This is the Seventh in a series of posts on my experiences with credit card arbitrage. See others here: Part 1,Part 2 ,Part 3, Part 4, Part 5, Part 6, Part 7
My convenience checks to my own checking account cleared yesterday. So now I have a fat stack of cash sitting in my checking account. I would like to move it all at once to my HSBC account because at the moment they are offering a 3.5% interest rate on savings, but I ran afoul of USAA's outside transfer limit of $5000 per day. This was kinda of silly because I was pushing from USAA to HSBC, so USAA "knew" I had the cash. Regardless, I'll have to do the transfer in 3 steps over 3 days. That will be something to consider when it comes time to pay off the full credit balance as well. Judging by how difficult it was to convert the credit line to cash, I think when it comes time to pay it off I'll get a new card with 0% APR and just do a balance transfer to that card instead.
Comments