Reader Jesse heard the siren song of yellow bikini-clad Annie, and dabbled in a li’l Arbitrage!  He wanted to know the best way to get the free money from Slate into his wallet and ultimately into Everbank where he could sit back and earn 1.25%.  He already had a Citi® Dividend Platinum Select® Visa® Card – $100 Cash Back card, so this was simple.

Requesting an overpayment from Citi is the easiest way I have found to do this.  I recently overpaid my Citi Dividend card to show you screen captures of how I got back my over-payment (see below).  Login to CitiCards.com.  Click on the heading “Tools & Services”.  Scroll down to “Request a Credit Balance Refund”.  I had a $40 credit balance and clicked “Request Refund”.  A check arrived a couple weeks later.  Done and done.

If Arbitrage is new to you, check out the video.  In boring typing, here’s the scoop:

Open a Chase Slate card. Transfer the entire credit limit (at 0% interest for 15 months with NO fees at all) to another credit card.  I suggest the Citi Dividend card. Then request a refund of any overpayment. When that check arrives, open an account at  Everbank and earn 1.25% on money that cost zilch. Well played! If you wanna jump a few hoops, you can get 3.09% at Consumers Credit Union.

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