another $50 bonus in one year. A $100 Sharebuilder bonus and $25 Discover Bank bonus are in the process of being earned. I still have about $1000 left to take advantage of other bonus offers. The bonus offers by themselves will cover the cost of borrowing the money.
Another $3000 of this money went into the stock market. I’m not a market timer but with the stock market dropping so much Thursday it looked to me that I could get some dividend stocks cheap. I put about $3000 in three stocks today and the stocks are already up. My plan it to keep the stocks and pay off this portion of the money from my monthly cash flow. If that doesn’t work out I’ll just sell one of my losing stocks for tax loss harvesting.
I’d like to use the remaining $2000 to buy another website. That might be a little crazy since I’m having trouble keeping up with the blogs I already own. Websites can be one of the best investments. When I bought MyRetirementBlog.com I was nervous about the amount of money I spent on it but I made about 75% of the purchase price back in the first year. The earnings have gone up since then and I’ve probably made more than the purchase price this year alone. If I can’t find a reasonably priced site I’ll just pay down the credit card loan or look for other investment opportunities.
If you have a personal finance blog or related website for sale or know someone who does please contact me.