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So much for the credit card companies keeping tabs on how much they are exposed. If everybody would do a trick like that it I'm sure it would implode VISA or MC in a heartbeat.

Nice trick though. Did you ask them how they managed to get that many cards ?

What kind of an interest did they end up paying on the total amount of money the borrowed that way ? (in other words, what was their eventual cost of their financing strategy ?)

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> Did you ask them how they managed to get that many cards ?

Can't be too terribly hard. I get three credit card applications in the mail a day. I've known friends in college that had five credit cards, mostly maxed out.

http://app-o-rama.com/

My roommate did this and got a large line of one year 0% interest credit, which he immediately maxed out on 4.5% one year CDs. Free money.

"Large line of one year 0% interest credit." Where's the sense in that for the CC company?

edit: It seems that some work is required and there are some costly pitfalls, so the game won't be played by many. Thus losses will be small.

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