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 his Chase 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:
I am SO clever with the word play. Reader Cary asked me a question related to my Debt Strategy Sessions. Cary wrote:
“I have some friends who swear by the Dave Ramsey Debt Snowball method of paying the smallest debts off first. But most of what I read says that strategy is too costly. Where do you come out on this?”
My hunch is that Ramsey is appealing to the emotional side of emotional spenders. Paying off the smallest balance, regardless of interest rate on that card, gives someone a “win”. “Hey, I was in debt on three credit cards, I paid off the one that was doing the least damage, and now I only have two left! That’s good, right?!” Yeah, yeah, yeah… you IDIOT!
Without question, it makes the most sense to pay off the highest interest rate credit cards first, because those charge you the most interest, or money.
But people do not always do what makes the most sense. They do what is emotional. In most cases, people got in debt by making emotional purchases of stuff that they could not afford, because those purchases made them feel good.
More Spock, less Snooki
Are we not evolved creatures? Are we going to let emotions guide our actions? You
A good friend of mine passed away suddenly last week (see video below). Just like when I flew to see my dying dad, I needed a plane ticket asap. Instead of buying a ticket for $1,102, I used Delta frequent flyer miles that I have been saving. Delta frequent flyer miles never expire.
I suggest that all adults have frequent flyer miles in reserve for such emergencies.
Don’t compound a huge personal loss with a huge financial loss. An airline “bereavement fare” is only a slight discount off the expensive ticket. Bereavement fares are for close family who must be there – not friends. Basically, if you aren’t mentioned in the obituary or married to someone who is, don’t expect to get the discount. Airlines have requirements that must be met and they call the funeral home to confirm. Even if I qualified to get the bereavement fare, Delta told me that it would still cost an even $1,000.
You can quickly earn 30,000 Delta frequent flyer miles (more than enough for a free flight) with a Delta SkyMiles Gold Amex card for Personal as well as one for Business use. You can get BOTH and end up with 60,000 bonus miles. Click on Chip’s Favorite Credit Card Offers for up-to-date deals, terms, and conditions on these cards and more. Email me if you have any questions about which card might be right for your situation. Here’s how to fill out the business application.
Wipe your credit card interest slate clean. Pay 0% on Purchases and 0% on Balance Transfers for 15 months + No Transfer Fee!! Oh, and No Annual Fee.
Apply for the card, then transfer your higher rate balances on other cards to this card during the first 60 days your account is open. You will pay NO BALANCE TRANSFER FEE! That’s huge. Any new balances that you transfer over after AFTER your account has been open 60 days, will get hit with a fee of 3% of the amount transferred with a minimum of $5. You wanna avoid that 3% – which is the norm for balance transfer cards.
Stop paying interest with the New & Improved, cleaner and slatier Chase Slate!
This offer has expired. Click on Chip’s Favorite Credit Card Offers for up-to-date deals, terms, and conditions on this card and more. Email me if you have any questions about which card might be right for your situation.
United just announced that they will be discontinuing this offer. This is the easiest way to get more than enough miles for a free flight. All you need to do is use the card one time, and you’ll get 25,000 miles. Get another 5,000 miles for adding an authorized user (even if you don’t actually give a card to the person you named in the application). That’s 30,000 miles for buying a pack of gum, or whatever floats your boat. No annual fee, free checked bag for you and a companion on your reservation Sometimes they kill these off even sooner than later, so if you want the deal, and it is great, apply right now!
Get your $75 from loading up some Amex Prepaid cards. These are NOT credit cards, even though you will use them wherever Amex cards are accepted. So even if you have horrible credit, you can do this. Offer expires Saturday, June 30th. Who couldn’t use $75 free?
One really nice feature is that you can use the Amex Prepaid card at an ATM with no charge, once a month. That means, you could load up the card(s), go to an ATM, pay that ATM’s fee, and withdraw your cash in $20 increments. If you know of an actually free ATM, even better! Get it all at once. Done and done.
If you have a 5% cash back card, the quarterly categories are going to change on Sunday. This quarter, one of the easiest ways to spend up to the $1,500 limit on the Chase Freedom card, is to buy gift cards at a grocery store. That purchase must be posted before July 1st. Check your April – June Chase Freedom statements under “Bonus from 5% categories: Apr – Jun”. Add those numbers, divide by four, subtract that from $1,500, then go buy gift cards for the difference, with your Chase Freedom card.
Thursday, June 7th, is the last day to get the British Airways card worth up to 100,000 Avios Points. In plain plane English, half of that many points will get you a round trip from Los Angeles to London. You get those for making just one purchase – of anything anywhere!
To get in the mood to personally congratulate the Queen on 60 years of throne-sitting, might I suggest using your British Airways card to buy some Yorkshire pudding, crumpets or Jammie Dodgers – go nuts! APPLY today before it goes away! “Read More” for more details.
Ahhh… Classic Chinery. Here’s a quick and easy way to get 60,000 American Airlines frequent flyer miles. That’s enough for two free round trip Coach tickets or one First Class ticket!
Citi just rolled out its new CitiBusiness® / AAdvantage® World MasterCard® which will give you 30,000 bonus miles after $1,000 in purchases in the first 3 months of cardmembership. Citi’s personal card, the Citi® Platinum Select® / AAdvantage® World MasterCard® will give you 30,000 bonus miles if you spend $3,000 in the first three months. Annual fees waived the first year on both cards.
Self-employed people can get the biz card and be considered a business. You don’t have to have a Corporation or LLC. If you just said, “A what?” don’t worry about it – you don’t need one.
My buddy Jack is still holding a Continental Airlines credit card. As you probably know, they merged with United. At some point, United will replace that Continental card with a United card. When that happens, he will no longer be able to get the 30,000 mile sign up bonus for a United card, because he will then be a United card holder!
I say apply for the United card today!! Get 30,000 miles. That’s more than enough for a free round trip ticket. Annual fee waived the first year. It also includes free checked bag for you and a companion.
If you still have the Continental card, this is what I suggest: