Do you like technology? Do you also like to travel? Have you
ever had to choose between spending your hard earned money on a vacation, or on
a new gadget? Do you have good credit and are you disciplined with money? If you answered
yes to all of those, then this post is for you. Read on to find out ways that
you can have your proverbial cake and eat it too.
I’m no expert in this field, but I have learned enough to show you how I got started, and how I've managed to earn nearly 900,000 frequent flyer miles and $1000 (after annual fees) in less than two years. This has allowed me to save tons of cash on travel and spend more on my second love, gadgets.
I’m no expert in this field, but I have learned enough to show you how I got started, and how I've managed to earn nearly 900,000 frequent flyer miles and $1000 (after annual fees) in less than two years. This has allowed me to save tons of cash on travel and spend more on my second love, gadgets.
Just five short years ago, back when savings account
interest rates were in the 5% range, I was up to a different game for earning
money on the side. Before the collapse of the economy in 2008, credit card
companies were very loose when it came to doling out huge credit lines, often
far in excess of what I was even capable of repaying (an important mistake that
precipitated the collapse of the housing market). They also used to have a
maximum cap on the amount they charged for a balance transfer or cash advance
(around $75 to $100). I took full advantage of that lackadaisical attitude and
managed to sign up for a few credit cards, and then combine them into a single
card with a massive (to me) $55,000 credit line and a 0% interest rate on
balance transfers for 12 months. I then turned around and wrote a balance
transfer check to myself for, you guessed it, $55,000. I added that to some
existing savings that I had in ING, and let it ride for a year. In the end, I
paid the money right back at 0% interest, while pocketing $3000 in interest (after taxes) from my ING account.
I took a small
hit to my credit score during that year, but quickly recovered it as soon as I
paid the “loan” back. Since that time, the credit card companies have clamped down on that particular method, but are still happy to dole out credit to anyone with a good credit score, often with some large bonuses to boot. Note before I
continue: Don’t even think of attempting anything I will mention here if
you are not capable of repaying the money back at the end of each billing
period or at the end of whatever promotional period you are participating in.
If you don’t pay off your credit card bills, you will completely negate the
benefits I’ll describe here.
Since I love to travel, AND I love to take expensive gadgets
like laptops and iPads with me, I was elated when I discovered just how many
free flights bonuses were right there for the taking that could save me thousands of
dollars (to buy tech with of course) if I just put in a little bit of effort. So,
here are the basics of what I’ve managed to learn so far, and the sources that
I went through to learn them.