My credit union is offering a credit card promotion,
- 2% cash back on balance transfers
- No balance transfer/cash advance fees
I currently have ~$13k in savings/CDs earning 1%-1.1%. Is there a downside to using ~$10k to:
- using the balance transfer to prepay other bills,
- immediately paying off the credit card, and
- using the money I would use to pay bills to rebuild up savings?
Since I have the liquid assets it seems like free money (at ~2% APY), am I missing something?