I want $65k for investment purposes and i have most of that amount in credit but i cant get it all out easily?

a few of my credit cards have 0% on balance transfers and no fee and they are willing to send me checks in the mail for the amt of credit i have for me to deposit in the bank and "use for whatever i want"

however...a few of my cards (AMex and chase bank) do not do these kind of balance transfers...but they do have 0% on purchases..and they are linked to my paypal account...paypal charges between 1.9% to 2.9% for receiving money..i was thinking to send money to a friend of mine to "purchase goods and services" through paypal, using my linked credit cards as the funding source...i guess ill just have to take the hit for the percentage that paypal takes on the other end.

has anyone done this before or thinks it can work???

That is a horrible idea - you will pay a bloody FORTUNE in finance charges.

Go to the bank and secure a loan.

You don't BORROW money to INVEST it. That is a very foolish idea.

If you want to invest in something, then start saving!

good luck

Never invest on credit. Never. Pay yourself out of your paycheck first, either to a broker / 401K / E-trade, and you won't miss it that much. Credit is not a free check; most of the time it is rung up as a cash advance if you do not use it for a balance transfer.

If you want to get rich slowly, try www.sharebuilder.com, or open a Roth IRA at about $200 every two weeks to max it.

I have used credit cards for many years for investment purposes. I bought my first rental property a condo using credit cards. There is a lot risk using credit for an investment and you should consider the choice carefuly. The good news is that bankrupcy is an option if you cannot payback the loan. It is a costly one but it is available. If you are not willing to go bakrupt over your investment then you should not be using credit for it.

Enough of the lecture. The key to using credit cards for investments fall down to keeping your interest low and the finance charges low, so you need to have many credit cards with as high limits as possible. If you have not borrowed the money yet and have good credit with little or no inquiries then now is the time to open up more accounts. Apply for more cards on the same day so the new inquires don't count against you as much. Open them with many different banks, but make sure each card has a cap on balance transfers.

Chase for example offers the freedom card which is capped but most of their other cards are not capped so a $20k balance transfer will cost $75 (cap) vs. a 3-5% fee of $600-1000.

You want to make sure you have atleast double preferably triple the credit than you actually want to borrow, so for $65k get 130k in credit cards, this is so you can transfer the balance after the inital into period is over. It is also to give you a choice between cards in case one card doesn't provide any offers at a particular time. It also allows you to bargain with the credit card "Chase offered me ... can you do better?".

One of your cards should be a fixed low interest card 7-10% for balance transfers, there are many of them out there, this is for the case where you can't get any more low interest offers.

If you are married or have a business partner, make sure that each credit card is only in one name, this give you the oppurtunity to get twice as much credit, plus you can move the debt from person A to person B every 6 months giving your credit time to recover and get better offers. Credit card companies love to see your ability to borrow and payback.

I used to take $50-100k from my credit cards and pay it back in 6 months, they can't realize that i just moved it to someeleses cards.

Extracting the money from the cards can be a little tricky but many cards make it easy. The first thing to try is to call them up and ask them if they will do a direct deposit into your account as a balance transfer. Usually they will try to do it for you, but if you say something like "its for personal debts" or "you dont have the list" with you, or you just "want to pay it yourself", they will oblidge as they need to get a certain amount of money lent.

If the particular card is nto willing to go down that route, ask them to do a balance transfer to a card that you have a 0 balance on, when the card recieves the money all they up and ask for check to mailed to you for the credit. Note this can take time which eats into your intro period.

If they send checks as balance transfers, those are fine, jsut read the fine print to make sure, what the rate and fees are.

another way is if you have a personal credit line with a bank or a home equity line, then write yourself a check from the account and then do a balance transfer to that account. I recommend this method as it completely legitimate, easy and fast.

the key to keeping the good rates is pay the bill on time every month, don't rely on them sending you a bill use quicken or ms money to keep track. some credit card will trick you into a higher rate by not sending a bill so you pay late. also always document the date that the promo expires and make your plans to pay off/trasfer the balance before that date. Even one month at 20+% is killer on $65k.

For all the sckeptics the last 10 years i have borrowed hundreds of thousands of dollars at less than 5.9% annual interest with the last 7 years being at 0 or 1% annual interest.