Hello all,
I seem to find all over the internet ads and promotions where if you open an account online i.e. a checking or savings account for as little as $1 in X days (generally 30-90) they'll give you $50 Here's an example:
Thanks, Shhhh
This is a similar idea to opening accounts with zero interest on a transfer of debt. Similar in that you can calculate the savings or premium (remember the free toasters? 30 years I got my parents to open accounts, got a TV, a blender, and a basketball. The TV still works) you'll get vs the effort or cost if any. Opening the savings accounts to capture the $50 is legal and no issue. The credit card float may very well turn sour if your FICO score is impacted or if at the end of the offer you have a rate higher than when you started, or, if you rack up further debt as a result.
JOE
Thanks for your reply... Gotta say though I don't understand where you're getting "credit card float" from, I'm talking about checking and savings accounts. Could you elaborate?
Thanks, Shhhh
Sure. I said "This is a similar idea to opening accounts with zero interest on a transfer of debt. Similar in that you can calculate the savings or premium you'll get vs the effort or cost if any."
The float was in reference to opening zero interest credit cards. I made a comparison that really didn't apply to you, and likely confused the issue. If all you intend to do is open an account for the free $50 (or 'toaster') you have no risk, unless they charge a monthly fee for under some minimum balance. Just read the fine print. JOE
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