Saturday, October 25, 2008

Flaws and improvements in Rolling $$ from credit cards

Just had some feed back. Apparently this method does not work that well because of certain factors like:

  1. The payment date for different cards could be on different days, so you might actually need 3 cards to do this looping of credit cards.
  2. The moment you actually draw cash out of the credit card, you will incur an administrative charge and an interest rate.
In my opinion, the 1st problem is not really that big. However to the second problem, according to an article that is based in the USA, it is possible to write a check and the payment is done through the credit card and it does not incur an admin fee. ( However this is subject to terms and conditions of the credit card and might not apply to all cards) Also, this will increase the amount of hassle involved every month.
Hence i cannot comment on how well it will work in Singapore or, yet.

The best option is the legitimately use the card to purchase something in which you can draw out the money. As of what this option might be..i have not though of it yet. If any one has any ideas? Feel free to email me at

Apparently DBS credit cards can be used to pay for diners club and American Express cards, link for DBS at :

Credit problem ( Updated 2nd Dec 2008)
Apparently doing the rolling of money will affect your credit status, and will affect your ability to get a loan, like housing and car loan from the bank. So i guess you should only reserve this idea when you are really in need on cash.

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