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How can I transfer a brokerage margin account balance to a credit card?
No, I am not crazy. I have a $30,000 margin balance at my broker on which I pay 7%. There are currently 0% balance transfer offers at some credit card companies. In the past, I was able to have them send me a balance transfer check, deposit that into my bank account and then spend the money as I chose. No more. Now they want to send the money directly to the other credit card companies. Of course, I have $0 debt. So how can I take advantage of the 0%? I pay my broker 7% and want to somehow get that money to a credit card so I can do a 0% balance transfer.
How can I do that? Or is there another way I can take advantage of the offer? Thanks!
1 Answer
- JoeyVLv 79 years agoFavorite Answer
Hmmm....In the end, this is borrowing money on a credit card to buy stocks. Even if it's 0%...It's kind of like cutting your cocaine with baking soda. It might be an okay idea in the abstract but getting baking soda anyway near your coke is running down the road to ruin. Don't do it.