(This entry is continued from Part 1.)

3) Getting your money: Some banks such as MBNA, CitiBank, and Chase will allow you to either transfer your balance directly to a checking account or send you a check in the mail. The former is preferred since you’ll be losing potential interest while the check is in the mail and waits to clear.

Update: Citibank cards are by far the easiest to use to turn a balance transfer into cash, because you can request your balance transfer to be sent to you as a check (click for how)!
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I have credit card debt. A lot of it, actually – over $23,000 of it right now. But I’m not worried, because a) I have the cash to pay it off and b) It’s in no fee 0% APR balance transfers, so my debt is not growing. In fact, I am making money off of it because I am storing my money in an interest bearing account.

Before I go any further, I need to write this:

Do NOT do this without first reading and understanding all of the conditions of the credit card agreement and all of the potential pitfalls. I will try my best to describe them, but I may not remember them all or correctly convey their importance. Getting in debt is very easy and getting out is not. Credit cards lend you cheap money because they are counting on you to spend it.

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