All of us own credit cards and some of us are capable of getting sound credit in the order of 20-30,000$ Which is interest free, it came to my mind that what if we invest or buy some form of riskless or guaranteed instrument for the grace period. ?
Obviously the process is not that simple, going to a nearby ATM and withdrawing from your credit card would be the craziest thing that you can do, as it attracts ~20% interest from that moment and turns out to be very costly. But you’re entitled to buy anything from the same credit card like goods, services, commodities and so on. There are few websites that allow you to buy forex, cryptocurrencies using credit cards.
So what’s the catch here ? What if I use my credit card to buy $20k worth of cryptocurrency and reconvert it into cash ? Hmm, it is certainly possible but you’ll lose something in the process of doing so, in the name of transaction charges. Most of the cryptocurrency exchanges charge 6-10% commission on the credit card transactions. So, there goes our plan A.