haha I have done this before however, I got hit with some extra taxes the following year
Isn’t the penalty like 10%. I guess if you are in a pinch, what to do. Retirement accounts are good for day trading, since you don’t pay short term capital gains tax… or so I am told.
I’m interested. I’m a consultant and I’m always interested in kickbacks. I like the cash rewards more than points/miles. Throw me a bone man.
I’m not aware of the US Bank Cash card. Do tell.
I was under the impression that you couldn’t get pattern day trader status in an IRA. Probably IRA is better for swing trading or other longer horizons.
All this chatter about credit cards inspired me to call my credit card services and negotiate better rates on all my stuff, or else they could risk losing me as a customer. Here’s what I got after the initial person transferred my call to a “senior account manager”:
Discover – promotional zero APR for the next six months
Citi – promotional 5.99% APR for the next year (essentially meaningless if I pay my current balance in full each month, but you never know); also some token quantity of ThankYou points as a gesture of “gratitude” for my business
Haven’t called AMEX or Chase yet but so far so good. Never hurts to present the idea of leaving the credit card company, just to see if they’ll come back and offer you something sweet.
Is your threat to leave genuine or a bluff?
It’s genuine because the availability of substitutes is high. There are multiple credit card providers but only one Numi 
CC companies actually view 0% APR as a money maker. Certainly won’t be the case with Numi, but the average consumer overspends when given “free” money for 6 months and ends up paying more interest over the course of the year than they would have if they had to pay interest from the start.
Perhaps, but there aren’t quite as many as there would seem. Many cards are simply different brands owned by the same bank.
The few times I’ve called to leave in disappointment, they’ve just said goodbye. No bait to keep me aboard.
Credit card companies in India are also very accomodating. They would generally agree to reverse the late payment fees and penalty if you miss the payment by only two three days.
But on the other hand I am a vicitim of Credit Card Fraud. My card was stolen one night and was used for some 25,000 Rs. within next 10 hours before I realized and blocked it. I did not pay the money. They keep on levying penalties and interest on me.
I said, I did not do these transactions, I dont owe you anything.
They said that any transaction done by your card is your responsibility.
I said you should have sent me SMS/email as soon as transaction took place. Every other card provider does it. Your systems suck. Why should I pay for your inefficient systems.
They said you know very well in advance that our systems suck, still you continued to be a customer. Which means you are okay with sloppy systems.
After two years I had to pay, because I could not get any loan. By that time that amount was ballooned to 54,000 but they setlled only for original. i.e. 25000.
CC debt is super expensive in India. 40% per annum. I wish I would not have to resort to that ever.
I found what I was looking for, the Amazon.ca visa offers 0% foreign translation fees, and cash back on top of that. Very cool for any canadian’s that do a lot USD/etc shopping or travelling.
Plus they gave me a retarded credit limit, like 4 times my other card.
I have about $1k balance right now simply because its a 0% APR through the end of 2013. I felt so strange only paying the minimum payment because I have never carried a balance before, but I thought hey, Bank of America wants to lend me money for free, why not?
But yeah I would never intend to carry a balance that cost me money. I use CCs for virtually all of my spending and rotate different cards to maximize rewards points and cash back.