looking for personal advice? I found something to be ridiculous today: credit card companies offer introductory rates with 0% interest for 15 months. However, there is a 22% interest rate when you use the card to get money out of an ATM. (Im leaving out some details but you get the point). I find this HUGE difference mind boggling, because it seems like from the credit company's point of view, it's essentially the same thing: loaning you money. The only difference is, in one case they're paying the business you just bought something from (say best buy) and in the other they're putting it through the ATM. It absolutely makes no sense to me that 2 things that basically the same but - one is a free loan for 15 months, and the other is the most ridiculous rate I ever heard of. I thought "what if you had a buddy with a card scanner, say he had a small business, he could bill whatever amount you wanted to withdraw, give you the cash, then no interest rate." Then I thought why isn't there a business that does this?
So my question is: it seems too obvious that this service would be demanded by the market, because of the wide discrepancy. Is this a business opportunity? Or is there some sort of law preventing a company from offering a service where they bill your credit card, give you cash, and you get the 0% rate instead of 22%. It seems too obvious, surprised its not done. Please correct me if Im wrong though. Thanks
angel_karen: I'm asking this from a business perspective, not someone who needs a loan. And your links are spam junk. Hoping for a real answer to this from someone - thanks.