Ryan McFarland

The Finance Journey has a great idea.  Apply for credit cards with a 0% deal that allows the use of convenience checks.  Deposit the full available credit in a high-yield savings account.  Let’s say you get $30,000 in credit with a few cards.  Put it in a 5% account.  You’ll make $1,500 in one year.  You do need to make payments on the cards of course.  But with today’s technology you could probably schedule minimum payments to the cards directly from the savings accounts (reducing your interest earned in one year).  the only drawback would be the potential impact on your credit report and credit score.  Then again - having an account with enough money in it to pay off those cards might counter any negatives.  If you have no need in the near future to apply for credit this seems pretty foolproof.  See anything that can go wrong?