Comments on: Our Credit Limits: Over $1,000,000!

By: Tricia

Tricia — Fri, 19 Aug 2011 22:22:59 +0000

Absolutely not. From my understanding, Madison is borrowing money from the credit card company at 0% and putting the money into a high yield account (not spending it). If needed the money in the high yield account can be used to pay off the credit card. Paying off the student loans with credit cards would put you in the same situation as Madison but without having the money available to pay it off.

By: » How Much Credit Is “Too Much?” »

» How Much Credit Is “Too Much?” » — Thu, 31 Mar 2011 16:41:15 +0000

[...] go along with this question, I thought you might enjoy Madison’s story. At one point she and her husband had 89 credit accounts, with over $1,000,000 in available credit. [...]

By: Wood

Wood — Thu, 14 Oct 2010 19:26:12 +0000

So my questionis what is the point of having such a high credit limit? Do you use this for some other reason?

By: Brady

Brady — Tue, 04 Nov 2008 00:04:39 +0000

In response to suiling, remember that credit cards are issued by banks, regardless of what brand name they carry. You could easily have 100 different visa cards from 100 different banks. The only end to fresh, new 0% cards is if there is not a single bank in the country willing to extend the offer, and that’s not likely to happen as banks need to acquire new debt to produce revenue (from your eventual interest). The way to win is to rollover your debt to another card before interest is due.

By: suilung

suilung — Sat, 01 Nov 2008 19:36:20 +0000

Since you have 90 credit cards so far, won’t someday you will find that there will not be anymore new 0% cards to discover? Do you plan to stop the credit card arbritage game once it gets harder to find new cards?

By: bkdmd

bkdmd — Sat, 01 Nov 2008 17:10:44 +0000

I dont get it? why do you owe so much money? i have a bunch of credit lines too, but i dont have any balances on any of them. If you made enough to retire, why do you have such a high balance? My follow up question is i do have a large amount of school loans, do you think it would be good to pay off all the school loans and start rotating them on 0% credit cards?

By: shenoy

shenoy — Fri, 31 Oct 2008 06:23:49 +0000

I also used the 0% balance transfer offers to my advantage. I did the same, get the money from a 0% check offer, deposit it in high yield account and set up auto pay to pay monthly minimums and then full amount at end of offer if another offer was not available to roll over. My friends thought it was a good idea, but no one really had the time or discipline to do it. The term credit card arbitrage sounds cool.

By: Madison

Madison — Thu, 30 Oct 2008 20:10:41 +0000

@ Moneymonk: Yes, absolutely. The credit card money is used for arbitrage and is not actual debt. The money is available to pay it off if needed.

By: Moneymonk

Moneymonk — Thu, 30 Oct 2008 20:02:53 +0000

Do you have a cash available to pay off the debt? What if your husband stop working. How do plan to pay it off?

By: Credit Cards Are Excellent Financial Tools (Ask Mr Credit Card’s Blog)

Credit Cards Are Excellent Financial Tools (Ask Mr Credit Card’s Blog) — Thu, 11 Sep 2008 09:50:31 +0000

[...] too- so much so that the Dupaix family has 89 different credit accounts, and the capability of borrowing just over $1,000,000. That pretty much smashes the theory that having too many credit accounts hurts your score, [...]

By: Madison

Madison — Mon, 16 Jun 2008 02:15:34 +0000

Here’s a follow up article where I detail how I track the 89 credit accounts (and 92 others)…
http://www.mydollarplan.com/ho.....-accounts/

By: SherryLove.net

SherryLove.net — Thu, 12 Jun 2008 04:33:24 +0000

1 million dollar credit limit can really go over your head. My husband and I tried only have 2 credit card with smallest interest rate to keep us debt free. We do go negative once in a while but we tried to keep the balance as close to zero as possible.

I too would like to know how you were able to keep track of 89 credit accounts. Do you mind to share some tips and secrets?

By: My Dollar Plan

My Dollar Plan — Sat, 17 May 2008 15:51:48 +0000

@ Mrs. A: And like you, I don’t actually use all the cards at the same time…. so that does help somewhat with keeping track of them. Although I would say that most people would probably consider 25 to be a lot too!

By: Mrs. Accountability

Mrs. Accountability — Fri, 16 May 2008 00:21:02 +0000

I have to admit just reading this makes my head swim. I don’t know if it’s old age or what, but I’m having a hard time keeping track of our dozen or so accounts, let alone nearly 90. LOL. I use Quicken. I actually do have about 25 credit cards, but I only use one for actual credit.

By: Madison

Madison — Tue, 12 Feb 2008 02:54:20 +0000

@ Dave: When I apply for new cards, I apply for a different branded card. For example I had a 0% on an old American Express Blue Cash card. When it expired, I applied for a new American Express In Chicago card.